In the fast-paced world of decentralized finance, new players are constantly emerging to shake things up. Recently, a tweet from Castle Labs spotlighted one such rising star: Project X, a decentralized exchange (DEX) built on the Hyperliquid ecosystem. This newcomer has just crossed a whopping $5 billion in trading volume and secured the #2 spot in 30-day fees on Hyperliquid's Layer 1, right behind the platform itself. And with Phase 2 on the horizon, things are getting exciting for meme token enthusiasts.

What's Project X All About?

Project X is essentially the Uniswap of Hyperliquid's HyperEVM—a high-speed, EVM-compatible chain designed for seamless DeFi experiences. Think automated market makers (AMMs) but with a fun twist: it's built to inject some dopamine into trading, making it more engaging and user-friendly. Unlike traditional DEXes, Project X aims to feel like a game, encouraging liquidity provision, token swaps, and portfolio management without the usual headaches.

Launched as a self-funded project by a grassroots team, it's quickly gained traction in the Hyperliquid ecosystem, which is known for its lightning-fast transactions and low latency—perfect for the volatile world of crypto trading.

The Milestone: $5B Volume and Fee Dominance

According to the data shared in the tweet, Project X isn't just participating; it's dominating. In the last 30 days, it racked up over $4.28 million in fees, placing it second only to Hyperliquid. For context, Hyperliquid itself leads with $98.37 million, but Project X is outpacing other protocols like BasedApp and Kinetiq.

This surge in volume and fees signals strong adoption. Traders are flocking to Project X for its efficient spot trading, especially as Hyperliquid expands its offerings with native USDC support and more. If you're into blockchain metrics, this is a clear sign of growing liquidity and user interest.

Teasing Phase 2: What Could It Mean?

The tweet also highlights Project X's teaser for Phase 2, which was set to drop around today (September 17, 2025). Based on their roadmap, Phase 1 focused on core DEX features like token trading and liquidity pools. Phase 2 is expected to expand into full EVM aggregation, potentially integrating with other chains for cross-EVM liquidity. This could mean better prices, faster swaps, and even a token airdrop— a common incentive in DeFi projects to reward early users.

While details are still under wraps, the hype around points programs suggests Phase 2 might include rewards or governance tokens. For meme token creators and traders, this upgrade could open new doors for launching and trading viral assets with minimal friction.

Why This Matters for Meme Tokens

At Meme Insider, we're all about the wild side of crypto, and Project X fits right in. Hyperliquid has become a hotbed for meme coins like PURR (the original Hyperliquid meme), PIP, JEFF, and platforms like Hypurr.fun for easy launches. A robust DEX like Project X amplifies this by providing the infrastructure for spot trading these tokens.

Imagine deploying a meme token on HyperEVM and instantly listing it on Project X for global access. With low fees and high speeds, it's a dream for degens chasing the next 100x. As Project X climbs the ranks, it could drive more volume to Hyperliquid's meme ecosystem, creating a virtuous cycle of liquidity and virality.

Plus, with potential airdrops and points, early adopters might score big—much like past DeFi booms on Solana or Base.

Looking Ahead in the Hyperliquid Ecosystem

Hyperliquid itself is no slouch, positioning as a one-stop blockchain for finance with perps, spot trading, and app building. Project X's success underscores the ecosystem's potential, especially as it integrates features like direct USDC deposits and CCTP for seamless transfers.

If you're a blockchain practitioner or meme token hunter, keep an eye on Project X. Its growth trajectory mirrors early Uniswap days, and Phase 2 could be the catalyst for the next wave of innovation. Head over to Hyperliquid or follow Project X on X to stay in the loop.

In a market where speed and fun win, Project X is proving that DeFi doesn't have to be boring. What's your take—ready to dive in?