Hyperliquid Token Surpasses Solana, Grayscale Launches Staking ETF

Hyperliquid, a decentralized exchange (DEX), has made significant gains in the cryptocurrency market. The price of its HYPE token surpassed Solana's SOL, reaching $72.5 on June 4.

The token's value has increased by nearly 28% over the past week, with a slight decrease of 0.4% from the previous day. In contrast, Solana's SOL token traded at around $70.9, up 1.3% from the previous day but still down more than 12% from the same period last week.

Hyperliquid's market share in perpetual futures trading volume also reached a record high of 6.63%, with HIP-3-based builder-deployed perpetual futures volume exceeding $62 billion last month.