The volume of open interest in the decentralized platform Hyperliquid exceeded $10 billion, which allowed the protocol to rank third among the largest perpetual futures exchanges. According to a Talos report, the main growth driver was the launch of traditional asset markets, including stocks, commodities, and indices. Some $4 billion of the total was accounted for by decentralized exchanges created by third-party developers on the HIP-3 standard. Synthetic instruments have gained particular popularity: daily trading volume of oil and Nasdaq 100 index regularly exceeds $100 million, and open interest in the pre-IPO contract on SpaceX reached $250 million before listing.

An important stage in the development of the ecosystem was the transition to USDC Steambooks after the takeover of the USDH brand by Circle and Coinbase. Under the new partnership, issuers are required to stitch HYPE native tokens, which allows Hyperliquid to earn around 90% of the returns from Treasury bonds and repo transactions that underpin the USDC. At current rates, this would provide the protocol with an additional revenue of $160 million per year.

All funds received will go towards the buyout and burning of HYPE tokens. The total value of the Bibec program is expected to be $450 million, which will reduce the asset’s supply and maintain its market value. Earlier in May, Hyperliquid’s share of the total volume of perpetual futures on centralized exchanges reached a record high of 6.63% - $200 million of the $3 trillion total traded on CEX.