In the fast-paced world of decentralized finance (DeFi), few things grab attention like explosive growth. A recent tweet from crypto enthusiast @pgreyy highlights just that, showcasing the remarkable ascent of Project X (@prjx_hl), a decentralized exchange (DEX) on Hyperliquid's HyperEVM chain. Let's dive into what this means and why it's a big deal for meme token enthusiasts.

The Tweet That Sparked Buzz

@pgreyy shared: "A 2-day-old liquidity pool of USŦ0/thBILL on @prjx_hl just hit $9M TVL. The growth happening on prjx atm is unmatched imo. + Prjx has flipped Hyperswap to be the leading dex on HyperEVM. Hyperliquid."

Accompanying the post were screenshots illustrating the platform's total value locked (TVL)—a key metric in DeFi that represents the total amount of assets staked or locked in a protocol. TVL is essentially a measure of a project's popularity and trust among users.

The first image shows Project X's overall TVL soaring to over $72 million, a staggering figure for a relatively new player.

The second chart underscores the growth trajectory, with a mind-blowing 67,106,115% increase over the past 30 days. This kind of surge typically happens when a project captures lightning in a bottle—innovative features, strong community support, and timely market conditions.

Breaking Down the Key Elements

• Liquidity Pool Growth: The USŦ0/thBILL pool reaching $9 million TVL in just two days is impressive. USŦ0 likely refers to a stablecoin like USDT (Tether), while thBILL appears to be a tokenized money market fund on HyperEVM, offering institutional-grade yields on-chain. Such pools provide liquidity for trading pairs, enabling smooth swaps without massive price slippage—a crucial factor for volatile assets like meme tokens.

• Flipping Hyperswap: Project X has overtaken Hyperswap as the top DEX on HyperEVM. According to data from DeFiLlama, Project X's TVL stands at around $70 million, neck-and-neck with Hyperswap's $75 million. But in terms of momentum, Project X is pulling ahead, with 30-day DEX volume exceeding $1.1 billion. This "flip" signifies a shift in user preference, possibly due to better incentives, lower fees, or superior user experience.

• Hyperliquid and HyperEVM Context: Hyperliquid is a high-performance Layer-1 blockchain specializing in perpetual futures (perps), while HyperEVM is its EVM-compatible extension for general DeFi applications. With chain-wide TVL in the billions (over $5 billion in stablecoins alone per DeFiLlama), it's a hotbed for innovation. Project X leverages this ecosystem to offer spot trading, liquidity provision, and more.

Why This Matters for Meme Tokens

Meme tokens thrive on liquidity and hype, and a robust DEX like Project X amplifies both. On HyperEVM, traders can launch and swap meme coins with ease, benefiting from low gas fees and fast transactions. The rapid TVL influx means deeper liquidity pools, reducing the risk of rug pulls and enabling larger trades. For blockchain practitioners hunting the next big meme, this growth signals HyperEVM as a prime hunting ground.

Community reactions in the thread echo the excitement. One user noted, "The increase in TVL from 50 to 72M in 5 days is sick ⚡️ We're underestimating Project X potential in the coming months." Another praised the marketing: "The marketing style was top notch. So it was destined for greatness."

Looking Ahead

Project X's trajectory suggests it's not just a flash in the pan. With phase 2 developments hinted at in replies, expect more features like advanced farming or integrations that could further boost meme token ecosystems. If you're into DeFi or meme hunting, keep an eye on Project X and Hyperliquid—opportunities like this don't come often.

Stay tuned to Meme Insider for more updates on emerging trends in the meme token space. What's your take on Project X's rise? Share in the comments!