HYPE has surged 30%, outperforming bitcoin, ether and the CoinDesk 20 index by a big margin.
Hyperliquid's HYPE token has surged more than 30% to $33, far outpacing bitcoin, ether and the broader crypto market, as trading activity on the platform accelerates. The token rally represents the merging of traditional assets with the crypto world, according to Hyperion DeFi, which is a HYPE treasury company.
Originally a crypto perpetuals exchange, Hyperliquid has expanded into tokenized trading of equity indices, individual stocks, commodities and major fiat pairs via its HIP-3 upgrade. When the crypto market emerged more than a decade ago, its proponents pitched it as "us vs. them" – a rebel fight against Wall Street and traditional markets. Over time, the great divide slowly closed with the debut of popular traditional instruments like futures and ETFs tied to cryptocurrencies, and now the two worlds have merged on decentralized platforms. The market-beating rally in Hyperliquid's HYPE token, a decentralized exchange, reflects just that, according to Hyunsu Jung, CEO of Nasdaq-listed Hyperion DeFi. It's the first US publicly listed company building a long-term strategic treasury of HYPE tokens. As of late last year, it held over 1.4 million HYPE tokens.and other major tokens far behind. Bitcoin has risen just 1.84%, while the CoinDesk 20 Index, a broader market gauge, has gained over 4%, according to CoinDesk data. "This is a story of the convergence of all asset classes under the megatrend of tokenization in an increasingly financialized world - more and more of which is happening on Hyperliquid," Hyunsu said, explaining the HYPE rally. While Hyperliquid started as a decentralized exchange for trading perpetual futures tied to cryptocurrencies, it has since expanded its product suite to include trading in equity indices, stocks, commodities, and major fiat currency pairs. This shift stems from the Hyperliquid Improvement Proposal-3 , launched in October 2025, which allows anyone staking 500,000 HYPE tokens to freely create markets for non-crypto assets. The timing couldn't have been better, as traditional assets, especially gold and silver, have gone bonkers since late 2025, driving huge trading volumes and fees in Hyperliquid's markets for those assets. The silver-USDC market has registered a trading volume of over $1 billion in the past 24 hours alone. The numbers look even more impressive on a broader scale. "Within just 3 months of this upgrade, Hyperliquid’s HIP-3 markets have captured over $1B in Open Interest, ~$25B in total trading volume and over $3M in total fees, all transparently on-chain," Hyunsu noted. "Users globally are now able to access and trade equities or get exposure to the incredible metals trade over the last few months." The boom in fees translates into higher prices for HYPE via a token-burning mechanism. Hyperliquid burns HYPE based on protocol fees through an automated mechanism, with up to 97% of fee revenue used to buy back HYPE and remove coins from circulation. "It's a deflationary mechanism not found in any other blockchain ecosystem, and an incredible structural tailwind for our treasury," Hyunsu said. He explained that the nonstop 24/7 availability of traditional markets on Hyperliquid allows traders to react to global events, helping to achieve fairer spot prices outside regular hours and even on weekends when traditional markets are closed.AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence toPudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token. The ecosystem now spans phygital products , games and experiences , and a widely distributed token . While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility. A new Ethereum standard seeks to give AI agents portable identities and reputations, letting them interact across companies and chains without relying on centralized gatekeepers.Ethereum developers are set to roll out ERC-8004, a new standard that gives AI software agents persistent on-chain identities and a shared framework for establishing credibility. The standard defines three registries—identity, reputation and validation—that let agents register themselves, collect reusable feedback and publish independent checks of their work on Ethereum or layer-2 networks. Framed as neutral infrastructure rather than a marketplace, ERC-8004 aims to enable interoperable, gatekeeper-free AI services on Ethereum, even as ether trades just above $3,000 after a recent price gain.
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