Key Takeaways

Is HYPE heading toward a supply crunch?

Yes. With less than two years needed to buy back all liquid supply, demand is outpacing availability.

Why is HYPE popular right now?

Its strong earnings, dominant market share, and aggressive buybacks make it a top DeFi growth token.

Hyperliquid [HYPE] has jumped to the top of the perpetual DEX market, and is pulling ahead of fast-growing rival Aster [ASTER].

As token supply continues to fall and demand stays strong, a supply crunch may be just around the corner.

Hyperliquid dominates DEX space

At press time, Hyperliquid led the perpetual DEX market with a massive $5 billion in total value locked (TVL), commanding over 60% market share.

Despite its strong lead, competitors are closing in. Aster surged past $655 million, briefly nearing the $2 billion mark earlier this quarter, while Lighter and edgeX are also showing steady growth.

Strong growth for HYPE