Hyperliquid Hits $4.9B Open Interest as $HYPE Soars 1,000% – BNB 2.0?

Hyperliquid's $HYPE has vaulted over 1,000% in just five months, and on May 8, open interest smashed through a $4.9 billion peak—now the token is sprinting by another 16% today, forcing traders to ask if crypto's next BNB has arrived.

The DeFi-centric Layer-1's explosive gains, fueled by 97% revenue buybacks and fresh USDe stablecoin inflows, have catapulted $HYPE's market cap past $8 billion, overtaking Polygon and Cardano in daily DEX volume.

The on-chain perpetual exchange, known for its order book design, has seen $HYPE skyrocket from a post-launch low of $3.20 to a high of $35.02.

While broader market conditions have since cooled, the $HYPE token has maintained strong momentum, entering the top 20 crypto assets by valuation.

Ethena's USDe Launch Adds Momentum to Hyperliquid Ecosystem as it Overtakes Cardano, Polygon in Key Metrics

Hyperliquid is positioned as a blockchain designed to power all forms of finance. Its decentralized exchange (DEX) offers ultra-low fees, lightning-fast transactions, and sophisticated trading tools—features that continue to attract a growing number of traders.

Additionally, Ethena Labs recently launched its USDe stablecoin on both the Hyperliquid exchange and its HyperEVM, allowing users to earn daily auto-airdropped rewards directly on their spot USDe balances.

According to DefiLlama, Hyperliquid now boasts over $948 million in total value locked (TVL) and $279 million in DEX trading volume, outperforming rival blockchains like Polygon, Sei, Cronos, and Cardano across key on-chain metrics.

Can $HYPE Mirror BNB's Meteoric Rise?

In terms of revenue, Hyperliquid generated $2.3 million in the past 24 hours, ranking it as the second-highest-earning application, trailing only Solana and surpassing Ethereum by nearly $1 million.

This demonstrates the presence of real consumer activity on the chain. The $HYPE token directly benefits from this, as Hyperliquid allocates 97% of daily revenue, around $1.3 million on average, toward price support and supply reduction mechanisms.

Hyperliquid allocates 97% of the revenue to buy $HYPE