Hyperliquid’s Meteoric Rise in 2025: 609K Users and $2.9T Volume Cement DeFi Dominance
Hyperliquid emerged as the breakout DeFi platform of 2025, onboarding 609,000 new users and processing $2.9 trillion in trading volume. The derivatives-focused protocol attracted $3.8 billion in net deposits while generating $844 million in revenue—proof of concept for decentralized finance's institutional appeal.
Market dynamics favored Hyperliquid's architecture. The platform executed 198.9 billion trades, with $199 billion settled on-chain. Its $4.1 billion total value locked (TVL) positions it alongside traditional prime brokers—a remarkable feat for a protocol launched just two years prior.
Three factors drove growth: retail traders fleeing centralized exchanges after regulatory crackdowns, institutional demand for non-custodial derivatives, and composability with Ethereum and Solana DeFi ecosystems. 'We're seeing hedge funds use Hyperliquid as their primary execution venue,' noted ASXN analyst Miranda Cheng.
