thedefiant.io
Following the highly anticipated $PUMP token launch yesterday, decentralized exchange Hyperliquid has inserted itself amongst the centralized exchanges, commanding the second-largest spot volumes for $PUMP trading across all exchanges.
Hyperliquid has processed $184 million of spot $PUMP volume over the last 24 hours, only trailing Gate, which recorded $266 million in the same timeframe. Meanwhile, other popular CEXs that actually hosted the $PUMP ICO, such as Bybit and MEXC, have only seen $164 million and $157 million traded on their platforms in the past day.
On the decentralized exchange side, other Solana-native DEXs, such as Meteora, processed just $59 million, per CoinGecko data.
Hyperliquid, which was launched in 2023, is known for being a popular platform for perpetuals futures trading. The DEX is also dominating the $PUMP perpetuals market, with $634 million in volume over the last 24 hours, compared to Bitunix’s $250 million.
Considering the size of pumpfun, on-chain natives have benefited the most from its launch, with more than 90% of the raise routing through the pumpfun website, which left CEX users in the dust. Part of this flight to on-chain activity may be caused by the fact that neither Binance nor Coinbase have listed the token yet. Binance is by far the largest CEX by 24-hour volumes, while Coinbase is the largest among U.S.-regulated CEXs, and the seventh-largest overall, according to CoinGecko.
$PUMP, which launched at roughly a $5.6 billion fully diluted valuation (FDV), is up just over 17% today, and is changing hands at a $6.2 billion FDV, and a $2.2 billion market capitalization.
Unit Tokenization
Spot trading on Hyperliquid is made possible by the platform's tokenization layer, Unit, which launches so-called U-assets (uBTC, uETH, uPUMP) that can be traded on Hyperliquid’s DEX interface, known as HyperCore, or bridged to Hyperliquid's Layer 1, HyperEVM.
Fueled by the success of the $PUMP launch, Unit metrics are exploding through all-time highs, with its total-value locked nearing the $600 million mark. Over $130 million of that TVL is now represented by the asset tokenization layer’s $PUMP holdings, making Unit the largest holder of $PUMP outside of the pumpfun team's wallets.
Unit offers a small selection of high demand assets, including BTC, ETH, SOL, FARTCOIN, and now $PUMP.
Unit assets and their integrations across the HyperEVM have helped boost the L1’s TVL to new highs, hitting $1.98 billion yesterday, July 14.
Today, one of the ecosystem’s highly anticipated liquid staking protocols, Kinetiq, launched to the public. In its first 2 hours, the protocol has added $250 million of TVL across 1,450 wallets.
