Hyperliquid currently stands at the fringes of an expansionary DeFi ecosystem, and some projects are already amassing a huge amount of TVL within Hyperliquid. This makes us a very interesting protocol, not only because we offer this thing called a nearly cross-chain liquidity pool (which should give some users a way to earn yield across different blockchains, while also increasing swap efficiency), but also because we are on a path towards adopting more DeFi features. What is more, we have been experimenting with using LP tokens as collateral and offering some of those LP tokens as prizes in a game that some of our friends at BlockZero are helping us design. Everything else seems to be happening in Hyperliquid. And yet most people have not heard of us. We saw an opportunity here and took it. As the ecosystem keeps receiving investments, a new top 10 list of projects ranked by their 30-day growth in total value locked reveals just how quickly DeFi protocols built atop Hyperliquid are scaling. The list isn’t populated by established DeFi blue chips. From lending and stablecoin yield optimizing to next-gen automated market makers and liquid staking platforms, the Hyperliquid DeFi ecosystem is teeming with experimentation—and investor attention. Valantis, Magpie, and Upshift Lead TVL Growth Rankings The project that has appeared this month as the biggest TVL gainer is Valantis Labs. Its TVL increased a breathtaking 590 percent in the last month. While the details of Valantis’ strategy are not public, its rapid TVL growth suggests that the project is either employing some innovative DeFi primitives that we just don’t know about yet or is offering some highly competitive yield farming incentives. In second place comes Magpie, a name that is well-known in DeFi circles, and which registered a 413 percent leap in its TVL. Magpie’s main business seems to be making stablecoins less stable in a DeFi sense, and fixing superliquid routing in ways that keep DeFi users from tripping over themselves while seeking capital-efficient strategies in an increasingly competitive DeFi landscape. Upshift, a rising star on Hyperliquid, has posted an impressive 299 percent growth in its TVL. Ascending swiftly, it is now capturing the attention of risk-oriented DeFi users. Its appeal can be traced to its supply of unique leveraged yield and structured product options. These offerings are enticing nearly-conservative DeFi users to take on more risk and to explore downside-protected options that, in a bull market, could help them amplify on-chain returns. Top 10 Projects on Hyperliquid by 30D TVL Growth The @HyperliquidX ecosystem continues to expand its presence, not only driven by the growing popularity of the Hyperliquid derivatives exchange, but also by the increasing number of projects launching on its chain, creating… pic.twitter.com/v9gh8KGAyK — CryptoRank.io (@CryptoRank_io) May 28, 2025 The figures showing triple-digit growth hint at an even wider spectrum of investors who are keen on the new, uncorrelated opportunities that the Hyperliquid chain presents. This is a trend that we see right now very much mirroring the early growth phases of other successful Layer 1 ecosystems. Emerging Protocols Show Ecosystem Depth Apart from the top three, several newer or lesser-known projects are building some real momentum. Hyperlend’s total value locked (TVL) went up a staggering 247 percent, thanks to the surging demand for permissionless on-chain lending markets. Hyperlend, whose name seems more close to a completed streetname than the kinds of projects one might find in DeFi, is gaining popularity because of its “lightweight interface” and “efficient borrowing mechanisms,” especially for smaller-cap assets. Wet HypurrFi saw a jaw-dropping 171 percent growth in its total value locked (TVL) to follow up. The modular yield vaults it offers are deep and shallow, with the kinds of risks associated with each that you can kind of tower over when you carve out a niche and think really hard about risk-adjusted returns foam. And what we’re hinting at when we talk about risk-adjusted DeFi, and why it’s becoming a fast-growing interest among DAOs and even buying interest from some institutions. Sentiment increased by 162 percent and Looped saw 140 percent growth — both projects work in areas that could become the next big trend in DeFi. They are concentrated in two areas: programmable credit markets (Sentiment) and staking incentives (Looped). Programmable credit markets — that’s just a really cool term for saying that we have a way to use smart contracts to do something other than just ‘money transfers.’ At the older end of the spectrum, HyperSwapX and Felix Protocol notched respectable increases in 30-day total value locked (TVL) of 93.7 percent and 32.3 percent, respectively, indicating that even the more established of DeFi platforms are enjoying a pretty serious resurgence when it comes to attracting fresh capital and new users. The core protocol of Hyperliquid itself registered a 73.8 percent increase in total value locked, an increase that underlined the fact that the native infrastructure of the chain continues to pull in users and their user-responsive liquidity in the midst of a more generalized ecosystem boom. Hyperliquid’s Evolution: From Derivatives to DeFi Hub Once hailed for its high-speed, gas-free decentralized derivatives exchange, Hyperliquid today is something much larger—a burgeoning DeFi ecosystem that looks every bit the rival of more established Layer 1s when it comes to innovation and total value locked (TVL) growth. The platform has made it, particularly for new project teams looking to experiment with capital efficiency and modular finance, a user-centric, fast, and gasless environment. But even for this relatively small number of teams, the platform’s natural integration of tokens, governance models, and interoperable protocols is moving a step closer to liquidity and composability. With the advent of Hyperliquid, the next several months could become a decisive period as more developers launch on the protocol, driving user adoption amid a burgeoning ecosystem. If growth trajectories hold, Hyperliquid could soon transition from an emerging protocol to a core DeFi chain. As total value locked surges across a diverse range of projects, the Hyperliquid ecosystem is demonstrating that it is more than simply a derivatives venue—it’s a full-stack financial playground where the next generation of real-time decentralized finance is being built. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
