Hyperliquid, a decentralized perpetuals trading protocol, has recently seen its token price rebound above $20, driven by new feature integrations and growing market interest. Since its token generation event (TGE), Hyperliquid has processed over $907 billion in perpetuals trading volume, contributing to a total of more than $1.3 trillion across all its markets since inception. In April alone, the platform recorded $187.5 billion in perpetuals trading volume, maintaining a consistent monthly volume above $175 billion for the first four months of 2025. The protocol is advancing toward decentralization with the upcoming HIP-3 upgrade, which will enable permissionless deployment of perpetual contracts. Deployers will be required to stake 1 million HYPE tokens, creating a token sink mechanism expected to support price appreciation. Additionally, deployers can earn up to 50% of trading fees, incentivizing ecosystem growth. Hyperliquid's ecosystem is expanding with emerging protocols such as Felix Protocol's feUSD and HUSD, HyperLend, and HypurrFi, among others. Despite these developments, decentralized exchange (DEX) volumes remain below January highs, with daily volume recently reaching $9.3 billion, the strongest since March but still approximately 80% lower than the $48.5 billion peak in mid-January. Total value locked (TVL) in DEXs has declined by about 30% since that peak.