Hyperliquid Crypto To Draw Developers Or Unravel: VanEck

Hyperliquid Crypto Needs To Draw Developers To Sustain

Hyperliquid Crypto Needs To Justify HYPE’s Lofty Valuation

Hyperliquid is now one of the most important blockchains. This has resulted due to the launch of its HYPE token in a November airdrop. However, as per asset manager VanEck, Hyperliquid’s nascent smart contract platform still needs to attract the developer community to be able to sustain its native token HYPE’s huge market cap. 

Layer-1 blockchain network Hyperliquid must bootstrap a robust developer community in order to justify the HYPE token’s huge valuation. It needs this to meet the growth expectations that it now faces.

Actually, Hyperliquid crypto’s flagship perpetual futures exchange has already captured 70% of the market share. It has succeeded in surpassing rivals like GMX and dYdX, and is now handling $260M daily transactions.

But with growth, comes expectations. The growth that Hyperliquid crypto has seen now calls for some more.

Hyperliquid Crypto Achievements

Talking of so much that it has achieved, Hyperliquid is a reflection of the broader gains for (DEXs) decentralized exchanges. It has seen its monthly trading hitting an all-time high of $433 billion in December.

The Hyperliquid airdrop has also received applause from crypto enthusiasts for coming out as the most successful token generation event of 2024. The HYPE crypto token then gained over 500% since launch on Nov. 29. In just a month’s time, the crypto coin has been able to rank the 13th most valuable project in the crypto market.

Hyperliquid’s Future Plans

Hyperliquid is also planning to launch an Ethereum Virtual Machine smart contract platform this year. As per VanEck, this will be significant for diversifying the layer 1’s revenue base, thereby justifying the lofty valuation of the HYPE token.