Following the highly anticipated PUMP token launch<\/a> yesterday, decentralized exchange Hyperliquid has inserted itself amongst the centralized exchanges, commanding the second-largest spot volumes for PUMP trading across all exchanges. <\/p>\n Hyperliquid has processed $184 million of spot PUMP<\/a> 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<\/a>, such as Bybit and MEXC, have only seen $164 million and $157 million traded on their platforms in the past day. <\/p>\n On the decentralized exchange side, other Solana-native DEXs, such as Meteora, processed just $59 million, per CoinGecko data. <\/p>\n 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\u2019s $250 million.<\/p>\n Considering the size of pumpfun, on-chain natives have benefited the most from its launch, with more than 90% of the raise<\/a> 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. <\/p>\n PUMP<\/a>, 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.<\/p>\n Spot trading on Hyperliquid is made possible by the platform’s tokenization layer, Unit<\/a>, which launches so-called U-assets (uBTC, uETH, uPUMP) that can be traded on Hyperliquid\u2019s DEX interface, known as HyperCore, or bridged to Hyperliquid’s Layer 1, HyperEVM.<\/p>\n Fueled by the success of the PUMP launch, Unit metrics are exploding<\/a> through all-time highs, with its total-value locked nearing the $600 million mark<\/a>. Over $130 million of that TVL is now represented by the asset tokenization layer\u2019s PUMP holdings, making Unit the largest holder of PUMP outside of the pumpfun team’s wallets.<\/p>\n Unit offers a small selection of high demand assets, including BTC, ETH, SOL, FARTCOIN, and now PUMP.<\/p>\n Unit assets and their integrations across the HyperEVM have helped boost the L1\u2019s TVL to new highs, hitting $1.98 billion<\/a> yesterday, July 14. <\/p>\n![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fchart-22-png-b7003c65-80cc-4a13-8163-4761ffb24118.png&w=3840&q=100\"\/)
Unit Tokenization<\/h2>\n
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