Record-breaking 106,000 active HyperEVM addresses, total value locked spikes to $2 billion

HyperEVM, an Ethereum Virtual Machine (EVM)-compatible network, is experiencing a surge in growth, according to recent data. The network's consistent developer and user engagement, combined with stable flows in DeFi protocols, provides a solid foundation for further expansions.

Dune Analytics data indicates a consistent growth in transaction volume on HyperEVM since February. This increase in network activity reflects developers' interest and increased user engagement with applications on the platform. The total value locked (TVL) on HyperEVM currently stands at around $1.97 billion, nearing the $2 billion threshold.

Two DeFi protocols, HyperLend and Morpho, are driving this growth. HyperLend, with $567 million in assets locked, and Morpho, securing $521 million, together represent over half of the total value locked on the network. This demonstrates HyperEVM's ability to attract significant capital from institutional and long-term investors.

The network's performance, despite a cautious market sentiment towards cryptocurrencies, reflects a solid fundamental trajectory. Network transfers have increased progressively from spring to summer, peaking in September, when HyperEVM reached a record high of 106,375 weekly active addresses.

The price of the native token, $HYPE, is trading around $47.03. The price's stability suggests underlying demand capable of supporting the price's resilience in the long term.

Data collected by blockchain researcher @Mausefalle25 shows user participation on the network has been accelerating throughout 2025. This sustained growth in addresses and liquidity on HyperEVM signals its movement beyond the initial adoption phase and into a period of ecosystem consolidation and maturity.

If transaction volumes and active addresses on HyperEVM maintain their current momentum, the network could establish itself as one of the leading destinations for DeFi activity. The growing adoption of HyperEVM underscores its potential as a significant player in the decentralised finance sector.

Founded by Jeff Yan, HyperEVM (originally known as Hyperliquid) is poised for continued growth and innovation. As the network continues to attract developers and users, it will be interesting to see how it shapes the future of DeFi.

Record-breaking 106,000 active HyperEVM addresses, total value locked spikes to $2 billion