Hey there, fellow blockchain enthusiasts! If you're into the wild world of meme tokens and DeFi, you've probably heard the buzz around Hyperliquid. This Layer 1 blockchain is making waves with its HyperEVM, an EVM-compatible environment that's perfect for deploying smart contracts and trading assets, including those fun, volatile meme coins we all love.

Recently, a tweet from crypto insider Cosmin (@Cosmyn_23) caught our eye here at Meme Insider. He's highlighting the impressive growth of Project X (@prjx_hl), a first-of-its-kind decentralized exchange (DEX) built on HyperEVM. According to Cosmin, Project X's Total Value Locked (TVL) – that's the total amount of assets staked or locked in the protocol, a key metric for gauging a project's health and popularity – jumped from around $84 million yesterday to nearly $100 million today.

As you can see in the screenshot shared in the tweet, the TVL sits at $98,405,070, with a 24-hour trading volume of $121,410,991 and fees amounting to $171,408. That's some serious action! Cosmin notes that the all-time high record for Project X is between $115-120 million, and he predicts it'll be shattered in just 3-4 days. Shoutout to contributors Lamboland (@Lamboland_) and BOBBY (@BOBBYBIGYIELD) for driving this momentum.

What Makes Project X Stand Out?

Project X isn't your average DEX. Launched in mid-July 2025, it quickly amassed over $40 million in TVL within days, showcasing the hunger for efficient trading platforms on Hyperliquid. Hyperliquid itself has seen its ecosystem TVL balloon to nearly $2 billion, thanks to its focus on perpetual futures (perps) trading, which allows users to bet on asset prices without expiration dates – ideal for meme token speculators.

But Project X takes it further with its Automated Market Maker (AMM) model in Phase 1, enabling seamless swaps and liquidity provision. Users earn points for participating, which could lead to a juicy airdrop down the line. As DefiLlama reports, it's already one of the top fee earners on HyperEVM, even before the upcoming product updates.

The Excitement Around Phases 2 and 3

Cosmin's tweet emphasizes the potential: "Sky is the limit, if this guys did this with phase 1 in 1 month imagine with phase 2 and 3." Phase 1 has proven the concept with its AMM DEX, but the real game-changers are on the horizon. While details are still under wraps, community whispers suggest enhancements like advanced trading tools, integrations for meme token launches, or even cross-chain features to attract more liquidity.

For meme token traders, this means faster, cheaper trades on a chain optimized for high throughput. Hyperliquid's native token, HYPE, and liquidity pools like KHYPE-HYPE are already seeing boosts, with promotions offering extra points for providers. If you're farming points on Project X, now's the time to double down – use referral codes and monitor the leaderboard to maximize rewards.

Why This Matters for Meme Tokens

At Meme Insider, we're all about helping you navigate the meme token landscape. Project X's growth signals a maturing ecosystem on Hyperliquid, where meme coins can thrive alongside serious DeFi plays. With low fees and high speeds, it's becoming a go-to spot for launching and trading the next viral token. Keep an eye on TVL trends; if it breaks that $120 million barrier, we could see a surge in adoption and token values.

Replies to Cosmin's tweet echo the hype: BOBBY calls it "movie time," while others speculate on vertical growth with new phases. Even skeptics wonder about profit-taking, but the overall vibe is bullish.

If you're new to this, start by checking out Project X's docs or follow them on X for updates. And remember, in the crypto world, do your own research – volatility is part of the fun!

Stay tuned for more insights on emerging platforms that could supercharge your meme token portfolio. What's your take on Project X? Drop a comment below!