US House Financial Services Chairman French Hill has commented on the negative impact that the TRUMP coin has on the proposed crypto legislation. This came as he described the president’s involvement in crypto as a distraction from the work that the US Congress has put into creating a regulatory framework for the industry. French Hill Describes TRUMP Coin as a Distraction From Crypto Legislation According to a Bloomberg report, the US congressman said that President Donald Trump’s involvement in crypto, through the TRUMP coin and other ventures, has complicated the work in Congress, which they have made to pass legislation that has been in the works for years. French Hill explained that the Trump family’s engagement has made the work more complicated because it has distracted those in Congress, both Republicans and Democrats, from what they need to do. He noted that they have worked for five years, especially in… Read More at Coingape.com
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.
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.
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.
