Hey there! If you're into the wild world of decentralized finance (DeFi), you’ve probably heard of Hyperliquid—a high-performance Layer 1 blockchain making waves in the crypto space. On May 5, 2025, Pine Analytics dropped a fascinating thread on X, breaking down Hyperliquid’s metrics, from its Ethereum Virtual Machine (EVM) ecosystem to its native decentralized exchange (DEX). Let’s dive into the details and see what’s cooking with Hyperliquid in 2025!

Kicking Things Off: Hyperliquid’s Big Picture

Pine Analytics starts the thread with a sleek graphic introducing Hyperliquid Metrics, dated May 5, 2025. Hyperliquid is described as an “emerging Layer 1,” which means it’s a foundational blockchain (think of it as the base layer for building apps, like Ethereum or Solana). What makes Hyperliquid special? It’s designed for DeFi, aiming to blend the speed of centralized exchanges with the security and transparency of blockchain tech. The thread promises a deep dive into its EVM ecosystem—basically, a setup that lets developers build apps compatible with Ethereum—and its native exchange, where users can trade crypto directly on the blockchain.

Deposits on Hyperliquid’s Native DEX

The second post in the thread gets into the nitty-gritty of Hyperliquid’s native DEX. Users can deposit three major cryptocurrencies: USDC (a stablecoin pegged to the US dollar), Bitcoin (BTC), and Ethereum (ETH). Here’s the breakdown as of early May 2025:

• USDC Deposits: $2.2 billion
• BTC Deposits: $111 million
• ETH Deposits: $16.8 million

The charts shared by Pine Analytics show that total deposits peaked in early March 2025 but dipped afterward. However, there’s a recent uptick, hinting that users are coming back. This suggests growing confidence in Hyperliquid’s platform—maybe because of new features or market trends. For context, a DEX (decentralized exchange) lets you trade crypto without a middleman, and Hyperliquid’s version is built right into its blockchain, which is pretty cool because it cuts out extra fees like gas costs (those annoying transaction fees you pay on networks like Ethereum).

Open Interest: A Big Player in the Game

Moving on, Pine Analytics highlights Hyperliquid’s open interest, which sits at a whopping $4 billion. Open interest is the total value of outstanding derivative contracts (like perpetual futures) that haven’t been settled yet. In simpler terms, it shows how much money is actively being traded on the platform. Since early March 2025, this number has been climbing steadily. To put it in perspective, Hyperliquid’s open interest is about 18% of Binance’s open interest—Binance being one of the biggest crypto exchanges out there. That’s a big deal for a decentralized platform, showing Hyperliquid is carving out a serious spot in the trading world.

User Growth: New Wallets Galore

Hyperliquid’s native DEX is also seeing a steady stream of new users. According to Pine Analytics, 500 to 1,000 new wallets are being created daily, with a recent spike in growth. A wallet in crypto is like your digital bank account—it’s where you store your assets and interact with the blockchain. This uptick in new wallets suggests more people are jumping on board, likely drawn by Hyperliquid’s features like zero gas fees or its focus on perpetual futures trading (a type of trading where you can bet on price movements without an expiration date).

EVM Ecosystem: Borrowing, Lending, and Trading

Hyperliquid isn’t just about its native DEX—it’s also got a thriving EVM ecosystem. The EVM (Ethereum Virtual Machine) lets developers build apps that work seamlessly with Ethereum’s tech. Pine Analytics breaks down some key protocols running on Hyperliquid’s EVM:

Borrowing and Lending Protocols

These platforms let users lend their crypto to earn interest or borrow crypto by putting up collateral. Here’s the rundown:

• ​Hyperlend: $179 million deposited, $41 million borrowed.
• ​Felix Protocol: $182 million deposited, $49 million in stablecoins issued.
• ​HypurrFi: $108 million deposited, $49 million borrowed.
• ​Keiko Finance: $8.5 million deposited, $3.4 million in stablecoins issued.

These numbers show a healthy lending and borrowing scene, with millions of dollars flowing through these protocols. It’s a sign that Hyperliquid’s EVM is attracting DeFi users who want to put their crypto to work.

Decentralized Exchanges (DEXs)

Hyperliquid’s EVM also hosts DEXs for swapping tokens. Two major players stand out:

• ​HyperSwap: $53 million in Total Value Locked (TVL), with $26 million in daily trading volume. TVL is the total amount of crypto locked in a protocol—think of it as a measure of how much trust users have in the platform.
• ​KittenSwap: $35 million TVL, with $8.6 million in daily volume.

These DEXs are key for users who want to trade tokens directly on Hyperliquid’s EVM, adding to the ecosystem’s versatility.

Liquid Staking Tokens (LSTs)

Liquid staking lets users stake their tokens (like locking them up to support the network) while still being able to use them in DeFi. Hyperliquid has three major LST protocols:

• ​Looped HYPE: $26 million TVL.
• ​Valantis Labs: $11.7 million TVL.
• ​Magpie: $3.2 million TVL.

The $HYPE token is central to Hyperliquid’s ecosystem, and these protocols let users stake it while keeping their funds liquid for other DeFi activities.

Digging Deeper with Pine Analytics Dashboards

Pine Analytics wraps up the thread by linking to their Flipside Crypto dashboards, where you can explore Hyperliquid’s bridge metrics in more detail. Bridges in crypto are like highways that let assets move between blockchains—in this case, between Hyperliquid and other networks like Ethereum. These dashboards are a goldmine if you want to geek out on data like deposit/withdrawal trends or cross-chain activity.

Why This Matters for Hyperliquid Fans

Hyperliquid’s metrics paint a picture of a platform that’s growing fast and attracting a diverse crowd—from traders to DeFi enthusiasts. Its zero gas fees, on-chain order book (a system that matches buy and sell orders directly on the blockchain), and EVM compatibility make it a standout in the DeFi space. Plus, with a community-driven approach and no venture capital backing (as noted in Token Metrics Research), Hyperliquid is building trust and engagement the grassroots way.

The thread also sparked some buzz in the replies. A user named ThinkingPP chimed in, saying, “emerging? my brothers in hype we have emerged,” suggesting Hyperliquid’s community feels it’s already a big player. Pine Analytics responded with a playful “Frfr” (for real, for real), showing they’re vibing with the enthusiasm.

Wrapping Up: Hyperliquid’s 2025 Momentum

Hyperliquid is clearly on a roll in 2025, with strong metrics across deposits, open interest, and user growth. Its EVM ecosystem is buzzing with activity, from lending protocols to DEXs and liquid staking. If you’re curious to learn more, check out Pine Analytics’ full thread on X or dive into their dashboards for a closer look. Hyperliquid might just be the DeFi platform to watch this year—what do you think?