Hyperliquid is causing ripples in the crypto markets; the platform has attracted a $1 billion net inflow of USDC in 15 days after its Token Generation Event (TGE) on November 29. Data from Spot On Chain also reveals that the total USDC balance in the platform has risen to $2.09 billion in just 17 days proving its rapid growth and popularity.
USDC Inflows Soar, Doubling the Deposit Bridge
This is evident as presented in the graph, Hyperliquid has received daily USDC inflows from the time of its TGE. Specifically, a USDC inflow of $181.72 million was observed on November 29, which may be attributed to the chain’s early performance. Subsequently, daily additions were recorded which led to the accumulation of $2.09 billion.
As concluded by Spot On Chain, the platform’s deposit bridge has more than doubled in less than three weeks, underlining increasing institutional and retail interest in the platform.
$HYPE Surges 729% Amid Market Optimism
Parallel with the growth of the USDC influx, the rate of $HYPE, the token offered by the platform, has grown by 729% over the period. This is reflected in the graph as the price of $HYPE raised from $6.51 on 29 Nov to $24.28 by 16 Dec.
Such growth in inflows and token prices affirms that investors and other market players are raising interest in Hyperliquid’s ecosystem.
Positive Market Sentiment Fuels Growth
It is important to understand that the growth of Hyperliquid demonstrates the dynamics of DeFi platforms. Now that Hyperliquid’s total USDC inflows have hit $2 billion, it can be inferred that the investors have high regard for the Hyperliquid platform in the long term.
If $HYPE continues to accelerate and inflows remain strong, Hyperliquid could represent the start of a new market phase for DeFi more broadly.
