From Cointelegraph

March 31, 2025 5:30 PM:

Hyperliquid has emerged as a DeFi success with $4 billion in daily trading volumes, making it the largest DEX derivatives platform with 400,000 users and 50 billion trades processed. Founded in 2023, its popularity soared in 2024 with the launch of spot trading and HYPE token. The platform aims to become a general-purpose layer-1 chain with HyperEVM. CoinGecko ranks Hyperliquid 14th in derivatives exchanges with $3.1 billion in open interest. The DEX competes closely with established CEXs, accepting specialized trading pairs and handling BTC wrapping. Despite a recent scandal, Hyperliquid remains popular among DeFi traders and may evolve beyond a leading DEX if its layer 1 ecosystem gains traction.

Read more at Cointelegraph: Hyperliquid DEX trading volumes cut into CEX market share: Data