Hyperliquid (HYPE) ended the year 2025 with remarkable achievements, with its user base rising from 300,000 in 2024 to 1.4 million at the end of the year. The trading volume per day also reached significant highs of about $32 billion, making it a historic year for the decentralized exchange.
In his latest thread on X, Hyperliquid emphasized his record-breaking figures for 2025. Open interest was an impressive $16 billion, Total Value Locked also skyrocketed to $6 billion, while revenue for his protocol soared to $20 million from $3.5 million daily in 2024.
Remarkably, this was accomplished without relying on any outside funding. The costs of participation for each protocol were also rebated back to the community, and it seems that incentive distribution wasn’t an area of concentration in terms of development.
HYPE Token Burns Reduce Circulating Supply
Most of the growth for Hyperliquid occurred after the release of HyperEVM. The upgrade allowed developers to interact with HyperCore through precompiles and CoreWriter. The staking function was refactored to interact with the use of the platform. It provided discounts for participants who used the platform and deployment rights for developers.
Additional product launches included “permissionless perpetual markets” via HIP 3, “pre-alpha portfolio margin,” and “USDH governance markets.” HYPE tokens donated to the assistance fund were also burned, reducing the number of tokens in circulation.
Although it has grown strongly, there are already concerns about large HYPE holders. Analyst indicates several accounts are ready to unlock their tokens over several days, including $4.4 million, $5.4 million, and $11.7 million in initial unlocks. A related account has already withdrawn $6.3 million, but about $81 million remains staked but not queued.
However, some players in the market see these unlocks as possible selling signals. But according to the crypto intelligence firm Front Runners, this should not be the case. They argued that unlockings do not always mean selling, especially if market liquidity is still high.
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Hyperliquid Price Outlook
HYPE recently had a strong bounce from $22.50 and is now moving in to test the $28.50 resistance level. It may break this level and move to $35.80. But in case of rejection from this level, it may fall back to test the previous support levels.
Hyperliquid’s 2025 growth narrative illustrates the attractiveness of decentralized platforms that center on infrastructure development and reward-oriented community building. With HYPE embarking on 2026, the focus is now on HYPE’s developing infrastructure, the impact on the token, and future adoption patterns.
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