Hyperliquid TVL Crosses $6 Billion

Decentralized exchange (DEX) Hyperliquid crossed yet another major milestone off its list this week as the platform broke over $6 billion in total value locked (TVL), including its tokenization layer Unit, per data from Dune Analytics.

The network cleared the threshold on Wednesday, Aug. 13. Late that evening Eastern Time, BTC broke a new all-time high above $124,000 and ETH came within a stones throw of its previous all-time high, thrusting the largest perpetual futures DEX’s TVL above $6 billion.

Following this Thursday’s selloff, Hyperliquid’s TVL is back down just below the threshold as of today, Aug. 15.

USDC, which the DEX uses as its primary collateral, accounts for 85% of the DEX’s asset distribution, with $5.27 billion in USDC existing on Hyperliquid on Aug. 13 as TVL broke its ATH, while uBTC (Unit BTC) is the second largest asset on the protocol with $383 million, or 6% of total value.

Unit, which is Hyperliquid’s tokenization layer, is responsible for nearly $1 billion of Hyperliquid’s TVL today, up 130% from $402 million since the beginning of July.

Wednesday’s TVL surge was also assisted by Galaxy Digital, which deposited $100 million into Hyperliquid in the largest bridge transaction on the network yet. The firm, led by long-time crypto investor Mike Novogratz, is running an array of positions on the perps DEX, varying from delta-neutral ETH to net short BTC.

As The Defiant reported last week, decentralized perpetual futures have been one of this year’s breakout trading sectors, recording another all-time high last month. The sector is led by Hyperliquid, which accounts for nearly 80% of perps volumes across DEXs.