Hyperliquid's HYPE Token Soars—Is DeFi's New Power Player Here to Stay?

The HYPE token, native to the Hyperliquid blockchain, reached an all-time high price of $57.68 on September 12, 2025, marking a 530% increase from its lowest level this year. This surge coincides with significant growth in key metrics across the Hyperliquid ecosystem, including record levels of total value locked (TVL), trading volume, and stablecoin liquidity. According to DeFi Llama data, the TVL in the Hyperliquid Layer 1 network surged to $8.17 billion in August 2025, up from $352 million at the beginning of the year. This expansion was driven largely by applications such as Kinetiq, Pendle, and Hyperlend, which have contributed to the protocol’s rising adoption and liquidity.

The decentralized exchange (DEX) component of Hyperliquid processed over $1.48 billion in trading volume in the last 24 hours as of the same period, placing it among the top-performing chains in the crypto industry. Additionally, stablecoin deposits within the network hit a record high of $6.03 billion, with Tether’s assets surging by 30% to $177 million over the previous week. USDC continues to dominate the ecosystem, with a share of over $5.7 billion in assets.

Hyperliquid’s core product, a perpetual trading platform, reported a record $398 billion in trading volume for August 2025, with $111.2 billion processed in the first two weeks of September alone. Monthly revenue for the platform also hit a new high of $110 million in August, up from $93 million in July, bringing cumulative revenue to $669 million. These figures are particularly significant given that 97% of protocol fees are allocated to automated buybacks and token burns. As a result, over 25.7 million HYPE tokens worth $1.3 billion have been burned, reducing the total supply to 334 million HYPE tokens.

From a technical perspective, the HYPE token has moved beyond key resistance levels, with its price surpassing $49.75 and remaining above the 50-day moving average. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators continue to trend upward, suggesting that the bull trend could extend further. Analysts have noted that the token could target the next resistance level at $60 and, in the longer term, reach the psychological threshold of $100.

Meanwhile, institutional interest in Hyperliquid has grown significantly. On September 5, 2025, Circle, the issuer of the USDC stablecoin, announced a strategic investment in the Hyperliquid ecosystem. This move included the launch of Native USDC and the Cross-Chain Transfer Protocol (CCTP V2) on HyperEVM, the Ethereum Virtual Machine layer of Hyperliquid. This integration aims to enhance interoperability and liquidity, enabling seamless cross-chain transactions and direct deposits of USDC on HyperCore, a platform for advanced on-chain financial operations. Circle also indicated it is evaluating becoming a Hyperliquid validator, further solidifying its stake in the network.

Circle’s involvement is expected to boost capital efficiency and the utility of USDC within the Hyperliquid ecosystem. The firm has become a direct stakeholder in HYPE and is actively engaging with developers to build incentives for innovation on HyperEVM and HIP-3. Hyperliquid currently holds nearly $6 billion in USDC, representing around 8% of Circle’s total stablecoin supply. These deposits are projected to generate approximately $250 million in annual interest for ecosystem partners.

In the broader DeFi landscape, Hyperliquid’s rise reflects a growing trend toward specialized blockchains designed for high-speed trading and capital efficiency. The platform’s daily fee generation of $1 million surpassed Ethereum’s $300,000 in September 2025, despite having a TVL of just $627 million compared to Ethereum’s $46 billion. This shift highlights the appeal of protocols that prioritize active, high-volume trading over passive staking models.

As the HYPE token continues to climb, analysts are watching closely to see whether the momentum will sustain and whether institutional backing from entities like Circle will further accelerate adoption. The combination of robust metrics, technical strength, and strategic partnerships suggests Hyperliquid is well-positioned to maintain its momentum and influence in the DeFi space.