In a recent tweet, the team behind Mercury, an app bringing Hyperliquid to iOS mobiles, spotlighted why Hyperliquid is quietly becoming one of the hottest spots in crypto right now. They point out that some of the best applications in the space are building on this platform, with impressive metrics that rival established giants.

Let's break it down. Hyperliquid is a layer-1 blockchain designed from the ground up for high-speed, transparent trading—think perpetual futures (or "perps," which are contracts allowing traders to bet on asset prices without expiration dates) and decentralized finance (DeFi). Its native token, HYPE, powers the network, and the chain's HyperEVM allows for Ethereum-compatible smart contracts, making it easy for developers to build apps.

One standout is Project X, a decentralized exchange (DEX) running on HyperEVM. According to the tweet, this single DEX pulls in about $53 million in annual fees. To put that in perspective, that's nearly matching Drift, a popular perp DEX on Solana, which clocks in at $55 million yearly. Project X operates as an automated market maker (AMM), similar to Uniswap, where liquidity providers earn fees from trades. It's self-funded and grassroots-driven, aiming to make DeFi more intuitive and fun—almost like injecting a dose of dopamine into trading. For more on its vision, check out this deep dive.

Then there's Kinetiq, a liquid staking platform with a whopping $1.9 billion in total value locked (TVL)—that's the amount of assets staked or deposited into the protocol. If Kinetiq were its own layer-1 chain, it'd rank as the 9th largest in crypto, even surpassing Avalanche. Liquid staking lets users stake their tokens (like HYPE) to secure the network while still using them elsewhere, thanks to liquid staking tokens (LSTs) like kHYPE. This boosts liquidity and efficiency in the ecosystem. Kinetiq has also launched innovative features like "Launch," an Exchange-as-a-Service platform, making it easier to spin up new trading venues. You can learn more about Kinetiq's developments here.

The tweet wraps up with a bold call: "Raise your targets. All of them." And it's easy to see why. Hyperliquid's ecosystem is exploding, with TVL metrics tracked on platforms like DeFiLlama showing rapid growth.

Now, why does this matter for meme tokens? Hyperliquid's robust infrastructure, powered by apps like Project X and Kinetiq, creates fertile ground for meme coins to thrive. With a high-performance DEX for trading and liquid staking for better capital efficiency, creators can launch and trade memes with low fees and fast speeds. Already, tokens like PURR (the original meme on Hyperliquid), PIP, and JEFF are gaining traction, often launched via platforms like Hypurr.fun. As the chain attracts more users and liquidity, expect a surge in meme token activity—similar to booms on Solana or Base.

If you're a blockchain practitioner eyeing the next big thing, Hyperliquid's combo of top-tier apps and meme potential is worth watching. It could redefine how we think about DeFi and fun in crypto. For the latest on Hyperliquid, head over to their official site.