币界网报道：Hyperliquid, a decentralized perpetual exchange, has seen its native token HYPE drop 25% in value over the past week amid cooling market conditions. The decline comes despite the platform recently surpassing $250 million in total value locked (TVL) and briefly becoming the second-largest perpetual DEX by open interest. Analysts attribute the token's volatility to profit-taking after its initial surge and broader market uncertainty. The exchange, which offers up to 50x leverage on crypto perpetual contracts, had gained attention for its innovative order book design and low fees. Trading volumes on Hyperliquid remain elevated compared to earlier this year, though they've retreated from recent peaks. The platform continues to onboard new users, with its simplified onboarding process being cited as a key growth driver. Market observers suggest the price correction may present a buying opportunity for long-term believers in the protocol's potential to compete with centralized exchanges.