Decentralized Exchange Hyperliquid (HYPE) Defies Crypto Downturn, Skyrockets 40% in One Week

While the vast majority of the crypto sector plunged in value over the weekend, one top-20 altcoin resisted the bleeding and witnessed massive gains.

HYPE, the native asset of the decentralized exchange (DEX) Hyperliquid, has skyrocketed by more than 40% in the past seven days.

The overall crypto market cap, by comparison, dropped nearly 9% over the same time period, per data from CoinGecko.

HYPE’s hot streak continued on Monday, with the 20th-ranked crypto asset by market cap up more than 13% at time of writing.

Some of those recent gains materialized after Hyperliquid announced on Monday that its trading engine, HyperCore, would support outcome trading contracts, which can be used for prediction markets.

Explains the project,

“Outcomes bring non-linearity, dated contracts, and an alternative form of derivative trading that does not involve leverage or liquidations. The outcome primitive expands the expressivity of HyperCore, while composing with other primitives such as portfolio margin and the HyperEVM.

Outcomes are a work in progress and currently only being tested on testnet. Canonical markets based on objective settlement sources will be deployed once technical development is complete. Canonical markets will be denominated in USDH. Pending user feedback, the infrastructure will be extended to permissionless deployment.”

HYPE is trading at $33.06 at time of writing.

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