Arbitrum-based Perpetuals DEX Hyperliquid Crosses $450 Million In TVL

Arbitrum-based decentralized exchange Hyperliquid is quickly climbing the DEX rankings, with its total value locked (TVL) going vertical in the past week.

Hyperliquid has $450 million in TVL, according to DefiLlama, which puts it in 8th place across DEXs, slightly behind GMX ($511 million) but ahead of Thorchain ($334 million), which has seen a boost after launching Bitcoin-backed collateralized loans earlier this year.

Activity soared after the tokenless DEX kicked off a points program late last year for its forthcoming airdrop. The recent spike has been driven by the launch of Hyperliquid’s spot trading feature, which saw a memecoin, PURR, airdropped to users with existing points.

Traders have been relentlessly buying and selling PURR since spot trading is being heavily incentivized with points. PURR spiked more than 70% on April 19, giving it a $96 million market cap.

Hyperliquid points are changing hands for around $7 on Whales Market, an OTC platform that lets traders monetize points from various DeFi protocols.

Developed with an emphasis on usability and functionality, Hyperliquid’s DeFi platform provides the ease of use of a centralized exchange (CEX) with a seamless UX, one-click trading and near-instant transactions.

According to its website, the platform saw $1.8 billion in 24-hour volume from more than 136,000 users.