Hyperliquid Achieves 4x User Growth in 2025 Amid Record Metrics and Protocol Expansion

Source: CryptoNewsNet Original Title: Hyperliquid Celebrates 4x User Growth in 2025, Analysis Reveals “Interesting” Days Ahead Original Link:

Key Highlights

• Hyperliquid closed 2025 with 4x user growth, expanding from 300K to 1.4M users
• Record highs achieved in daily volume ($32B peak), open interest ($16B), and total value locked ($6B)
• Protocol revenue surged from $3.5M to $20M per day compared to 2024
• Multiple product launches including HyperEVM, permissionless perpetual markets, and portfolio margin features

Growth Metrics

Hyperliquid demonstrated significant expansion throughout 2025 without external funding. The platform’s user base grew from approximately 300,000 in early 2024 to 1.4 million by year-end.

Trading activity expanded proportionally, with daily volume peaking near $32 billion. Key record metrics include:

• Open interest reaching $16 billion
• Total value locked climbing to $6 billion
• Daily protocol revenue jumping to $20 million

Notably, all protocol fees were routed back to the community, with development prioritizing native infrastructure over incentives.

Product Innovation Drove Adoption

Most growth acceleration occurred following the HyperEVM launch. The platform introduced several key features:

• HyperCore Access: Builders gained direct access through precompiles and CoreWriter, enabling composable applications on the trading layer
• Staking Integration: Staking tied directly to platform utility with fee discounts for traders and deployment rights for builders
• Market Expansion: Permissionless perpetual markets via HIP-3, portfolio margin in pre-alpha, and USDH governance markets
• Token Management: HYPE tokens sent to the assistance fund were formally burned, reducing circulating supply

Whale Activity and Market Dynamics

Large wallet activities have drawn analyst attention as staking unlock schedules emerge. On-chain data reveals a cluster of wallets preparing multiple unlocks over several days:

• $4.4 million HYPE scheduled to unlock
• $5.4 million following day
• $11.7 million several days later
• One linked wallet already initiated a $6.3 million withdrawal
• Approximately $81 million remains staked and unqueued

While some traders interpret unstaking as a bearish signal, market analysts note this interpretation oversimplifies the situation. Large wallet unlocking does not guarantee aggressive selling, particularly when liquidity and volume remain elevated. Current market conditions present elevated risk for one-sided positioning, with shorting on unlock headlines alone offering limited margin for error if selling fails to materialize.