Hyperliquid’s Total Value Locked (TVL) has skyrocketed to $536 million, reaching a significant milestone in its rapid ascent. In just six months, the protocol has experienced an exponential growth trajectory, starting from virtually zero in Q4 2024. This surge has firmly established Hyperliquid as one of the leading perpetual decentralized exchanges (DEXs) in the market.
The recent surge in TVL comes after a brief slowdown in March, with April witnessing a fresh wave of capital inflows that propelled the protocol’s TVL beyond the $500 million mark. This growth stands in stark contrast to the stagnant trends observed in legacy DEXs like dYdX and GMX. The increasing user preference for Hyperliquid can be attributed to its superior speed, user-friendly interface, and innovative EVM expansion.
Market data indicates that Hyperliquid has captured 3.8% of the aggregate perpetuals market share in just six months, positioning itself as a significant player alongside major centralized exchanges. Key inflection points during the December-January rally and the subsequent surge in March-April 2025 have coincided with increased user activity and trading volume, driving Hyperliquid’s market share gains.
The sustained growth of Hyperliquid reflects its consistent organic momentum, indicating strong user retention and product reliability. Unlike many DEXs that experience temporary spikes in trading volume, Hyperliquid has demonstrated steady month-over-month market share expansion. This underscores its appeal as a sustainable alternative to traditional centralized exchanges within the perpetual trading landscape.
One of the driving factors behind Hyperliquid’s rapid ascent is its exceptionally fast EVM expansion, positioning it as the fastest-growing EVM in the market. Additionally, the protocol boasts a dedicated base of 100K holders who exhibit strong loyalty and minimal dilution, providing a solid foundation for sustainable and organic growth—a rare feat among protocols in the space.
In conclusion, Hyperliquid’s impressive climb past half a billion in TVL underscores its emergence as a major player in the perpetual DEX landscape. With its innovative features, user-friendly interface, and strong community support, Hyperliquid is well-positioned to continue its growth trajectory and solidify its position among the top players in the industry.