Hyperliquid 2025 Summary: 24-hour trading volume reached $32 billion, total value locked reached $6 billion.

Hyperliquid released its 2025 year-end summary, stating that it provided all protocol fees to the community without securing external funding. Key product and technology releases over the past year included: the launch of HyperEVM, Unit bridging spot assets, a completely permissionless validator set, native staking offering fee discounts for traders and permissionless HyperCore deployment capabilities for developers, permissionless spot quoted assets, Hypurr NFTs, the initiation and launch of USDH governance voting on Native Markets, HIP-3 permissionless perpetual contract deployment, native USDC integration, the launch of the portfolio margin pre-alpha version, and the official burning of the HYPE aid fund. Compared to 2024, protocol data reached record highs: 24-hour trading volume reached $32 billion (previously $15 billion); open interest reached $16 billion (previously $4 billion); total value locked (TVL) reached $6 billion (previously $2 billion); 24-hour protocol revenue reached $20 million (previously $3.5 million); and the number of users reached 1.4 million (previously 300,000).