The Great Fee Showdown: Hyperliquid Dares to Outshine Solana! 💰🚀

by

In the dusty corners of the digital landscape, where dreams of wealth play tag with the specter of regret, Hyperliquid, that sprightly newcomer in the realm of decentralized perpetual futures trading, has toppled the mighty Solana. Yes, indeed, it’s only been a few moons since its birth, and already it has claimed the crown in weekly fees. What sorcery is this? 🎩✨

According to DefiLlama’s musings on the 28th of February, in a dizzying dance of figures, Hyperliquid (HYPE) raked in a staggering $12.61 million in fees, galloping past Solana’s $11.8 million. Mind you, Solana’s fortress of $7.1 billion total value locked looms like a mountain—ten times greater than Hyperliquid’s modest $669 million. Yet, like a determined underdog, Hyperliquid has sprouted like a weed, its TVL soaring by 294% since the chill of December and a healthy 55% from January’s frosty breath.

What fuels this burgeoning success is the very essence of decentralized finance that Hyperliquid has bottled. It offers traders a fully on-chain order book, zero gas fees—yes, folks, you heard right, not a single penny—and a tantalizing leverage of up to 50x on assets like BTC, ETH, and SOL. Quite the buffet for those starved for trading pleasures!

This razor-focused approach to trading efficiency marks Hyperliquid apart from the sprawling Solana, which, while grand and sprawling—like an overambitious garden—wasn’t carefully crafted for DeFi but rather for a whole host of decentralized applications.

As of now, HYPE’s price rests at $20.194, perched uneasily like a cat on a fence. The Exponential Moving Average (EMA 9) whispers a word of caution, hinting at a slight descent, as the price hovers around the line like a moth flirting with a flame. Meanwhile, the Relative Strength Index (RSI 14) holds steady at 51.21, embodying an air of neutrality but teetering ever so slightly towards the pessimistic.

Should the RSI tumble below the 50 mark, brace yourself; further bearish winds might sweep down the price to the depths of $19.50-$19.00. Still, support lingers around $20.00 like a faithful dog, with resistance standing firm at $21.00 like a grumpy old man across the street.

Ah, and those whales! The behemoths of the sea, ever optimistic amidst the surging tides of price swings. Just recently, on the day of love and chocolates, a whale, with a wallet stuffed with $5 million in USDC, splashed it into the platform like a child finding a muddy puddle, purchasing 73,959 HYPE worth $1.51 million at market rates. This whale, not one to be idle, also placed limit orders to snatch up another 183,768 HYPE for a couple of nickels at $19.04 and $19.05.

Another whale is buying $HYPE.

This whale deposited 5M $USDC to #Hyperliquid 6 hours ago, bought 73,959 $HYPE($1.51M) at market prices, and placed a limit order to buy 183,768 $HYPE($3.5M) at $19.04 and $19.05.

Currently, this whale holds 999,255 $HYPE ($20.84M).…

— Lookonchain (@lookonchain) February 26, 2025

With open interest for Hyperliquid clocking in at a sprightly $329 million—outpacing Solana’s $294 million according to the wise sages at Coinglass—this resonates like the cheerful jingle of a cash register to those in the market for liquidity and participation. Yet, with every silver lining comes a cloud; Hyperliquid finds itself cast under the shadow of criticism for its alleged penchant for centralization. Ah, the irony, like a chicken complaining about its coop!

Read More

2025-02-28 06:22