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Hyperliquid (HYPE)

L1 tokens have pretty much taken a beating across the board, with one rare exception.

The exception is unsurprisingly Hyperliquid’s HYPE, which has actually posted a 15.8% gain on the week. The perps DEX generated $18.2 billion in trading volumes and ~$4 million in fees on Sunday.

Those price gains are coming in against a deep backdrop of red. When we zoom in on larger market cap L1s, almost none were spared the guillotine. From previous generation L1s like Cardano (ADA), Avalanche (AVAX) and Algorand (ALGO), to newer generation L1s like Near (NEAR), Sei (SEI) and Ton…

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