Hyperliquid’s HYPE Token Surges—Will This DeFi Contender Maintain Its Momentum?

On September 12, 2025, the native HYPE token of the Hyperliquid blockchain reached a record price of $57.68, representing a 530% surge from its lowest point earlier in the year. This rally occurred alongside significant expansion in several core metrics throughout the Hyperliquid ecosystem, including unprecedented totals for total value locked (TVL), trading activity, and stablecoin reserves. As reported by DeFi Llama, TVL on the Hyperliquid Layer 1 platform climbed to $8.17 billion in August 2025, up sharply from $352 million at the start of the year. This notable growth was propelled mainly by applications like Kinetiq,

, and Hyperlend, all of which have played a key role in driving adoption and liquidity within the protocol.

Hyperliquid’s decentralized exchange (DEX) handled more than $1.48 billion in trades within a 24-hour span during the same timeframe, positioning it among the leading blockchains in the crypto sector. Stablecoin holdings in the network also reached a historic $6.03 billion, while Tether’s balance jumped by 30% to $177 million over the past week.

continues to hold the largest share, accounting for over $5.7 billion in assets within the network.

The main offering of Hyperliquid, its perpetual trading platform, saw a record $398 billion in trading volume for August 2025 alone, with $111.2 billion transacted in just the first half of September. Revenue for the platform also peaked at $110 million in August, up from $93 million in July, bringing total cumulative revenue to $669 million. Significantly, 97% of protocol fees are used for automated buybacks and burning of tokens. To date, more than 25.7 million HYPE tokens—worth $1.3 billion—have been burned, reducing the overall supply to 334 million tokens.

Technically, the HYPE token has broken through major resistance, with its value exceeding $49.75 and holding above the 50-day moving average. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) remain in an upward trend, indicating the bull market could extend further. Analysts suggest the token may next test resistance at $60, and could ultimately aim for the psychological milestone of $100.

In parallel, institutional engagement with Hyperliquid has intensified. On September 5, 2025,

, the company behind USDC, revealed a major investment in Hyperliquid. This development included the rollout of Native USDC and the Cross-Chain Transfer Protocol (CCTP V2) on HyperEVM, the Virtual Machine layer for Hyperliquid. The integration is designed to improve cross-chain compatibility and liquidity, allowing smooth USDC transfers and direct deposits on HyperCore, which powers advanced on-chain finance. Additionally, Circle is considering serving as a Hyperliquid validator, further deepening its involvement in the ecosystem.

With Circle’s participation, capital efficiency and the practical use of USDC within Hyperliquid are expected to improve. Circle has also become a direct stakeholder in HYPE, actively collaborating with developers to foster new incentives on HyperEVM and HIP-3. Hyperliquid now manages close to $6 billion in USDC, accounting for about 8% of Circle’s entire stablecoin supply. These deposits are projected to yield roughly $250 million in annual interest for ecosystem participants.

Looking across the DeFi sector, Hyperliquid’s rapid ascent signals a shift toward purpose-built blockchains optimized for rapid trading and efficient capital use. In September 2025, Hyperliquid generated $1 million daily in protocol fees, surpassing Ethereum’s $300,000, even though its TVL stood at $627 million compared to Ethereum’s $46 billion. This trend points to the growing appeal of platforms favoring active, high-frequency trading over traditional staking models.

As HYPE’s valuation continues to climb, observers are monitoring whether this momentum will persist and if further institutional backing, such as from Circle, will accelerate adoption. The combination of strong performance metrics, technical indicators, and strategic alliances positions Hyperliquid to remain a significant force in the DeFi landscape.