Soon after Layer 1 blockchain Hyperliquid launched “growth mode” for HIP-3 markets with its latest network upgrade, TradeXYZ, the leading tokenized equity market on Hyperliquid, achieved a new all-time high in 24-hour volume.
Between late Monday afternoon and Tuesday’s stock market close, HIP-3 markets processed more than $540 million of total volume.
TradeXYZ assets accounted for nearly 95% of the total volume over the period, with its XYZ100, which tracks Nasdaq (NQ) futures, recording $316 million, or 58% of the total.
HIP-3 Volumes – Hyperliquid
Growth mode, launched over the weekend, reduced trading fees by over 90%, boosting activity and liquidity in tokenized equity markets and making Hyperliquid a competitive venue for smaller traders.
HYPE Unlocks Loom
Despite HIP-3’s success, the surge in usage comes at an uncertain time for HYPE token holders, as the team’s unlocks are set to begin on Nov 29.
The team has not commented publicly on any plans for the newly unlocked tokens. Currently, 23.8% of the HYPE supply is set to unlock linearly over 24 months, and to make matters a little more confusing, the team unstaked 2.6 million HYPE, worth $91 million, over the weekend.
The quiet unstaking sent HYPE tumbling to $29; however, it has since recovered, reaching as high as $34 on Monday. While HYPE bulls are convinced the team has plans to relock their tokens or sell them over the counter (OTC) to upcoming digital asset treasury (DAT) companies, many investors remain cautious.
BitMEX co-founder Arthur Hayes spoke on the impending unlocks yesterday on X, where he said, “just some simple maths will tell you the only way $HYPE overcomes the uncertainty is massively growing rev [revenue]. Even if the team pinky swears to not sell, there is nothing holding them to that.”
