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Hyperliquid Derivatives Demand Shifts as DEX Volumes Cool
Hyperliquid Derivatives Demand Shifts as DEX Volumes Cool
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BTCCSquare news:
Hyperliquid's dominance in the crypto derivatives market shows signs of strain as daily trading volumes retreat from May-June highs. The protocol's DEX activity fell to $134.8 million in late June—an 80% drop from its $735 million peak—while competitors like PancakeSwap capitalize on DeFi's resurgence.
Paradoxically, Hyperliquid's native token trading volume surged 28% YTD to $1.93 billion, suggesting speculative interest persists despite waning platform activity. The divergence highlights the volatile nature of crypto derivatives markets, where token performance often decouples from underlying protocol metrics.
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