In the fast-paced world of decentralized finance (DeFi), milestones come and go, but some really stand out. Recently, Project X, a fresh DEX built on HyperEVM, announced they've hit a whopping $70 million in Total Value Locked (TVL). That's the amount of assets users have deposited into their smart contracts, a key metric for any DeFi protocol's success. This achievement has catapulted them to the #1 spot among DEXes on HyperEVM, and the community is buzzing.

If you're new to this, HyperEVM is the EVM-compatible layer of the Hyperliquid ecosystem, which is known for its high-performance blockchain tailored for DeFi applications. Project X launched just a few weeks ago in July 2025, and it's already making waves. Starting as a grassroots, self-funded project, they bootstrapped their way to $40 million TVL in just three days post-launch, according to reports from Binance Square and other sources. Now, doubling down to $70 million shows serious traction.

What makes Project X special? It's an Automated Market Maker (AMM) DEX, meaning it lets users swap tokens seamlessly without needing a traditional order book. They've introduced a points system to incentivize users—think rewards for providing liquidity or trading, which can later be redeemed for perks or tokens. This has drawn in liquidity providers (LPs) big time, especially with integrations like thBILL, an institutional-grade asset offering yields around 4.3% APR plus extra points.

The announcement came via a tweet from @prjx_hl, teasing "Phase 2 soon." While details on Phase 2 are under wraps, speculation is rife. Based on their roadmap, it could involve expanding into a full aggregator for the broader EVM ecosystem, more features like advanced trading tools, or even meme token launches—fitting right into our wheelhouse here at Meme Insider.

Community reactions? Electric. Replies poured in with excitement: one user called it a "fucking movie," praising the team's vision. Others are hyped for Phase 2, sharing referral links for points boosts, and even dropping memes. It's clear Project X isn't just building a DEX; they're fostering a vibrant community around Hyperliquid's growing eco.

For meme token enthusiasts, this is huge. HyperEVM's low fees and speed make it prime for meme trading, and as the top DEX, Project X could become the go-to spot for launching and swapping viral tokens. If you're into blockchain tech or just hunting the next big meme play, keep an eye on this. Head over to prjx.com to get started, and maybe snag some points while TVL keeps climbing.

As DeFi evolves, stories like Project X remind us that innovation and community drive can disrupt even the most established players. What's your take on their rapid rise? Drop a comment below!