The decentralized exchange has processed more than $150 billion of trades since launching last year.
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.
![Hyperliquid TVL](https://thedefiant.io/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F58a8dd9c817fd9b1475f8b36138200eb2798033c-1067x378.jpg&w=828&q=100 1x)
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.
![Hyperliquid Points OTC Price](https://thedefiant.io/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F155999296f817ce065f51da379a259fcce375b9c-859x334.jpg&w=828&q=100 1x)
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.
Read More: thedefiant.io