Since the launch of its native token, Hype, decentralized trading platform and Layer 1 blockchain Hyperliquid has attracted net inflows exceeding $1 billion in USDC, according to data from analytics firm Spot On Chain.

Currently, the platform’s deposit bridge holds more than $2.1 billion worth of USDC stablecoins.

Hyperliquid is a decentralized platform that enables users to trade perpetual derivatives with leverage by aggregating liquidity from multiple sources. It operates as a Layer 1 application network featuring its own memecoins, such as Purr and Points.

The Hype token plays a central role on Hyperliquid’s decentralized perpetual and spot exchange, where it trades against USDC. It also serves as the native gas token for HyperEVM, the platform’s execution environment. According to CoinGecko, since its launch on November 29, the Hype token has surged more than 590%, rising from $3.90 to its current price of $26.61.

On Monday, the Hyperliquid team announced reaching a new all-time high in open interest, surpassing $4.3 billion, signaling strong user activity.

According to DefiLlama, Hyperliquid’s total value locked (TVL) has soared from $196 million on November 29 to $3.203 billion today.