2026-01-06 11:24:05

Hyperliquid has delivered an impressive report card. Participants in this DeFi sector have seen their total value locked (TVL) soar to $6 billion over the past year, nearly tripling from before. The user base has also taken off, with active users surpassing 1.4 million.

More importantly, key metrics such as trading volume, open interest, and protocol revenue have almost doubled. This is not a minor optimization but a significant leap. The entire ecosystem and infrastructure are also accelerating their development, with rapid iterations in everything from trading pair counts to liquidity mining incentives.

From a market perspective, this growth rate is indeed rare. In the current highly competitive DeFi landscape, maintaining such expansion indicates that user acceptance continues to rise. The activity levels of core trading pairs like HYPER, ALPHA, and USDC have also increased accordingly.

However, while the growth data is impressive, whether this momentum can be sustained depends on product experience, risk management, and community vitality. For now, it seems that the reshaping of the DeFi landscape has only just begun.

HYPER-0,66%

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StakeOrRegret

· 01-09 09:45

60 billion TVL is indeed impressive, but how long this growth can last depends on what happens next

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JustAnotherWallet

· 01-08 21:31

TVL tripling indeed can make a difference, but I don't know how long this wave can last. --- 1.4 million active users sound like a lot, but how many of them will actually stay? --- Doubling trading volume feels exaggerated; let's wait and see in the bear market. --- If risk management can't keep up, a crash is inevitable. They're still hyping it up now. --- Will the HYPER token become the next zero-value project? Just curious. --- Hyperliquid is impressive, but don't be fooled by the inflated TVL; leverage markets are very complex. --- Is the 1.4 million active users real data, or is it boosted by bots? --- It looks okay, but I don't dare to go all-in. --- What kind of ecosystem is being built? The core is liquidity and transaction fees—no fake stuff. --- If this growth rate can be maintained, HL could really take off by the end of the year.

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CryptoFortuneTeller

· 01-08 10:56

60 billion TVL is really incredible, but I still want to see if it can stay steady later on, and not just a flash in the pan again.

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NFTPessimist

· 01-06 11:53

TVL tripling sounds impressive, but what if we hit a bear market? Poor risk management will lead to a bloodbath sooner or later. --- $6 billion sounds great, but I'm worried it's just a Ponzi scheme effect. In the end, retail investors are the ones who get stuck holding the bag. --- 1.4 million active users? That seems a bit inflated. A large contract size doesn't necessarily mean high retention rates. --- Doubling in growth sounds good, but how many can actually survive the next cycle? History has already taught us that. --- Positive data stacks up nicely, but if risk control fails, everything is over. Can these platforms really hold up? --- TVL is skyrocketing again, and trading volume is exploding... Feels a bit like over-marketing. --- Wait, are these numbers real or just hype driven by ecosystem incentives? Need to look into it carefully, brother.

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TokenomicsTrapper

· 01-06 11:52

lmao 60b tvl in a year? actually if you read the contract, those numbers are basically theater. vesting unlocks incoming and we all know how this movie ends

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GateUser-addcaaf7

· 01-06 11:38

TVL tripling is indeed impressive, but out of 1.4 million active users, how many are engaged in real transactions? HYPER's rise this time was a bit rapid. Could this be the start of another hype cycle? Good-looking data doesn't necessarily mean sustainability. Many DeFi projects fail; it depends on the team's long-term strength. A market cap of 6 billion sounds big. How does it compare to mainstream DEXs? Still a little brother. If risk management can't keep up, this rapid surge could actually be dangerous. The more people and trading pairs there are, what about slippage? Can it really be used? Doubling growth? Is it from activity treasury injections or genuine demand... Is this another round of cooling down? It was hyped like this around the same time last year. All core indicators doubling feels a bit fake. Let's look at the detailed data.

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LiquidationSurvivor

· 01-06 11:35

The operational space is indeed large, but I'm just worried that the momentum can't keep up. --- TTV tripling sounds great, but can the ecosystem sustain it... --- Another new contender, let's see how long it can survive. --- Is 1.4 million active users really true? You need to look at retention rates to believe it. --- Whether the data looks good or not, it still needs to withstand the test of a bear market. --- Risk management is really the key; too many projects have failed here. --- I'm just afraid it will be another fleeting cash grab. --- Having a good user experience is the real key; pure numerical growth is meaningless. --- Is the community active, or is it just driven by capital? --- This growth rate... If I hadn't seen so many projects die, I might actually be a bit tempted.

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FlatlineTrader

· 01-06 11:31

The TVL tripling sounds great, but the real test is just beginning. How long can 6 billion last? Let's wait and see. Wow, 1.4 million active users, is this for real? If risk management can't keep up, it will eventually fail. Wait, is this growth rate real... too outrageous.

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FlashLoanPhantom

· 01-06 11:27

60 billion TVL sounds great, but there are only a few who can really make money. Anyway, I'm still on the sidelines. --- 1.4 million active users... it's hard to say whether this number is inflated or not. --- Doubling growth sounds appealing, but whether you can hold on is the real key. --- DeFi is still the same, good data doesn't mean it will survive until next year. --- Hyperliquid is indeed fierce this time, but if risk management can't keep up, it's game over. --- Many trading pairs with good liquidity, but can the transaction fees be lower? --- TVL is soaring, but what I care about is whether there's a rug pull. --- Protocol revenue doubles? Then why do I feel like I'm not making any money? --- Community vitality is the hardest to maintain; the real test is just beginning. --- 1.4 million users, how many are truly traders? Question mark.

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RugpullTherapist

· 01-06 11:26

Really, TVL has tripled? That's quite impressive this time Hyperliquid has indeed been heating up this year, but I still want to see the data for the next quarter 60 billion TVL sounds great, but how long it can sustain is the key Honestly, I’m not entirely convinced about 1.4 million active users; how many of them are just free riders? Protocol revenue doubling... depends on whether trading fees have been attacked In the DeFi space right now, it's all about improving completeness; hyperliquid is at least taking action But what I care more about is when the slippage can be reduced, rather than chasing high trading pair counts The entire market is in a bubble; user retention is the real indicator This growth rate might be rare last year, but now... there are quite a few competitors too Keep observing, don’t sell or add positions for now, just see how long this guy can play

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