- Hyperliquid is set to unlock 1.2 million HYPE tokens ($31 million) and distribute them to core team members in the first week of the new year.
- This year, it brought in 600,000 new users, processed $3 trillion in transaction volume, and generated $844 million in revenue.
After facing allegations of poor transparency and market manipulation, Hyperliquid is now prioritizing transparency and open communications. Most recently, it has unveiled its unlock schedule, which has now been postponed to Jan. 6, with the team’s share slashed 30% as the protocol’s revenue wanes.
Pseudonymous founder Iliensinc took to Discord to address rumours that the protocol would unlock 9.9 million HYPE tokens, worth about $251 million at current prices. He revealed that it had unstaked 1.2 million tokens on Sunday, Dec. 28, from the Hyperliquid Labs’ allocation. It intends to distribute the tokens to its team members in January. Iliensinc reiterated that the distribution is routine and abides by the vesting terms established before the project launched.
The founder added that all future unlocks and distributions would follow the same pattern: take place on the 6th of each month in a transparent process.
Chatter on crypto social media circles was that Hyperliquid would unlock around 10 million tokens monthly, which would add an extra $250 million in selling pressure to an already struggling market. However, the 1.2 million is manageable and accounts for a mere 0.3% of the total HYPE supply.
Last month, the protocol unlocked and distributed 1.75 million HYPE tokens to its team. However, its buy-back model brought a balance, with some sources claiming that it burned 1.9 million tokens. Overall, the DEX has burned 37 million HYPE tokens via its Assistance Fund.
At launch, Hyperliquid allocated a quarter of its tokens to its team members, with a protocol-level plan on unlocks and distribution protecting the ecosystem against potential dumps. The distribution in January will be the first of a scheduled 24-month phased unlock schedule.
600,000 New Users, $3 Trillion Traded on Hyperliquid in 2025
Despite a rocky end to the year, 2025 was a mega success for Hyperliquid. In its end-of-year report, the protocol revealed that it facilitated nearly $3 trillion in trading volume, translating to over $8 billion daily. Over $3.8 billion was deposited on the platform, with the number of new users gained hitting 609,000.
While its spot market has expanded this year, perpetual futures remain its primary market. Of the 199 billion orders executed, 174 were in perps, with HIP-3 accounting for an impressive 1.9 billion orders despite landing on the mainnet in mid-October. This impressive performance has not come without questions of sustainability, with some analysts claiming that HIP-3 markets are only feasible if each channel can generate a CEX-level of trading volume.
HIP-3 markets are not sustainable.
While everyone is hyped about permissionless markets, we need to talk about the math.
Delegating $HYPE to third-party deployers for LSTs isn’t just about yield; it’s about taking on massive risks: locked capital, slashing, and conflict of… https://t.co/YzFZozJaSS pic.twitter.com/eHfuujJUcR
— Jordi in Cryptoland (@lordjorx) December 25, 2025
This year, the protocol charged $908 million in fees, with revenue standing at $844 million. Cantor Fitzgerald projects that Hyperliquid could generate $5 billion annually in fees within the next decade, as we reported.
However, despite the successful year, the protocol ended the year on a low note. In the week ending December 28, it generated $9 million in revenue, its lowest figure since May as allegations of manipulation and opaque operations dented its image.
HYPE trades at $25.66 at press time, dipping just under 1% in the past day, while trading volume doubled.
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