Hyperliquid has entered a new era of decentralized trading by activating multi-quote spot trading on its mainnet. The rollout, completed by the USDT0 team, automatically launched the HYPE/USDT trading pair, according to the platform’s official X update.
This upgrade allows traders to choose among multiple quote assets, boosting both flexibility and adoption. For HIP-1 base asset deployments, it means new projects can now select their preferred quote asset when launching their initial spot pair. Following Hyperliquid’s model, permissionless pairs between existing base and quote assets are deployed through a Dutch auction mechanism.
📊 Market Impact
HYPE trades at $44.21, down 5.28% in 24 hours, with $228M in trading volume (CoinMarketCap). A whale wallet, identified as 0xa523, recently deposited over $40M USDC into Hyperliquid and accumulated 466,000 HYPE coins ($21.5M) in the $46–$47 range.
💡 Growth Metrics
- TVL climbed to $2.81B this week (DeFiLlama).
- Daily fees hit $7.7M on Aug. 15, after $29B in perpetual trading volume.
- Hyperliquid captured 6.1% of global exchange volume, processing $320B in July alone.
- 97% of all trading fees are allocated to HYPE buybacks, reinforcing token demand.
Co-founder Jeff Yan, speaking on WuBlockchain Podcast, credited Hyperliquid’s rise to self-funding and user-focused design rather than VC backing:
“Raising millions from venture capitalists doesn’t equal progress; real progress comes when users derive value from what you’ve built.”
With its Layer-1 protocol now securing over $2.21B in TVL, Hyperliquid is positioning itself as a serious competitor to centralized exchanges while staying true to decentralized principles.
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