2024 in Review

Hyperliquid started 2024 as a barely-known perp dex and ended the year as one of the largest decentralized financial hubs, processing billions in volume per day with a thriving ecosystem of builders, traders, and community members.

Thank you to everyone who came together for a record-breaking 2024. All of this was achieved without taking any external funding and giving all trading fees to the community. Part of what makes Hyperliquid special is how the community is its strongest advocate and the largest beneficiary of its success. It’s humbling to see Hyperliquid’s vision resonate with so many of you.

Hyperliquid was built with a strong belief in returning to the core ethos of crypto — changing entrenched and predatory centralized practices to be fair and permissionless. In 2025, even more builders and users will join the flourishing ecosystem on a mission to house all finance.

Looking back on 2024, some milestones and metrics are highlighted below.

Notable product and tech releases included:

• Native spot token standards: HIP-1 and HIP-2
• HyperBFT consensus
• Testnet EVM
• Builder codes
• HYPE genesis event
• Staking

Teams built exclusively on Hyperliquid. Some highlights include:

• HypurrFun, an app where you can launch and trade memecoins, snipe new launches, access whale chats, and form your own cabal to compete against others
• Pvp.trade, a Telegram bot where you can trade and share alpha with your clan and against others
• HypurrScan, an explorer that makes it easier to investigate popular features of the blockchain, such as token auctions, token holders, TWAPs, and more
• Many projects chose to launch natively on Hyperliquid, such as VAPOR and FARM. Cults formed around memecoins like CATBAL and PIP

Projects integrated Hyperliquid:

• Bridges: deBridge, Synapse, HyBridge
• Analytics: DEX Screener, Velo, ASXN, PURR Burn / HYPE Burn, Coinalyze, HyperDash, HyperScanner, Hypervisor
• Trading terminals: Insilico, Sandwich, Tealstreet, ChainPro, Newsly
• Trading software: CCXT, Hummingbot, Katoshi
• Trading apps and aggregators: Okto, RageTrade, Vooi
• Copytrading: STFX, Copin
• Notifications: Notifi, Push
• Portfolio trackers and journals: Octav, Tradestream
• And many more. Note: This only includes mainnet deployments. This does not include the many projects already building on the testnet HyperEVM.

Grassroots initiatives took off:

• HypurrCo, a community-led collective that organized events and spread awareness about the ecosystem
• HyperActive, an investor syndicate supporting early stage projects building on Hyperliquid
• Hyperliquid KR, a passionate community of Korean users
• And many more community-led regional groups

Quantitatively, a lot changed since 2023:

• $1B 24h ATH volume to $15B (15x)
• $178M open interest to $4.3B (24x)
• $56M TVL to $2.1B (37x)
• 31k users to 300k (9x)
• 100 perps to 158 perps and 128 native spot assets
• 24h revenue from trading fees and spot auctions exceeded $3.5M

Thank you to all the teams who played a part in Hyperliquid’s growth.