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Daily Brief

The Hyperliquid World Tour

gm Bankless Nation, Hyperliquid's growth has become impossible to ignore. Let's dig in.
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May 26, 20253 min read
The Hyperliquid World Tour
Published on May 26, 2025
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NEED TO KNOW
COIN Class Action Suit
  1. 🔵 Coinbase Sued in Class Action Lawsuit Over Data Breach Disclosure. The Pennsylvania suit alleges Coinbase shareholders 'suffered significant losses and damages' due to improper disclosure of the breach.
  2. 🟠 Strategy's Latest Purchase Adds 4,020 BTC to Reserves. The public market giant now owns 580,250 bitcoin.
  3. 🟣 Polygon Co-Founder Mihailo Bjelic Steps Down from Project. Sandeep Nailwal remains the firm's only active co-founder after its three other co-founders have stepped back.
📸
Daily Market Snapshot: Crypto markets pushed higher over the weekend as Trump's latest tariff pause gave investors near-term confidence in risk-on assets.
Prices as of 2pm ET 24hr 7d
Crypto $3.43T ↗ 1.8% ↗ 3.0%
BTC $109,451 ↗ 1.8% ↗ 4.3%
ETH $2,543 ↗ 0.9% ↗ 2.0%
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ANALYSIS
The Hyperliquid World Tour
Bankless Author: David C.

Hyperliquid has been impossible to ignore lately. 

HYPE has climbed nearly 4x off its all-time lows and emerged as the best-performing token in the top 100 over the past month — up over 110%. Ecosystem metrics tell an even more compelling story: Hyperliquid now commands 70% of all DeFi perps volumes, amounting to $1.5T in total volume, with ecosystem TVL hitting $1.4B — up over 100% just this month.

Amid the breakneck growth, Hyperliquid has seemingly been on a world tour — it's everywhere you look across Twitter, shilled on national TV, profiled by Bloomberg, and at the center of policy conversations. In other words, the momentum has picked up significantly for Hyperliquid since we last covered it in January, just weeks before the HyperEVM went live.

Let's dig deeper into Hyperliquid's growth story👇


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LATEST POD
A Better L1 Valuation Metric?

How should we value L1 tokens in crypto?

Today’s guest, Jonah Weinstein of Skycatcher, introduces RSOV – Realized Store of Value – a new metric designed to fundamentally reframe how we evaluate Layer 1 assets like ETH, SOL, and BTC.

In this episode, we explore why traditional models like DCF and REV fall short for monetary assets, how RSOV works, and why it may be a better way to understand crypto’s total addressable market.

Tune in for a fresh perspective that could change how you analyze L1s forever👇

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.