Hyperliquid, a decentralized perpetuals exchange, continues to demonstrate robust growth and market dominance in 2025. The platform is on track to finish April with over 70% of the decentralized perpetuals market share, handling more than $166 billion in total volume. Monthly trading volumes have increased from $175 billion in March to $198 billion in April, accompanied by $300 million in year-to-date fees and daily buybacks of $1.25 million. The exchange's assistance fund holds 21 million tokens valued at approximately $400 million. Fee changes anticipated in the coming weeks could boost Hyperliquid's fee accrual by 20% to 50%, potentially raising annualized revenue from around $500 million to $750 million and accelerating the platform's path to a $1 billion revenue run rate. Leaderboard traders on Hyperliquid remain net long, with long positions ranging from $628 million to $683 million and short positions between $501 million and $514 million. Assets most shorted by ratio include MKR, SUI, APT, and TAO, while the most longed assets include kPEPE, TRUMP, UNI, AVAX, and INIT. Concurrently, the tokenized U.S. Treasuries market has expanded significantly, now totaling $5.4 billion, with six entities controlling 88% of the market. BlackRock's tokenized U.S. Treasury fund leads with $2.5 billion, followed by Benji ($707 million), USTB ($661 million), USDY ($586 million), USYC ($487 million), and OUSG ($424 million). BlackRock's fund has seen a sevenfold increase in one year. Injective is also advancing tokenization by bringing traditional stocks such as Nvidia and Tesla on-chain. Weekly perpetuals volume on Injective has surged 280% since early March, reaching $637.79 million recently. The growth in tokenized assets and decentralized trading platforms reflects a broader trend toward the integration of traditional finance assets with blockchain technology.