After dipping below the $30 mark last week, Hyperliquid (HYPE), the native token of one of the rapidly expanding decentralized exchanges (DEXs), has managed to recover by 2% this Thursday, positioning itself to benefit from this latest upward movement that has seen the leading cryptocurrencies recover key levels.
HYPE Poised For A New Rebound
Market analyst OxMakeSense has highlighted the potential roadmap for HYPE to reach $50 in the short term, just below all-time high levels of $59, indicating that the token is starting to show the first signs of a significant shift. He emphasizes that the upcoming levels are filled with untouched liquidity, which could facilitate a climb for HYPE.
Following a month of pressure, the analyst asserted that the asset recently formed its first solid rebound, suggesting that the selling pressure has begun to ease and market reactions are gaining strength.
OxMakeSense identifies a crucial checkpoint for Hyperliquid in the $37–$38 price range, marking where the last breakdown occurred. If HYPE can reclaim this level, he suggested that it could lead to a squeeze of “trapped sellers.”
Additionally, surpassing the $38 threshold would open up the chart for a direct move toward the $41–$42 range, an area described as “thin” with little major resistance left from prior sell-offs.
Analyst Warns Of Potential Retracement To $25
In his social media analysis, OxMakeSense noted that the momentum pivot sits at a significant level of $44. He stated that strong trends typically begin by reclaiming mid-range levels like this one.
Should HYPE flip this resistance into support, it is expected to accelerate further. Above $44, HYPE would enter a clearer trajectory, with targets aligning at $48 and ultimately at $50, where a substantial amount of untouched liquidity resides.
However, not all analysts share the same bullish outlook. Fellow analyst Crypto TXG has expressed concerns regarding HYPE’s recent performance, pointing out that it lost the $35.8 level and found a temporary bottom near $28.5.
While HYPE has reversed the trend, it is currently testing the $35.8 mark from below, which acts as a barrier. If HYPE can break through this resistance, the next target would be $42.3. Conversely, if it fails at $35.8, another pullback could occur, potentially retesting the $28.5 support more decisively.
Adding to the cautious sentiment, market expert Ali Martinez has indicated that if the token retests the breakdown zone, there is a possibility it could revisit the $25 mark. This suggests that, despite the recent uptick, a short-term retracement of approximately 28% could be on the horizon.
Featured image from DALL-E, chart from TradingView.com
HYPE rises as USDGO launches on Hyperliquid, Plume, and Aptos.
Whale activity and token unlock drive short-term market momentum.
HYPE’s key support level lies at $28.98, while immediate resistance levels lie at $35.03 and $39.87.
Hyperliquid (HYPE) has seen a notable uptick in its trading performance, driven in part by the announcement that Paxos has selected the platform, alongside Plume and Aptos, as primary launch networks for its USDGO stablecoin.
At press time, the HYPE token was up 3.3% over the past 24 hours, outperforming the overall crypto market’s modest increase of 0.49%.
Paxos rolls out USDGO across key networks
According to a recent press release, Plume, Hyperliquid, and Aptos have been selected as the initial deployment networks for USDGO, reflecting their rapid growth and strategic relevance.
Plume, with over 280,000 active real-world asset holders and $645 million in RWA TVL, serves as a distribution hub for compliant liquidity.
Hyperliquid, on the other hand, will integrate USDGO into its perpetual trading and lending markets, enhancing collateral rails and yield-aligned trading opportunities.
Furthermore, Aptos will become the first network to deploy a Move-native OFT stablecoin, positioning enterprise-focused applications to leverage regulated, high-throughput liquidity.
Paxos’ USDGO stablecoin, an omnichain extension of its regulated USDG, is designed to provide fully backed, compliant liquidity across multiple blockchain networks.
Leveraging LayerZero’s omnichain-fungible token (OFT) standard, USDGO allows seamless cross-chain transfers while maintaining a 1:1 backing with cash, short-term US Treasuries, and cash equivalents.
Notably, the integration of USDGO across these networks is supported by the USDGO Portal, cross-chain APIs, and unified supply mechanics, enabling smooth swaps and reducing the risks associated with fragmented bridge mechanisms.
Early adoption within these specialised domains is expected to set the stage for broader multi-chain growth.
Whale activity and token unlock stir market dynamics
Hyperliquid has also been in the spotlight ahead of a significant HYPE token unlock valued at approximately $314–$316 million, representing about 2.66–3.6% of the total supply.
Scheduled for November 29, the cliff unlock is drawing attention across crypto communities, prompting discussion over potential sell pressure and market impact.
LATEST: ⚡ Hyperliquid will release $314 million worth of HYPE tokens on Saturday in a cliff unlock, with BitMEX co-founder Arthur Hayes cautioning that the event could introduce unavoidable selling pressure. pic.twitter.com/iVH28nb2oZ
Despite this, whales are accumulating HYPE, which has bolstered investor confidence.
A prominent whale increased a $44.5 million ETH long, reflecting confidence in broader market conditions and the potential for leveraged gains to spill over into HYPE trading volumes.
HYPE price targets and outlook
Technical analysis highlights critical levels that HYPE traders should watch in the coming days.
For HYPE to maintain upward momentum, it must stay above $28.98, with the first major resistance at $35.03.
If HYPE breaks past $35.03, analysts note that it could rise toward $39.87, with a third resistance at $43.82.
Notably, options data suggest limited downside near $28, providing a degree of confidence ahead of the token unlock.
However, a failure to hold the $28.98 support, especially following the upcoming token unlock, may see prices dip to the next key support around $25.85.
The Hyperliquid price is up 6.5% as a majority of major coins bleed.
The Hyperliquid price rally comes amid token buybacks and BLP rollout.
A risky pattern has, however, formed, hinting at a possible pullback.
Hyperliquid (HYPE) price has surged despite a broader market slump, drawing fresh attention to one of the strongest performers of the month.
While most major assets bleed through heavy selling pressure, HYPE has pushed higher on rising demand, aggressive buybacks, and growing activity across the Hyperliquid ecosystem.
But even as the altcoin’s market sentiment turns bullish, technical analysts warn that the rally may not be as secure as it appears.
Buybacks and BLP rollout drive momentum
The Hyperliquid (HYPE) price surge can be attributed first to the rapid progress of Hyperliquid’s Base Liquidity Pool testnet, commonly just referred to as BLP, which launched on Hypercore, the Layer 1 chain powering the exchange.
The BLP rollout signals a major shift in the protocol’s infrastructure as it introduces more efficient liquidity routing and additional yield mechanics.
The testnet has added new energy to the Hyperliquid ecosystem. It positions the platform not only as a fast on-chain exchange but also as a hub for tokenised equities such as Nvidia, Tesla, and SpaceX, which have attracted new users and boosted activity at a time when most platforms are seeing a pullback.
Another crucial force behind the recent HYPE price surge is the exchange’s aggressive buyback program.
Hyperliquid has already executed more than $1.3 billion worth of buybacks, removing over 28 million HYPE tokens from circulation.
The reduction in supply is creating steady upward pressure on the token, especially as long-term holders lock more HYPE into staking contracts.
Staking deposits have risen nearly 60% in a month, easing sell-side pressure and strengthening market confidence.
The tightening supply comes as Hyperliquid expands its role in the global derivatives market.
The exchange now accounts for more than 6% of perpetual futures market share, placing it alongside centralised giants such as Binance, OKX, and Bybit.
This expansion brings higher fees, more buybacks, and stronger fundamentals for HYPE.
Despite the strong fundamentals, technical signals are flashing warnings.
A head-and-shoulders pattern has been forming on the daily chart since June.
The neckline of the pattern sits near $35.5, a level that has repeatedly acted as a key support zone. If the price breaks below that area, HYPE could drop to the next support area just above $30.
A savvy trader locks in over $2.5M on a Starknet long position opened three days ago.
He has rotated to HYPE with a 10x long worth roughly $2.98M.
Hyperliquid’s token could be poised for an upward move.
Smart money participants are celebrating profits despite the current broader bearish sentiments, which underpins Bitcoin around $95,000.
One trader is grabbing attention with his high-stakes leveraged bets.
According to on-chain tracker Lookonchain, the player has secured over $2.5 million in returns after a well-timed long on Starknet (STRK), executed three days ago.
Most interestingly, he has redirected attention to a new position, going long on Hyperliquid’s HYPE with a substantially higher leverage of 10x.
Smart trader 0xbbc0 opened a 5x long on 29.5M $STRK($6.7M) 3 days ago and is now sitting on over $2.5M in profit.
These back-to-back moves are coming as uncertainty engulfs the financial landscape, with most traders opting for wait-and-watch and caution.
Meanwhile, the latest trade has fueled optimism among HYPE holders, as it indicates confidence in the altcoin’s potential rally in the near term.
An STRK long that hit its target
Blockchain data shows the wallet opened a 5x long on 29.5M Starknet tokens, a position worth roughly $6.7 million, three days ago.
The player entered just as STRK began creating a short-term base.
The digital token has remained on the watchers’ radar lately due to ecosystem upgrades, a thriving staking marketplace, and uncertainty linked to overall market downsides.
900M STRK are now staked on Starknet.
That’s ~20% of the circulating supply, and a 100% increase in staked STRK since last quarter.
While many hesitated as fear crippled the cryptocurrency sector, the smart trader joined before the short-lived rally started, riding a clean uptrend.
His profit surpassed $2.5 million as Starknet extends its recovery, now up 30% the past seven days.
STRK is trading at $0.2104 after losing 8% the past 24 hours amid broader weakness and profit-taking after the latest surge.
HYPE set to rebound after POPCAT scandal?
Hours after the STRK returns emerged in trackers, the trader entered a new position – a long on 77,598 HYPE, worth approximately $3 million, with a significantly higher 10x leverage.
The timing drew attention.
Hyperliquid has been among the most-watched DEXs the past week, following POPCAT’s manipulation, which saw the platform temporarily halt withdrawals.
HYPE endured substantial bearishness following the event, losing more than 10% of its value in the past week.
With the wallet’s transaction becoming some sort of sentiment indicator, enthusiasts trust HYPE is poised for a rebound as the exchange’s manipulation debates settle.
Committing almost $2.98 million to a 10x long underscores the conviction of short-term uptrends amidst broader market struggles.
HYPE remained relatively stable the past 24 hours, losing only 1.40% to trade at $38.41.
Technical indicators display neutral conditions as HYPE eyes the next move.
The Moving Average Convergence Divergence remained relatively flat with the signal line on the 1-hour chart.
Also, the Relative Strength Index at 48 suggests indecisiveness.
For now, market players are watching to see whether the smart whale turns into a reliable signal.
If his history rhymes, HYPE could be poised for a near-term rebound.
An attacker withdrew $3 million in USDC from OKX and split it across 19 wallets.
They opened $26 million in leveraged long positions on POPCAT perpetuals.
A $20 million buy wall was placed to falsely signal market strength.
A sharp and deliberately executed sequence of trades has exposed a serious vulnerability in decentralised finance infrastructure.
Hyperliquid, a derivatives platform known for its POPCAT-denominated perpetual futures, recorded a loss of $4.9 million after one entity manipulated internal liquidity to set off a cascade of liquidations.
This was not a conventional exploit for profit, but a calculated test of how much stress an automated liquidity provider can endure before it breaks.
It began with the movement of $3 million in USDC, withdrawn from the OKX crypto exchange. The funds were distributed evenly across 19 new wallets, each routing assets into Hyperliquid.
There, the trader opened over $26 million in leveraged long positions tied to HYPE, the perpetual contract priced in POPCAT.
This aggressive positioning was then reinforced with a synthetic buy wall worth around $20 million, placed near the $0.21 price level.
This wall functioned as a temporary illusion of demand strength. Price responded to the signal, rising as participants interpreted the buy wall as structural support.
However, once the wall vanished, that support disappeared, and liquidity thinned.
With no bids to absorb market movement, highly leveraged positions began liquidating en masse. The protocol’s Hyperliquidity Provider vault, built to absorb such events, took the full impact.
A deliberate architecture stress test with real losses
What separates this incident from typical price manipulation is that the initiator made no profit.
The $3 million in initial capital was entirely consumed in the process. This strongly suggests that the goal was not financial gain but architectural disruption.
By introducing false liquidity signals, removing them at a precise point, and triggering liquidation thresholds, the attacker was able to manipulate the internal logic of the vault system.
The vault, designed to balance risk across positions and supply liquidity in volatile moments, was pulled into a liquidation cascade that it could not fully contain.
This raised questions about how automated liquidity mechanisms handle synthetic volatility events, particularly when faced with malicious but structurally informed participants.
The entire sequence unfolded onchain and was flagged by Lookonchain, which traced the trades back to their source and identified the attack’s distinct phases.
Withdrawal freeze sparks questions about platform stability
Shortly after the vault was impacted, Hyperliquid’s withdrawal bridge was temporarily disabled.
A developer associated with the protocol stated that the platform had been paused using a function called “vote emergency lock.”
This mechanism allows contract administrators to halt certain operations during suspected manipulation events or infrastructure risks.
The withdrawal function was re-enabled within roughly an hour. Hyperliquid did not release any official communication linking the freeze directly to the POPCAT trading event.
However, the timing suggested a precautionary action intended to prevent additional outflows or manipulation during a period of platform instability.
This marked one of the largest losses Hyperliquid has suffered from a single coordinated event, highlighting that even in the absence of external code exploits, internal systems can be compromised through precise liquidity attacks.
Community reaction underscores DeFi volatility
Community responses varied from technical analysis to satire. One observer described it as “the costliest research ever,” while another suggested the entire $3 million burn was “performance art.”
Others focused on what the attack revealed about perpetual futures markets with thin liquidity buffers, noting how easily they can be pushed into self-reinforcing failure.
One user described the event as “peak degen warfare,” referring to the high-risk strategy used to exploit predictable vault reactions.
Despite no direct theft, the outcome was functionally equivalent to a targeted denial-of-liquidity assault.
The attacker had no gain, but the protocol suffered a measurable financial hit, and its architecture showed clear signs of stress under pressure.
This incident has become a case study in how decentralised systems can be stressed from within using only publicly available tools and capital.
In this instance, no vulnerability was found in the codebase. Instead, the vulnerability lay in the assumptions that underpinned market structure and risk containment.
Hyperliquid has not announced any changes to its vault mechanics following the attack.
However, the broader DeFi ecosystem is likely to take note of the strategy and review how vaults absorb or reflect risk under coordinated synthetic pressure.
DeFi is no longer chasing yield. It’s chasing sustainability.
In 2025, two of the industry’s biggest protocols — Uniswap and Hyperliquid — are proving that value capture isn’t about token emissions anymore. It’s about who can buy back and burn the fastest.
Uniswap, the blue-chip decentralized exchange, finally flipped its long-dormant “fee switch,” activating a deflationary burn model through its new UNIfication proposal. Meanwhile, Hyperliquid, the rising perpetual DEX, has quietly been buying back its own token nonstop — pouring 97% of all trading fees into automated HYPE repurchases.
Both are rewriting tokenomics in real time. But their philosophies couldn’t be further apart.
Uniswap’s Long-Awaited Fee Switch
For half a decade, Uniswap’s “fee switch” lived in GitHub limbo — designed but never activated for fear of SEC scrutiny. That changed on November 10, 2025, when founders Hayden Adams, Ken Ng, and Devin Walsh submitted a proposal that redefines how UNI captures value.
At the center is a fee-to-burn model:
On v2, protocol fees rise from 0% to 0.05%, trimming LP rewards from 0.3% to 0.25%.
On v3, fees vary per pool — one-quarter of LP fees for low-tier pools, one-sixth for higher tiers.
All collected fees flow into a “token jar” smart contract, where anyone can burn UNI to withdraw an equivalent amount of crypto.
Even Unichain, Uniswap’s layer-2 chain, joins the burn loop — its sequencer fees now add to the same deflationary circuit. It’s the first time Uniswap’s L2 and protocol income have merged under one system.
And in a surprise move, Uniswap Labs announced it will stop collecting all interface, wallet, and API fees, sending every cent of value capture to the protocol itself.
For context, the plan also includes a 100 million UNI treasury burn, a one-time “catch-up” representing fees that could’ve been burned since 2020. That’s a 16% supply cut — the largest in Uniswap’s history.
Hyperliquid’s Relentless Buyback Engine
While Uniswap argues governance, Hyperliquid just runs code. Its system is brutally straightforward: every trade feeds a buyback.
About 97% of all trading fees flow into the Assistance Fund, an on-chain vault that automatically repurchases HYPE. Maker rebates still reward traders, but nearly everything else goes into compression. No votes. No proposals. No DAO bottlenecks.
By October 2025, the fund had spent $644.64 million — equal to 46% of all buyback spending across crypto that year. In total, 21.36 million HYPE were repurchased at an average price of $30.18.
And that resilience isn’t hypothetical. It was battle-tested during the October 10, 2025 crash, when $19 billion in liquidations hit in 24 hours. Binance froze under load, but Hyperliquid stayed online, processing nearly half of all liquidations.
According to @aixbt_agent, Hyperliquid burns around $25M weekly, already removing nearly $900M from circulation at a pace of $3.6M per day. Its revenue now exceeds Ethereum, Tron, and Jupiter combined, with HYPE trading solely on its own DEX — sealing off external arbitrage while buying back faster than most projects even earn.
Even skeptics have come around. As @stevenyuntcap noted, calling Hyperliquid “just airdrop hype” misses the point — the protocol found real product-market fit. Its engine runs on usage, not speculation.
UNI vs HYPE: Two Paths to Deflation
As of November 2025, UNI trades around $8 with a $5.5B market cap.
Source: https://dropstab.com/coins/uniswap — $UNI token market cap
While HYPE sits near $40 and $11B — more than double.
Source: https://dropstab.com/coins/hyperliquid — $HYPE token market cap
The imbalance isn’t arbitrary. Investors see Hyperliquid’s machine as tighter, faster, and mathematically reliable.
Uniswap, by contrast, trades like a blue-chip utility — credible, but governance-heavy.
Source: https://dropstab.com/coins/uniswap — $UNI vs $HYPE token price comparison
When it comes to fee generation, Uniswap pulls in about $1.8–$1.9B annually, all currently going to liquidity providers. Under UNIfication, one-sixth to one-quarter of that flow redirects to burns — roughly $460M per year.
Hyperliquid’s system dwarfs it: $1.29B annualized revenue, with $1.15B (89%) going straight into buybacks. It’s the DeFi equivalent of an 89% reinvestment rate — absurd for a protocol barely two years old.
Analyst @bread_ compared the two directly: UNI’s proposed burn would equal $38M per 30 days, ahead of $PUMP ($35M) but far behind $HYPE ($95M).
Governance vs Automation
Uniswap’s model depends on coordination. Every adjustment requires DAO approval, and liquidity providers — a powerful bloc — could vote to reduce burns if returns thin out. The system is elegant but fragile.
Hyperliquid’s design is mechanical. If volume rises, buybacks rise. If it drops, the system scales down. No committees, no politics. But that precision hides risk — Hyperliquid’s closed-source HyperCore and centrally managed Assistance Fund leave it exposed to trust and transparency challenges.
Who’s Winning So Far?
In raw performance, Hyperliquid leads. It’s executed $645M in buybacks in ten months — nearly triple Uniswap’s projected annual burns. The market knows it: HYPE’s market cap is twice UNI’s.
But Uniswap’s edge is longevity. Its governance structure, transparency, and integration across Ethereum and Unichain make it a potential long-term survivor — one that can adapt as regulation tightens and new DAOs form.
The real bet? Automation vs alignment.
Hyperliquid dominates now through speed and consistency. Uniswap could win later if it proves that community-driven economics can scale without collapsing under politics.
Either way, 2025 marks a turning point: DeFi tokens are finally backed by real cash flow, not inflation.
Boltz, the bitcoin-only instant swap exchange, is cornering a niche sector of the bitcoin industry and quickly becoming a favorite of advanced bitcoin users. Its fully open source tech stack, which is actually trust-less, unlocks a variety of possibilities for the industry, including a zero-custody risk bridge across Bitcoin layers.
Boltz exchange was founded in 2019 by Kilian and another pseudonymous co-founder, as a solution to managing liquidity in the Lightning Network for an early Bitcoin Defi project called OpenDex. Realizing quickly how complex lightning liquidity management was, the team ended up pivoting to the maintenance and polishing of Boltz, a liquidity service provider or LSP. Boltz has been self-funded ever since.
Boltz infrastructure supports multiple Bitcoin wallets today, such as BTCPay server via a plugin, Aqua wallet, Bull Bitcoin, and Breez, to name a few that are publicly known. As a result, Boltz is becoming an increasingly popular and respected company and open source project, an infrastructure cornerstone of Bitcoin’s Lightning Network today.
The Boltz Lightning node is one of the biggest, boasting on its website 759 Channels, 1022 Peers, 84.625 BTC worth of capacity, and 6.60 years since the oldest operating channel was opened, though these metrics are likely out of date. Their Lightning Network support lets advanced lightning node operators ‘balance their channels’ an otherwise complicated process that generally gets obfuscated away from end users of lighting powered Bitcoin wallets.
Boltz, however, is more than just an LSP; “We want to be the connecting tissue between all the Bitcoin layers.” Kilian told Bitcoin Magazine in an exclusive interview, discussing the vision and progress of the Boltz exchange so far. Initially built to support Bitcoin on-chain to Lightning Network swaps, today it supports Rootstock and the Liquid Network as well, the most popular ways of using bitcoin by far. To date, Botlz has only dealt in BTC, instead of integrating other blockchains or assets, perfecting its craft and locking in its niche.
In 2023, Boltz added support for the powerful and feature-rich Liquid Network, an open-source federated blockchain where federation members hold keys in a large Bitcoin multisig that collateralizes their L-BTC asset in full reserve. Liquid is one of the oldest two Bitcoin projects and was created by Adam Back and Blockstream. Despite having faster block times, a powerful set of programming scripts for smart contracts, and excellent privacy features such as encrypted transaction amounts on chain, Liquid has struggled to get adopted by centralized exchanges, making access to its feature set very difficult. Boltz integration opened a major bridge between on-chain bitcoin and the speed, programmability, and privacy of the Liquid Network, making wallets like Aqua and Bull Bitcoin possible.
Shy to share internal numbers, Killian told Bitcoin Magazine the integration “was quite the success story — it was taken on pretty well by the market, it just made sense for people.” Looking back on the market at the time, on-chain bitcoin fees were very high and were causing problems across the industry. Kilian noted, “We had a high fee environment. The main chain was hyper-expensive. So Liquid swaps clicked for a lot of people, and that’s how we really moved into this niche of connecting Bitcoin layers. A Bitcoin bridge for different Bitcoin layers, that’s really how this direction for us was fortified.”
In November of 2024, Boltz expanded into Rootstock support, a 2015 era layer two, little known among the English-speaking crowd, though very popular in Latin America, particularly Argentina, where many of its founders are from. Still shy to share internal numbers, Killian told Bitcoin Magazine that the integration with Rootstock has ‘gone well’, likely serving as one of the best ways to turn on-chain bitcoin into rBTC, an essential asset of the Rootstock ecosystem. Rootstock’s claim to fame is bringing to Bitcoin the integration of an Ethereum-compatible “EVM”, the smart contracting language on top of which most of DeFi is built across the crypto ecosystem today.
The most interesting feature of Boltz, however, is its use of Atomic Swaps, an ancient “Holy Grail” of Bitcoin theory that can be traced back to the earliest discussions in the Bitcoin Talk forum. Atomic Swaps make it possible for users to trade against Boltz without having to trust the Boltz team or company not to steal the money, a luxury in finance across history. All centralized exchanges require such trust, as do most instant swap exchanges in the market today. Boltz integration with this sophisticated type of smart contract means that anyone can fundamentally run a local instance of Boltz and be a reliable trade partner of the public, without the need to bootstrap a brand or a reputation.
But how do Atomic Swaps work? Leveraging the public nature of blockchains, Atomic Swaps function around a shared secret. This secret is used to lock the funds during the trade between two parties. For one party to claim the funds of the other, they must publish this secret to the blockchain, allowing the counterparty to do the same, resulting in the ‘atomic’ execution of the trade.
This protocol solves a key issue of trust in business. Who sends the money first? Who sends the goods first? Whoever does, takes a certain amount of risk as it allows the counterparty to take the goods and run. Atomic Swaps eliminate that risk entirely. They essentially allow for the creation of a non-custodial crypto exchange. Though the implementation details and user experience vary, as some blockchains do not have the right script or smart contracting tools to support Atomic Swaps, while fiat is — so far — ruled out entirely as bank transfers are almost always reversible, undoing atomicity.
Looking out into the future of Boltz and the programmability of Bitcoin as money for the digital age, Kilian said, “I think we will see a new breed of layer two projects launching early next year. So, probably stuff that you and I have never heard about, but there are so many projects, so much stuff. So this is a really interesting space to be in. And the difficulty, the quest, will be to separate the good from the bad.”
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