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C.Z 2026-3-6 05:51 84700人围观 BNB



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At 3 a.m., the situation in Iran suddenly escalated, causing global stock markets to crash while traders on Wall Street were still asleep. But you can simply open your phone and place an order with one click to hedge your risks – the prices are transparent in real time, transactions are confirmed instantly, and there are no middlemen taking a profit margin. While traditional markets were dead silent, HYPE’s price managed to rise by 13% against the trend. This isn’t science fiction; these are scenes that happen every day on Hyperliquid.



Recently, there’s been a phrase going viral in the cryptocurrency community: “HYPE is the next BNB. ”

Many people’s first reaction is, “Another attempt to take advantage of people?” ”

But when you take a closer look at DefiLlama’s latest data, HyperCore’s underlying code, the 99% fee rebate mechanism, and the entire HIP-3/HIP-4 ecosystem, you’ll realize that this isn’t just hype at all – it’s a quiet revolution that is transitioning us from centralized exchanges to true blockchain-based finance. In the first quarter of this year, there is a very high likelihood of a rapid surge, and in fact, the potential for such an increase already exists.



I didn’t come here to give orders.
I just present the facts, provide the data, and analyze the logic so you can understand it for yourself: How did Hyperliquid go from being a perp DEX to becoming an L1 empire? Is its current size truly that terrifying? Just how deep is this competitive moat really? What has the ecosystem become like? Could the future hold even greater opportunities that would force even the most seasoned experts to reevaluate their assumptions?

Guys, hold on tight as we go layer by layer downwards.



First layer: What the hell is Hyperliquid?


(Don’t rush; understand the fundamentals first.)

It’s not an ordinary DEX, nor is it an L1 that tries to replicate Solana.
Hyperliquid is an L1 blockchain that was created specifically for permanent, on-chain transactions, starting from scratch.

The main weapon is called HyperCore: A order book for the entire chain.
Every order placement, cancellation, matching, settlement, and margin calculation is recorded on the chain – eliminating the need for any intermediaries or trust mechanisms.
Block time is 0.2 seconds, and finality is determined once and for all. Officially measured results: It can handle up to 200,000 orders per second, with a maximum TPS of over 200,000. This isn’t just a PPT; these are actual performance results obtained in real-world tests.

After the launch of the HyperEVM mainnet in 2025, it will have completely evolved from a “transaction engine” into a full-fledged L1 blockchain：
Developers can deploy DApps using Solidity, and all liquidity is directly routed through HyperCore’s advanced order book system. Lending, stablecoins, RWA, AI… all seamlessly integrated.
In one sentence:: Hyperliquid doesn’t conduct transactions on a blockchain; rather, it turns the act of “transacting” itself into a blockchain.

At this point, you might ask…: With such advanced technology, must the data be incredibly staggering?

The second layer: With the current scale… the data will be so shocking that it’ll make you question your entire existence


According to the latest data from DefiLlama as of March 2026 (real-time scraped data):：
  • 24-hour continuous trading volume: $9.63 billion, firmly ranking first in the entire chain, with a market share consistently ranging between 70% and 80%
  • Cumulative perpetual trading volume: Has exceeded 3.984 trillion US dollars
  • Open Interest (OI): 5.62 billion US dollars
  • 24-hour fee: $2.74 million – 24-hour earnings: $2.48 million (equivalent to nearly $900 million on an annual basis)
  • TVL: At the protocol level, it amounts to $4.32 billion, with approximately $1.6 billion on the L1 chain
  • HYPE token: With a market value of $7.45 billion and a price of approximately $31.3 per token, the 24-hour trading volume of this token has exceeded $280 million
  • Real users: Over 1.67 million people – all as a result of the natural growth driven by word-of-mouth about the product

In 2025, the nominal total trading volume reached a staggering $2.6 trillion, nearly twice that of Coinbase during the same period.
Even worse is…: Any black swan event anywhere in the world actually leads to a surge in trading volume – because these markets operate 24/7, without any KYC requirements or weekend closures.

Seeing all these numbers, are you starting to feel a bit overwhelmed?
But data is just the surface; what truly makes it similar to BNB is the underlying value capture mechanism at its core.

The third layer: Why is it called “the next BNB”? The mechanism is almost identical, but it’s purer and more intense


Do you still remember why BNB was so strong?
Every single cent in fees earned by Binance is directly distributed to BNB holders through buybacks and ecosystem incentives.

The mechanism behind HYPE is exactly the same, but it is completely decentralized, with no VC involvement and no corporate commissions：
  • 99% of the fees incurred on perpetual and spot trades are all deposited into the “Assistance Fund” and used to repurchase HYPE tokens (as explicitly stated by DefiLlama)
  • The cumulative fees have exceeded $1.1 billion, providing holders with an average monthly real income of approximately $65 million
  • By staking HYPE, one can still run verification nodes, earn gas fees, and participate in governance (since the HyperBFT consensus requires 2/3 of the validators to be honest)
  • HLP liquidity providers receive an additional 1% bonus, thus creating a closed-loop mechanism that enhances efficiency

A straightforward and brutal translation：
The more you trade, the more HYPE is generated. The more HYPE there is, the more buybacks and pledges occur. This in turn makes the network safer and strengthens the ecosystem, leading to even more trading……
This is what true “trade-for-mining, hold-for-dividends” really means.

BNB relies on its monopoly over centralized exchange traffic, while HYPE relies on its monopoly over on-chain transactions.
As DeFi moves from the fringe to the mainstream, this momentum will drive hype to levels once reached by BNB—and perhaps even higher.


The fourth layer: The ecosystem is no longer just an empty shell; it has become a lush, sprawling tree


Hyperliquid didn’t follow the old routine of “first conducting a pump-and-dump campaign to drive up prices, then building an ecosystem.”
It simply treats super liquidity as an infrastructure and makes it available to everyone.
  • HyperEVM: Enable any developer to deploy applications using familiar Ethereum tools, with zero-friction calls for liquidity
  • HIP-3 (Builder-Deployed Perpetuals): Fully matured. Anyone who pledges 500,000 HYPE units will be able to launch a brand-new perpetual market.
    What was the result? Synthetic stocks of U.S. companies (such as NVDA, TSLA), commodities (crude oil, silver), and even startup equity – all available for 24/7 trading on-chain. To date, over 20 projects have been launched, covering various areas such as trading frontends, liquidity-based collateral systems, DeFi protocols, and RWA solutions. The vast majority of these projects have been developed independently by anonymous individuals, perfectly embodying the “Community First” philosophy.
  • HIP-4 (Outcomes Transactions): Just launched on the testnet. Move predictive markets and limited-risk options onto high-performance L1 platforms – no margin call risks, and significantly higher security than Polymarket. It directly stimulates more HYPE, as well as an increase in the volume of deposits and transactions.

They have already grown within the ecosystem: Liquidated staked LSTs, AI infrastructure, front-end aggregators, lending protocols, Vaults……
Over 187 builders are quietly getting things done.
Hyperliquid is no longer just a trading platform; it is becoming the operating system for “Wall Street on the blockchain.”

Fifth floor: What kind of opportunities will the future hold? Three scenarios—guess them yourself


Objective analysis, no empty promises.

Scenario 1 (Conservative): The total trading volume in DeFi has once again tripled, with Hyperliquid maintaining a 70% market share. As the sole token designed to capture value, HYPE’s market value is likely to increase exponentially alongside its trading volume, easily reaching the current level of BNB.

Scenario 2 (Neutral): When synthetic assets + RWA + predictive markets become the dominant narrative, Hyperliquid’s order book serves as the foundational infrastructure. HIP-3/HIP-4 will attract traditional financial funds into the blockchain, and the buyback mechanism of HYPE will enter a “positive feedback acceleration phase.”

Scenario Three (Radical): Global regulations continue to tighten restrictions on CEXs, making transparent transactions on-chain an essential requirement. As the most powerful and community-driven L1, Hyperliquid is set to become the new generation of “core of crypto finance.” By then, HYPE would no longer be about being “the next BNB”, but might instead represent “ETH for blockchain finance”.

Of course, risks always exist: Competitors emerged, technology evolved, and regulatory surprises occurred… But Hyperliquid has proven the strength of its competitive advantages over the course of three years, through nearly 4 trillion real transactions.

Finally, I would like to share some heartfelt words with every brother who is still struggling in the crypto industry


We’ve all chased too many “aircoins,” participated in too many airdrop schemes, and heard too many stories about “the next big thing.”
But when we look back, we realize that there were projects that actually earned millions of dollars in fees every day and returned 99% of those revenues to their holders—yet these projects simply lay there, unnoticed.

Hyperliquid tells us this through its code：
The true romance of cryptography lies not in getting rich overnight, but in gradually taking financial power away from Wall Street, from regulatory bodies, and from large corporations, and returning it to every ordinary user.

The story of HYPE has just begun, with the first chapter already written.
The future belongs to those who are willing to slow down, look at the data, examine the underlying fundamentals, and consider the long term perspective.

Now, it’s your turn——

I would like to hear your true thoughts：
  1. Where do you think HYPE’s market value could eventually reach? Could it surpass BNB?
  2. After the market explosion predicted by HIP-4, could it potentially wipe out Polymarket altogether?
  3. Are you still firmly holding onto CEX, or have you already started moving some of your assets over to this “on-chain Wall Street”?
  4. What really changes the crypto industry—are it memes, or infrastructure like Hyperliquid?

Feel free to share your analysis in the comments section; let’s discuss and learn together.
After all, in the next round of bull markets, it’s not the people who shout the loudest who will be the winners, but those who understand things the earliest.
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『Statement: This content is solely intended for educational purposes and for exchange among Web3 enthusiasts. It does not constitute any investment advice or recommendation. Please approach it with a rational mindset, establish correct concepts, and enhance your awareness of risks. The material for this article is sourced from official news and online reports』




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