HyperEVM’s Layer 1 has experienced remarkable growth in Total Value Locked (TVL). This increase is propelled by the recently concluded explosion of decentralized applications (dApps) and an exciting initial HYPE airdrop. Since launching in February, the ecosystem has experienced record transaction volumes and application development. The airdrop, one of the largest in history, distributed 310 million HYPE tokens to the community, further boosting activity on the platform.

TVL Growth and Key dApps

HyperEVM's TVL has surged by approximately two-thirds of a billion dollars since May, demonstrating the platform's increasing popularity and utility. Several dApps contribute significantly to this growth. Hyperliquid accounts for 24.8% of HyperEVM's TVL. Collateralized debt position (CDP) and lending protocol Felix holds 18.4% of HyperEVM’s L1 TVL, translating to $401 million. HyperLend is a distant second with a TVL of $380 million, just 17.2% of the total TVL. Felix and HyperLend’s combined TVL is more than that of Hyperliquid. This points to the wide variety of applications powering growth in the industry.

Since late May, HyperEVM has been regularly processing between 200,000 and 400,000 transactions per day. This sustained transaction volume is an indicator of exciting user engagement and a sign of the wider adoption of dApps in the HyperEVM ecosystem. Becoming a creator On July 5, we released the CoreWriter smart contract. This newest and thrilling feature gave HyperEVM dApps the ability to directly trigger transactions on the HyperCore perpetuals exchange, improving flow and better integrating utility into their ecosystems.

"Although activity remains modest compared to HyperCore [Hyperliquid’s perpetuals exchange]… HyperEVM has demonstrated steady growth in transaction volume, total value locked (TVL), and application development since its launch in February," - Galaxy Digital Research

HYPE Airdrop and Market Impact

On November 29, 2024, HyperEVM airdropped 310 million HYPE tokens (31% of total supply) to its community. HYPE’s worth shot up to unprecedented levels. Due to all of this, this airdrop ballooned to an incredible $7.5 billion, making it one of the largest airdrops in cryptocurrency history. This was a major event, as the airdrop rewarded early adopters and injected massive liquidity and attention into the entire HyperEVM ecosystem. All time high HYPE reached an all time high of $49.75 on July 14. This increase is a clear testament to the immense market positivity surrounding HyperEVM and its native token.

Then, in late May, HYPE increased in value once again. This came right after former CFTC chair Summer Mersinger suggested that crypto perpetual futures were about to launch on the U.S. market. With HyperCore allowing for perpetuals trading, this announcement did even more to stoke the fires of interest in HyperEVM. An additional 38.9% of HYPE’s supply is reserved for future incentives. This indicates that there will be sustained efforts towards stimulating innovation and fostering participation in the HyperEVM ecosystem.

Developer Activity and Future Outlook

No wonder that ecosystem is attracting so many devs to the HyperEVM ecosystem. You now have more than 175 teams publicly building on the platform, and many more under the radar. This healthy developer activity represents a bright future for HyperEVM, with new, creative innovation dApps being built every day.

"drive a surge in application deployments and user activity over the coming months," - Galaxy Digital Research