Hyperliquid, a decentralized finance (DeFi) platform, has demonstrated rapid growth and increasing market presence in 2025. The platform has reached a trading volume of $7 billion within five months and is on track to hit $10 billion. It commands over 80% of the perpetual decentralized exchange (DEX) market with a daily volume exceeding $30 billion. Hyperliquid operates with a 10-person team and has not taken venture capital funding. Key features include HyperCore, an on-chain order book, HyperEVM as a DeFi playground, and HIP-3, which aims to make perpetual contracts accessible to all users. The platform also integrates with Kinetiq, which offers over $1 billion in liquid staking, and utilizes Redstone DeFi oracles. Industry observers highlight that successful launchpads focus on building ecosystems where tokens, launchpads, and projects reinforce each other, turning hype into sustainable growth. Other notable DeFi milestones include Uniswap's Unichain volume surpassing $50 billion and PancakeSwap crossing $500 million in total volume on the Solana blockchain. The overall global liquidity in the DeFi space remains strong, supporting continued expansion of internet capital markets.