Hyperliquid, a decentralized exchange (DEX) for perpetual futures, has solidified its position in the market by capturing approximately 70% of the on-chain perpetuals trading volume. The platform processed $175 billion in March and over $83 billion in the first half of April, demonstrating significant growth and market dominance. Hyperliquid's success is attributed to its rapid listing of relevant tokens, superior user experience for both users and market makers, and its $1.4 million daily buybacks. The platform's total value locked (TVL) has grown 15 times to $210 million, and it recently listed 8 new DeFi protocols. A whale opened a $15 million long position at $11.93, which has already gained $5 million in unrealized profits. Additionally, the funding rate on Hyperliquid has flipped negative at an all-time high, indicating a shift in market sentiment. The broader decentralized finance (DeFi) sector has seen a decline in total value locked (TVL), dropping to $128 billion, a decrease of 5.62% over the last 30 days. Despite this, Hyperliquid's Layer 1 TVL increased by 14% in the past week and 48% over the past month, reflecting robust growth within the platform amidst a challenging market environment. In the crypto market, the first quarter of 2025 was marked by significant volatility, with Bitcoin reaching a new all-time high before declining by 11.7%. Ethereum experienced a nearly 50% price drop, reflecting a shift in investor sentiment. The market also saw a decline in meme coin trading and a rise in stablecoin adoption, with stablecoins gaining traction due to their stability and integrated yield mechanics.