Tag: HYPE

Hyperliquid has become one of the most extraordinary revenue engines in crypto. Public analytics suggest that the protocol generated roughly $961.5 million in gross protocol revenue in 2025 and about $873.7 million in gross profit, while current annualized revenue still sits near $675 million. At the same time, the network is processing roughly $193.9 billion in 30-day perpetual volume, carrying around $8.2 billion in open interest, and supporting a token market cap of about $10.6 billion. But behind the growth story sits a harder compliance question.

Hyperliquid's utility token HYPE is no longer trading anywhere near the “>$40 in June 2025” regime that many holders still anchor to. Using widely-cited price points, HYPE traded around $41.50 on June 10, 2025 (after breaking $40) and is now around $24.5–$24.6 on January 2, 2026. That’s roughly a ~58.8% drawdown from the Sep 18, 2025 ATH.

The Hyperliquid USDH stablecoin proposal, led by Paxos, marks a pivotal step in merging compliance, DeFi innovation, and token incentives. This report dissects what USDH aims to be, the mechanics behind it, and the ongoing debates that have surfaced in the crypto community. It raises key questions for insiders regarding transparency, governance, and ecosystem impact.

Paxos has proposed USDH, a Hyperliquid-first stablecoin where ~95% of reserve interest (e.g., T-bill yield) would be used for...