HyperLiquid, a leading on-chain perpetuals trading protocol, has seen remarkable trading activity, with ether (ETH) surpassing bitcoin (BTC) in trading volume. The platform's cumulative perpetuals volume has exceeded $500 billion, reflecting a notable 15-fold increase year-to-date. In a recent week, ether perpetuals achieved a trading volume of $7 billion, outpacing bitcoin's $5.94 billion. Additionally, ether's notional open interest has also grown significantly, with $857.5 million currently active. This increased activity suggests that ether could be positioned for further growth, with its price currently at $3,900, marking a 70% year-to-date gain. HyperLiquid's success may be attributed to its focus on product-market fit and user needs, offering generous incentives for traders. The platform's HYPE token has surged over 300% in value within two weeks to a market cap of $5.69 billion, surpassing that of established DeFi protocols such as Aave and others, showcasing strong investor confidence despite potential sell pressure from recent airdrops.

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