Hyperliquid HYPE 2026: The #1 Perp DEX Has Surpassed dYdX & GMX — Tokenomics, On-Chain Volume & How to Trade for Vietnamese Traders
When Hyperliquid airdropped HYPE tokens to early users in late 2024 (1.4 billion HYPE, valued at ~$1.6B at launch — the largest airdrop in DeFi history), many called it a "cycle top" and predicted HYPE would dump 80%. One year later, HYPE remains strong and Hyperliquid has surpassed dYdX and GMX in daily volume to become the dominant Perp DEX of 2025-2026, with on-chain volume routinely exceeding $2 billion USD/day. This is one of the rare cases where a crypto protocol gained market share after an airdrop instead of dumping.