Latest Hyperliquid (HYPE) Update in Q3

Bittime - In the third quarter of 2024, Hyperliquid, an order book-based decentralized exchange (DEX) platform, continues to show impressive performance. With a trading volume exceeding $5 billion and more than 9,000 active users, Hyperliquid further strengthens its position as one of the largest DEXs in the crypto market. Here are some of the key updates and milestones occurring in Q3 2024.

Increase in Trade Volume and Number of Users

One of Hyperliquid's greatest achievements is the increase in trading volume. On some days in Q3, the platform recorded over $20 million in retail volume per day, indicating high user interest in their products. 

Total volume throughout the quarter reached more than $5 billion, while the number of active users also continued to grow. This achievement shows that Hyperliquid has succeeded in attracting the attention of global traders by offering innovative trading solutions.

Addition of New Assets for Trading

Hyperliquid continues to expand the selection of tradable assets on its platform. In August 2024, they became the first platform to offer perpetual contracts for a number of new assets listed only on Uniswap, such as HarryPotterObamaSonic10Inu ($BITCOIN), Rollbit, and Unibot. These assets use Uniswap's Automated Market Maker (AMM) technology to determine oracle prices, giving users more flexibility in choosing trading instruments.

Also read Major Airdrops: Token Supply, Pre Market Data, and Price Predictions

Hyperps Launch and LayerZero Integration

In addition to adding new assets, Hyperliquid also introduced Hyperps, their exclusive perpetual product that does not rely on external price oracles. One interesting innovation is the launch of the LayerZero token in the form of Hyperp, which allows users to speculate on the value of the LayerZero token even though the token has not yet been launched. 

The advantage of Hyperps is its higher stability, because the contract price is determined based on the average movement of mark prices, not spot market prices.

New Features for Better User Experience

Hyperliquid also continues to improve the user experience by adding various new features. One of them is Scale Orders, which allows users to place multiple limit orders in one click at certain price ranges. 

This feature helps traders divide large orders into smaller sizes and manage positions more efficiently. Additionally, they also introduced more options for limit orders, including GTC (Good 'Til Canceled) and IOC (Immediate or Cancel) settings, giving traders more flexibility in structuring their orders.

Reward Program for Open Interest

To support liquidity and encourage active trading, Hyperliquid launched an open interest rewards program in July 2024. The program provides incentives to users who maintain open positions on assets with lower open interest. As much as 40% of the net fees collected will be distributed to users participating in this program, with weekly calculations starting and ending every Tuesday.

Also read Phantom Airdrop: How to Get Free PHNTM Tokens

Focus on Community and User Engagement

Hyperliquid remains focused on their community, holding several community calls in Q3 to interact directly with users. This provides an opportunity for traders to provide feedback and get updates directly from the development team. Additionally, they also launched a detective program on Discord, which rewards users who successfully find bugs or provide constructive feedback.

Conclusion

Overall, Q3 2024 was a very successful quarter for Hyperliquid. The platform has not only managed to achieve impressive figures in terms of trading volume and number of users, but has also launched various new features and innovations that enrich the trading experience. By continuing to listen to input from the community and continuing to innovate, Hyperliquid is increasingly proving itself as one of the leading DeFi platforms on the market.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.