Hyperliquid ( HYPE ) has risen by over 25% in three days, surpassing Zcash to climb to 10th place on the cryptocurrency market capitalization rankings, with a market capitalization of $21.78 billion and a trading price of around $92.
This upward movement occurred while the overall crypto market was under pressure following the $6.3 billion hacker attack on Binance, which resulted in liquidations amounting to $1.53 billion.
ICE Collaborates to Push HYPE into the Top 10 of Cryptocurrencies
The upward trend of HYPE accelerated on October 29th. On that day, Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (Intercontinental Exchange, ICE), announced a partnership with Trade [XYZ], planning to use Hyperliquid's technology to provide regulated, 24/7 trading of perpetual contracts for American users.
This collaboration will migrate the existing perpetual contracts from Trade [ XYZ ] to the United States, enabling more traders to access these products. It also brings Hyperliquid closer to traditional financial markets and may increase its visibility among large institutions and investors.
After investor Stanley Druckenmiller publicly supported this transaction, billionaire founder Elon Musk also responded with the phrase “Interesting”, further drawing attention.
After the announcement of the news, HYPE once rose to nearly $98, with a weekly increase of about 19%, outperforming the overall crypto market.
Nearly 50 million HYPE tokens have been destroyed.
What is supporting this round of gains is not just institutional interest. The token destruction of Hyperliquid has also reduced the circulating supply.
On October 29th, Hyperliquid permanently destroyed 49.87 million HYPE tokens, which represents 4.99% of its maximum supply of 1 billion tokens. In the past 24 hours, approximately 19,700 HYPE tokens were destroyed, valued at around $1.59 million.
The platform's growing revenue has supported this initiative. The cumulative revenue of Hyperliquid has reached $1.38 billion, with an estimated daily handling fee of $1.69 million.
Binance Hacker incidents have drawn more attention to Hyperliquid
The security vulnerabilities of Binance have also prompted more traders to re-evaluate the risks associated with centralized platforms, shifting their attention towards decentralized exchanges.
Hyperliquid is already one of the largest perpetual contracts, with an open position size of $7.87 billion. Its daily trading volume for perpetual contracts has recently reached $17.4 billion, and the daily handling fee is $6.36 million.
In the past seven days, the platform also generated $16.5 million in income for its holders, ranking first among all chains in this category.
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