$HYPE surges over 11%: This rally isn’t just emotions— the market is starting to reprice “profit-making ability” #HYPE涨超11%
Today, HYPE’s bullish candle is indeed impressive: the intraday gain once exceeded 11%, making it one of the standout performers in this round of altcoin rebound. Meanwhile, Bitcoin is moving back toward $780,000, and the total crypto market cap has recovered to roughly $2.66 trillion, suggesting overall risk appetite is also warming up.
But I think the most worth discussing about HYPE this time isn’t the 11% rise—it's that Hyperliquid is gradually evolving from a “derivatives trading platform” into a full on-chain financial system.
Recently, HyperCore launched lending functionality. HYPE and BTC can be used as collateral to borrow USDC and USDT. On the first day after going live, the borrowed assets already reached about $269 million. At the same time, the protocol’s weekly revenue in recent days is around $13.48 million, and it keeps using revenue mechanisms to reduce the circulating supply of HYPE.
That’s interesting.
Previously, the logic behind many platform tokens was: “When the platform is hot, the coin goes up.” Now, HYPE is trying to connect trading volume, fees, borrowing demand, and token value capture into one loop. As long as people are trading on the platform, people are borrowing, and real revenue is generated, the market has real numbers to work with—not relying entirely on storytelling.
Of course, after a 11% jump, you still can’t just watch the excitement. Derivatives trading activity is clearly more active right now, and during the rally, large addresses transferred about $36 million worth of HYPE and swapped into ETH, which also indicates that profit-taking is happening even at higher levels.
So when I look at HYPE now, what I care about isn’t actually the next candlestick.
The real marker that a DeFi project has entered its second phase isn’t how fast the token price is rising—but whether it can still keep making money when there isn’t much of a market going on.
Today, HYPE’s bullish candle is indeed impressive: the intraday gain once exceeded 11%, making it one of the standout performers in this round of altcoin rebound. Meanwhile, Bitcoin is moving back toward $780,000, and the total crypto market cap has recovered to roughly $2.66 trillion, suggesting overall risk appetite is also warming up.
But I think the most worth discussing about HYPE this time isn’t the 11% rise—it's that Hyperliquid is gradually evolving from a “derivatives trading platform” into a full on-chain financial system.
Recently, HyperCore launched lending functionality. HYPE and BTC can be used as collateral to borrow USDC and USDT. On the first day after going live, the borrowed assets already reached about $269 million. At the same time, the protocol’s weekly revenue in recent days is around $13.48 million, and it keeps using revenue mechanisms to reduce the circulating supply of HYPE.
That’s interesting.
Previously, the logic behind many platform tokens was: “When the platform is hot, the coin goes up.” Now, HYPE is trying to connect trading volume, fees, borrowing demand, and token value capture into one loop. As long as people are trading on the platform, people are borrowing, and real revenue is generated, the market has real numbers to work with—not relying entirely on storytelling.
Of course, after a 11% jump, you still can’t just watch the excitement. Derivatives trading activity is clearly more active right now, and during the rally, large addresses transferred about $36 million worth of HYPE and swapped into ETH, which also indicates that profit-taking is happening even at higher levels.
So when I look at HYPE now, what I care about isn’t actually the next candlestick.
The real marker that a DeFi project has entered its second phase isn’t how fast the token price is rising—but whether it can still keep making money when there isn’t much of a market going on.
