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Donald Trump has acknowledged the progress that the US has made towards boosting the crypto industry in the country. The US president also discussed why the US had to act fast to lead the way in crypto and praised Bitcoin’s role in complementing the dollar. Donald Trump Highlights US Progress Towards Crypto In a White
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Hyperliquid recently surpassed the trade volume of perpetuals exchange dYdX, reaching $1.5 trillion. Despite being a much newer platform, Hyperliquid’s token buybacks and lack of cash incentives have provided long-term stability.
To be fair, Hyperliquid has also been involved in much larger controversies, famously delisting JELLYJELLY in response to a short squeeze earlier this year. Nonetheless, the platform has been rebuilding its reputation and generating high volume.
Hyperliquid, a high-performance L1 trading blockchain, has been enjoying many successes recently. Earlier this month, it captured more than 60% of the perpetuals trading market, and its HYPE token hit a 3-month high shortly afterward.
Yesterday, analysts noticed that Hyperliquid’s all-time trading volume surpassed dYdX, and it reached $1.5 trillion today.
dYdX is a decentralized perpetuals exchange that has been active for five years, whereas Hyperliquid’s platform only launched in 2023.
Nonetheless, the younger protocol has overtaken it. After launching its native token in 2021, dYdX began employing it to reimburse users’ trading fees, boosting its volumes. It then built community hype around an informal “trading contest” with competitors.
Hyperliquid, on the other hand, did not rely on dYdX’s incentive strategy. After its own TGE last year, it managed to accumulate huge volumes through functionality, word-of-mouth, and product quality.
2024 was a peak year for crypto perpetuals trading, and the HYPE TGE took advantage of the moment. This has apparently proved to be a more durable approach.
Additionally, Hyperliquid directs the vast majority of its trading fees to token buybacks, which dYdX only instituted months later, and to a lesser degree.
This helped the firm repurchase 17% of the total circulating HYPE tokens, providing several key advantages. Over the last month, HYPE’s market cap has been steadily rising towards $10 billion:
Despite its strong rise, Hyperliquid has also seen several major controversies. For example, it denied claims of a Lazarus Group security breach despite clear on-chain evidence last year.
In March 2025, it unleashed a major scandal when it delisted JELLYJELLY in response to a short squeeze. This led to accusations of market manipulation and substantial losses.
dYdX hasn’t suffered a public debacle like that in many months, but Hyperliquid did act quickly to rebuild its reputation. So far, this seems to have worked.
Earlier today, Hyperliquid also reached a new all-time high in open interest, surpassing $8 billion. If it can maintain this momentum, the exchange can build a commanding lead over DeFi’s perpetuals market.
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Uniswap’s governance decision to approve $165.5 million in funding has sparked a surge in UNI token price, which has jumped by over 10% in the last 24 hours. The live price of UNI now stands at $7.01, with a trading volume of approximately $292 million.
The price increase reflects growing optimism among investors as the long-discussed “fee switch” initiative moves closer to activation. Additionally, the open interest in UNI derivatives has seen a significant rise, marking a 17.69% increase, reaching $196.96 million.
The Uniswap community has voted in favor of two governance proposals that allocate $165.5 million in funding. This capital will help support the growth of the Uniswap ecosystem following the launch of Uniswap v4 and the Unichain Layer 2 network.
Of this amount, $95.4 million will be directed towards the Uniswap Foundation’s grants budget, and $45 million will be set aside for liquidity incentives. The remaining $25.1 million will go towards operational costs for the next two years.
The Uniswap Foundation is an independent non-profit organization responsible for overseeing the growth of the protocol. The decision to allocate substantial funds to ecosystem development is aimed at increasing the network’s scalability and creating new opportunities for growth. The foundation’s long-term goal is to transition Uniswap from a decentralized exchange into a platform that can also cater to developers and bring significant value to the Uniswap community.
Part of the funding will be used to establish liquidity incentives for the newly launched Uniswap v4 and Unichain platforms. Gauntlet, a Web3 risk management protocol, will manage these incentives to draw in new users and maintain growth across both networks.
The proposal also includes developer-focused campaigns designed to sustain ecosystem expansion and encourage further participation from the broader community.
Uniswap v4, launched in mid-January 2025, introduced the concept of “hooks” or contracts that allow developers to customize interactions within pools, swaps, and fees. The launch of Unichain, built on the Optimism tech stack, further enhances Uniswap’s scalability by providing a Layer 2 network that can support more transactions at lower fees.
One of the most significant aspects of the governance decision is the advancement of the long-awaited “fee switch.” This would direct a portion of protocol fees, currently earned by liquidity providers, towards UNI token holders. This change has been eagerly awaited by the community, as earlier proposals to activate the fee switch were unsuccessful.
The Uniswap Foundation has stated that it will now proceed with the necessary legal steps to activate this switch.
Subsequently, the Uniswap fee switch would enable UNI token holders to earn protocol revenue, which has been a major topic of discussion within the community. Over $1 billion in annualized fees have been generated by the Uniswap protocol, and this shift would allow token holders to capture a portion of that revenue. The activation of the fee switch represents a significant step in Uniswap’s ongoing efforts to align the interests of its governance members with the protocol’s long-term success.
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XRP recently achieved a significant milestone, pushing its market cap to $164.47 billion, making it the third-largest cryptocurrency in the world, surpassing Tether (USDT).
The altcoin has seen a surge in price, with a notable rally driving the price higher. However, as XRP climbs, the potential for profit-taking increases, as observed in the last 24 hours.
XRP’s supply in profit has recently crossed the 95% threshold, a critical level often seen as a signal of market tops. When supply exceeds this level, it usually results in a price reversal.
However, XRP has consistently reached this area over the past year and managed to maintain its price, moving sideways with occasional corrections. This historical behavior suggests that while the current rise could face resistance, it may not necessarily lead to a drastic reversal.
The overall macro momentum for XRP, however, raises concerns. In the last 24 hours alone, over 140 million XRP, valued at more than $387 million, have been sold to exchanges.
This large sell-off signals a lack of conviction among investors, as many appear to be booking profits.
With such a large volume of XRP entering exchanges, the market sentiment may weaken, as investors are securing gains. While this is typical in bull markets, the scale of selling in the last 24 hours could lead to a pullback, negatively impacting the price of XRP in the short term.
XRP price has risen 9% over the past 24 hours, peaking at 16% during intra-day highs. Despite this strong performance, XRP missed hitting the $3.00 mark by inches. This rally has drawn significant attention, but the price faces challenges as it nears key resistance levels.
Trading at $2.78, XRP may struggle to reach $3.00 given the factors discussed above. If the selling pressure intensifies, a drop below $2.65 is likely, with the potential for further declines to $2.35.
This could trigger a broader market correction, wiping out the recent gains and hindering further price growth.
However, if broader market conditions remain bullish and if whales step in to absorb the sold supply, XRP could push toward $3.00. Breaching this key resistance would mark a five-month high and potentially pave the way for further gains.
The ability to break through this level will depend on continued investor confidence and market stability.
The post XRP Overtakes USDT Market Cap, But Price Concerns Remain – Here’s Why appeared first on BeInCrypto.