Hype, the token of the leading decentralized ongoing hyperliquid, is now the fifth largest digital property of futures open interest.
At the time of writing, the dollar value of the number of active or open bets on the hype futures (perpetual and standard) exchanged worldwide is $ 2.06 billion, according to Data Source Coinglass.
That put the hype lead in Dogecoin
As futures tied to the meme token has an open interest of $ 1.83 billion. The focus dedicated to the XRP cryptocurrency held leading the hype with Bitcoin, Ether and Solana’s Sol leading the pack.
The leadership of Hype’s Futures futures in Doge and many other cryptocurrencies with larger market values are likely to represent the growing popularity of blockchain -developed products.
Hyperliquid is a decentralized exchange that focuses squarely in providing an on-chain perpetual futures market and built on its own 1 blockchain layer. Last week, Hyperliquid cost 60% of the total trading volume of Onchain Perpetuals of $ 94.3 billion, according to the data resource @tracker -based dune -based wowuwu.
The hype token is used for economic incentives, fee fee and decentralized management, allowing holders to participate in the decision-making process. Protocol uses 97% of trading fees collected from users to buy a back hype, thus continuing to increase bullish pressure in the market.
“92.78% of Protocol revenue (Hypercore) will go to purchase a back hype in the open market – more than $ 1B annuals – in purchases,” Hyperliquid Hub said In X. “The major companies and funds actively add hype to their portfolios and top-tier market manufacturers from traditional finances are trading in hypercore clobs, creating the deepest liquidity in crypto.”
Hype released more than a four gold rallies at a record price of $ 44 to three months. The rally occurred next to an emerging open interest and positive annual funding rates, which climbed over 100% at one point, which signed strong demand for bullish leveraged bets.
