Hyperliquid TVL Surges as HyperEVM Activity Picks Up

After a tumultuous March, Hyperliquid has rebounded to become the fastest-growing blockchain in the top 20 by total value locked (TVL).

Hyperliquid’s Layer 1 ecosystem, known as the HyperEVM, has grown 60% over the last month and 14% over the last week. Hyperliquid’s TVL is back to $670 million, just 3% shy of its all-time high in February.

The chain suffered outflows after multiple exploits of the perpetual DEX’s HLP vault, which resulted in roughly $4 million in losses for the protocol.

Between the altcoin market’s poor performance in Q1 and the uncertainty surrounding the exploits, Hyperliquid’s HYPE token fell as low as $9.5 on April 7, but has since rallied by 92% and currently changes hands for $18.25.

The TVL rebound can be partially attributed to the token’s comeback, but activity on the chain and token bridging have also increased significantly.

Hyper Unit, the team that facilitates trading of spot tokens such as BTC, ETH, and SOL, has seen a significant uptick in bridged TVL since the beginning of April, and the tokenization layer reached a new all-time high of $123 million on April 23.

Stablecoin growth is also spurring on the chain’s growth. Felix Protocol, a collateralized debt position (CDP) protocol that mints its feUSD stablecoin on HyperEVM, launched on April 8 with $15 million in TVL, and has since grown to $156 million.