21Shares, a Switzerland-based asset supervisor and issuer of crypto exchange-traded merchandise (ETPs), has listed the Hyperliquid ETP on the SIX Swiss Trade. The product provides buyers publicity to the Hyperliquid token with out the necessity for wallets or onchain custody.
In a Friday announcement, the corporate described Hyperliquid as one of many main venues for decentralized derivatives, claiming it processes greater than $8 billion in every day quantity, with $2 trillion in trades since its 2023 launch, and roughly 80% of the full decentralized perpetuals exercise.
The itemizing, which marks the primary institutional-grade product providing publicity to the Hyperliquid protocol, comes simply days after Hyperliquid’s token (HYPE) hit a file excessive of $50.99.
Mandy Chiu, the top of monetary product growth at 21Shares, stated Hyperliquid’s “development has been nothing in need of extraordinary, and the underlying economics are among the many most compelling we’ve seen within the area.”
Based in 2018, 21Shares has a monitor file of launching regulated crypto merchandise, together with the primary bodily backed crypto ETP. It provides spot Bitcoin and Ether change traded funds (ETFs) within the US, alongside a set of crypto ETPs in Europe starting from single-asset merchandise like Solana (SOL) and Dogecoin (DOGE) to diversified baskets and staking-focused funds.
Associated: Hyperliquid reimburses $2M to crypto merchants after API outage
The rise of Hyperliquid
Hyperliquid, launched in late 2022, is a layer-1 blockchain with a decentralized change for perpetual futures. In contrast to most DeFi platforms that use automated market makers, it runs a conventional onchain order guide that matches purchase and promote orders immediately, clearing trades in underneath a second with out outdoors oracles or off-chain infrastructure.
Customers join through wallets to position spot or perpetual orders, which settle natively onchain. Buying and selling charges are funneled into every day buybacks of the HYPE token, the protocol’s native asset.
That mannequin has fueled speedy development, with Hyperliquid setting information in buying and selling quantity, income and consumer exercise over the previous few months.
In July, the change processed $319 billion in trades, the very best month-to-month quantity ever for a DeFi perpetuals platform, serving to push whole decentralized perp quantity to just about $487 billion, per DefiLlama. It additionally captured 35% of all blockchain income that month, a share analysts at VanEck stated got here on the expense of Solana, Ethereum and BNB Chain.
The platform emerged because the seventh-largest derivatives change total by every day exercise, surpassing 600,000 registered customers in July. Whereas a 37-minute outage on July 29 quickly sidelined merchants, Hyperliquid reimbursed $2 million in losses, drawing reward from its group for the fast response.
Nevertheless, issues about Hyperliquid’s market integrity emerged on Wednesday, when 4 giant merchants pocketed practically $48 million in suspected manipulation of Plasma’s XPL token. The token briefly spiked 200% to $1.80 earlier than smaller merchants absorbed giant losses.
Nonetheless, optimism across the protocol’s long-term trajectory continues to construct. Talking on the WebX 2025 convention in Tokyo, BitMEX co-founder Arthur Hayes, identified for his daring and typically controversial market calls, instructed an viewers he expects the platform’s native token to rise 126-fold over the subsequent three years, citing the enlargement of stablecoins and the change’s surging charge income.
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