• 21 shares listing the primary excessive lipid ETPs at 6 and supply a regulated publicity to hype tokens.
• Excessive lipids hit $319 billion in month-to-month transactions, incomes 35% of blockchain income in July.
• Market points final lengthy, however analysts are seeing long-term progress in spinoff demand.

21Shares, a Swiss-based asset supervisor and issuer of Crypto Alternate Transaction Merchandise (ETPS), has listed excessive lipid ETPs on six Swiss exchanges.

This new product presents in-house and retail traders publicity to Hyperliquid’s native tokens (hype) with out the necessity for pockets or chain custody.

This listing represents the primary institutional-grade funding car to be straight uncovered to excessive lipid protocols.

It arrived days after the hype hit a file excessive of $50.99, reflecting the rising affect of the platform within the Decentralized Monetary (DEFI) derivatives sector.

Mandy Chiu, head of monetary product growth at 21Shares, praised Hyperliquid’s trajectory, saying “its progress is extraordinary and the elemental economics is probably the most persuasive we’ve seen on this area.”

Based in 2018, 21Shares has a file of the launch of regulated digital asset merchandise.

Its portfolio contains the primary bodily supported Crypto ETP, in addition to the US Spot Bitcoin and Ether ETFs.

In Europe, the corporate has constructed a sequence of cryptographic ETPSs, spanning single asset merchandise comparable to Solana (SOL) and Dogecoin (Doge), along with funds specializing in quite a lot of baskets and staking.

Fast rise of excessive shade liquid defi

Excessive Liquid was launched in late 2022 as a Layer-1 blockchain with decentralized exchanges specialised for a everlasting future.

In contrast to many Defi platforms that depend on automated market makers, Hyperliquid makes use of conventional Onchain Order Books to straight match buy and gross sales orders.

Transactions are cleared in lower than a second with out counting on Oracle or off-chain infrastructure.

Alternate pricing constructions help the demand for property by spending transaction prices on each day buybacks of native hype tokens.

This mannequin has pushed explosive progress throughout buying and selling quantity, income and person recruitment.

In July, Hyperliquid processed a $319 billion deal. That is the very best month-to-month quantity ever on the Defi Perpetuals platform.

In accordance with Defilama, its actions contributed a complete of roughly $487 billion in decentralized everlasting buying and selling quantity.

The platform additionally gained 35% of all blockchain income that month, surpassing its opponents in Solana, Ethereum and BNB chains.

Since then, hyperglycemia has emerged as the worldwide seventh largest spinoff change via each day buying and selling actions, with over 600,000 registered customers as of July.

The 37-minute suspension on July twenty ninth quickly disrupted the transaction, however the protocol reimbursed $2 million in losses and gained neighborhood help for fast response.

Steadiness of progress and market issues

Regardless of its momentum, the issue stays about market integrity.

On Wednesday, 4 giant merchants reportedly manipulated the marketplace for plasma’s XPL tokens.

The earnings of the merchants concerned have been $48 million attributable to suspected manipulation.

Nonetheless, optimism about Hyperliquid’s long-term trajectory stays robust.

On the WebX 2025 convention in Tokyo, Bitmex co-founder Arthur Hayes predicted that the hype token might rise by 126 instances over the following three years.

Investor entry to the rising Defi infrastructure continues to increase as an institutional grade product, such because the launch of the 21Shares Hyperquid ETP.

Whereas governance and market danger persist, the speedy rise in Hyperliquid highlights the rising demand for decentralized derivatives and monetary merchandise designed to trace their efficiency.