Hyperliquid’s PUMP Spot Volumes Flip Top CEXs – Crypto News – Crypto News
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Hyperliquid’s PUMP Spot Volumes Flip Top CEXs Hyperliquid’s PUMP Spot Volumes Flip Top CEXs

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Hyperliquid’s PUMP Spot Volumes Flip Top CEXs – Crypto News

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The protocol processed the second most spot volume for PUMP trading, surpassing centralized exchange giants like Bybit and MEXC.

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.

PUMP spot markets. Source: CoinGecko

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.

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PUMP 24-hour price chart. Source: CoinGecko

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.

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Kinetiq metrics. Source: Kinetiq’s website
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