Bitcoin (BTC) is not the only one setting milestones. HyperLiquid, the leading on-chain perpetuals trading protocol operating on its custom-built layer 1 blockchain, is setting impressive records, too, with the platform seeing more activity in ether (ETH) than bitcoin.

The cumulative perpetuals volume on the platform has surged past $500 billion, registering a staggering 15-fold year-to-date rise, according to DefiLlama.

The platform has seen an average daily volume of over $5 billion in the past seven days, accounting for over 45% of the total onchain perpetuals market activity of the past 24 hours.

What’s more interesting is that ether, not bitcoin, is leading the boom in activity this week. Since Monday, ether perpetuals have registered a cumulative trading volume of $7 billion. That’s 18% greater than bitcoin’s tally of $5.94 billion, according to data source stats.hyperliquid.xyz.

Ether has also led the growth in the cumulative notional open interest on the platform since late

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Author: Omkar Godbole