Hyperliquid launched the world's first officially licensed S&P 500 perpetual futures contract, which directly uses S&P 500 index data and is settled in USDC. The platform set a record with 229,818 active traders, with projected 2025 trading volume reaching $29.5 billion and revenue reaching $844 million. Following the contract launch, Grayscale submitted an application for a HYPE ETF to the (SEC) and proposed listing on Nasdaq. Analysts point out that all platform fees are used for HYPE token buybacks, thereby directly linking traditional asset trading volume with token price.

HYPE5.13%

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