Hyperliquid's HYPE token extended its months-long rally as the decentralized exchange emerged as a primary venue for trading tokenized crude oil following the U.S. attack on Iran, with volume in the product surging past $1 billion.
“Dynamic margin scaling and cross-collateral improvements reduce systemic liquidation risk, making the platform safer for larger positions on volatile assets,” Nicolai Søndergaard, research analyst at Nansen, told Decrypt. “Less chance of the abuse of withdrawal happening like in the past.”
Beyond the technical upgrade, he said Hyperliquid remains “the altcoin darling with the most belief behind it,” adding that it's “still driving good volume and well used and has a good reputation.”
Hyperliquid and oilMarcin Kazmierczak, co-founder of oracle provider RedStone, pointed to HIP-3, Hyperliquid's permissionless market program as a key driver of the platform's growth. Open interest on permissionless markets recently hit a record $1.2 billion, he told Decrypt, with only seven of the top 30 markets being crypto pairs. “The rest are commodities and equities—oil, gold, silver, S&P 500,” he said. “That is a meaningful shift.”
