On January 28, news reports indicate that the HYPE token surged over 30% this week, with its price reaching as high as $33, clearly outperforming mainstream cryptocurrencies like Bitcoin and Ethereum. This trend is seen by industry insiders as a microcosm of the deep integration between the crypto market and traditional financial assets, driven by recent structural changes in the decentralized platform Hyperliquid.
Hyunsu Jung, CEO of Nasdaq-listed Hyperion DeFi, pointed out that the rise of HYPE is not merely driven by sentiment but results from the acceleration of asset tokenization across multiple asset classes on the same blockchain. As the first US-listed company to include HYPE in its long-term financial portfolio, Hyperion DeFi held over 1.4 million HYPE tokens by the end of last year.
Compared to the overall market, HYPE’s performance is particularly notable. During the same period, Bitcoin saw only a slight increase, while Ethereum remained relatively stable. In contrast, HYPE’s independent market activity indicates that capital is reassessing its underlying economic model and application expansion capabilities.
Hyperliquid initially focused on crypto-related derivatives trading, but after launching the HIP-3 proposal in October 2025, its ecosystem experienced a significant shift. This mechanism allows users staking a certain amount of HYPE to create trading markets for non-crypto assets, enabling on-chain trading of stock indices, commodities, and major fiat pairs. This change coincided with a rally in traditional assets like gold and silver, directly boosting trading activity in related markets.
Data shows that within just a few months of the HIP-3 launch, the platform’s open interest in related markets exceeded $1 billion, with total trading volume around $25 billion and cumulative fees surpassing $3 million. A large portion of these fees are funneled back into the token economy through automation mechanisms, with most used to buy back and burn HYPE, continuously reducing circulating supply.
Hyunsu stated that such a highly deflationary design is rare among other blockchain ecosystems. Additionally, the 24/7 trading of traditional assets on-chain allows global users to quickly price macro events even during traditional market closures, enhancing market efficiency and price continuity.
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