In the ever-evolving world of decentralized finance (DeFi), few stories capture the imagination like a rapid ascent to dominance. That's precisely what's unfolding on HyperEVM, the EVM-compatible layer of the Hyperliquid ecosystem. A recent update from PrinZy.hl on X highlights how ProjectX (@prjx_hl) has surged to the number one spot among DEXs, flipping established players in total value locked (TVL), 24-hour trading volume, and fees generated.

For those new to the term, TVL stands for Total Value Locked—it's essentially the total amount of cryptocurrency assets staked or deposited into a protocol. Higher TVL often signals greater liquidity, trust, and user activity, making it a key metric for gauging a DEX's health and popularity.

From Newcomer to Leader: ProjectX's Journey

Just a month ago, in a previous post by the same analyst, Hyperswap held the crown as the top DEX on HyperEVM, with ProjectX entering the scene and quickly climbing to third place. Fast forward to now, and ProjectX has not only caught up but overtaken the competition with remarkable speed. This growth is described as "nothing short of insane," evolving from a fresh entrant to the throne holder in record time.

The post quotes Lamboland_, a contributor to ProjectX, who earlier stated, "we want to do the AMM dexes what hyperliquid did to perp dexes." Hyperliquid revolutionized perpetual futures trading with its high-performance, user-friendly platform. ProjectX aims to bring that same innovation to automated market makers (AMMs)—think spot trading and liquidity pools, but with a fresh, engaging twist. And based on this update, that vision is materializing faster than anticipated.

TVL Chart for Top 5 DEXs on HyperEVM showing ProjectX at 44% with $104.4M

Decoding the Latest TVL Breakdown

The accompanying pie chart paints a clear picture of the current landscape:

ProjectX: Leading with $104.4 million, capturing 44% of the total TVL.
Hyperswap: $64.0 million, holding 27%.
Valantis: $42.2 million, at 18%.
Hybra: $18.0 million, with 8%.
Curve: Rounding out the top five at $6.4 million, or 3%.

This shift underscores ProjectX's aggressive growth, especially considering it's still in Phase 1 of its rollout. Features like seamless swaps, liquidity provision, and a points system for user incentives have fueled this momentum. Users earn points through trading, adding liquidity, social media engagement on X, and referrals—mechanisms that encourage community participation and virality.

Implications for Meme Token Traders

At Meme Insider, we're particularly excited about what this means for the meme token ecosystem. DEXs like ProjectX provide the perfect playground for launching and trading meme coins, which often rely on quick liquidity, low fees, and hype-driven communities. HyperEVM's high-speed, low-cost environment, combined with ProjectX's "dopamine-shot" approach to DeFi—making trading fun and rewarding—could supercharge meme token activity.

Imagine sniping the next big meme token early, providing liquidity to earn points toward a potential PRJX airdrop, and sharing your wins on X for extra rewards. It's a grassroots, community-focused model that aligns perfectly with the spirit of meme tokens. As ProjectX expands to phases like an EVM aggregator and beyond, it could become a hub for innovative meme projects, drawing in traders from across the blockchain space.

Other DEXs in the mix, like Hybra and Valantis, are also gaining traction with unique features—Hybra for its user-friendly interface and Valantis for advanced liquidity management. Even as ProjectX leads, the overall growth in HyperEVM's DEX ecosystem signals a maturing platform ripe for meme token experimentation.

What's Next for HyperEVM DEXs?

With ProjectX teasing Phase 2 soon, the future looks bright. Will it maintain its lead, or will competitors like Hyperswap mount a comeback? The post expresses curiosity about upcoming developments, and we're right there with them. For blockchain practitioners and meme enthusiasts alike, keeping an eye on HyperEVM via resources like DEXScreener or the official ProjectX X account is a smart move.

If you're diving into HyperEVM, start by exploring these DEXs—swap some tokens, provide liquidity, and join the conversation. Who knows? You might just catch the next wave in meme token innovation. Stay tuned to Meme Insider for more updates on the latest in meme tokens and DeFi tech.