Thread by @emaverick90

Hyperliquid ecosystem is expanding.

TVL keeps climbing, new assets are being listed & $HYPE is pumping.

The HyperEVM is coming alive with new protocols are being deployed.

Here’s a full breakdown of what’s going on, on HyperCore and HyperEVM. 👇👇

2/ Over the past month, Hyperliquid has shown clear growth, not just through the rise in $HYPE price but also across key performance indicators within both HyperCore and HyperEVM.

3/ Key indicators are breaking records across Hyperliquid Core.

Open interest, both in absolute and relative terms, are at all-time highs. This indicates that traders are comfortable holding positions and reflects maturity.

4/ Fees are steadily rising, pushing revenue close to previous all-time highs.

5/ HLP is making a comeback, increasing its TVL by more than 50% in 30 days and 100% since the bottom following the HLP attack.

Its annualized yield for the month is on track to be the second highest so far in 2025.

6/ Unit is quietly becoming a key part of HyperCore, generating more than $4.5b in cumulative volume across all its supported assets. This demonstrates clear product-market fit.

7/ The HyperEVM side is also gaining momentum, showing consistent growth in its ecosystem, with new projects launching and significant gains in TVL over the past month.

8/ The rise in activity is reflected not only in TVL but also in cumulative DEX volume, which has grown over 100% compared to a month ago, reaching nearly $200 million.

9/ The data shows strength in usage, retention, and capital movement. Those are the core signals that define where it makes sense to deploy and where it makes sense to build.

The signals are here. What comes next depends on who executes.