Well, it looks like HyperEVM just hit a pretty significant number. Between the start of September and the 7th, the network recorded over 106,000 weekly active addresses. That’s a new high for them, which is interesting. I think it shows more people are starting to use it, or at least try it out. The data came from a blockchain researcher, @Mausefalle25, and it seems like 2025 has been a solid year of growth so far for the platform.
More Users, More Money Locked In
This isn’t just about more addresses popping up. That surge suggests a wider group of people are actually interacting with apps on HyperEVM. And it’s happening at the same time as more money is being committed to its DeFi platforms. The total value locked, or TVL, is getting closer to a big round number—it’s sitting at about $1.97 billion right now. That’s not nothing.
A couple of protocols are doing most of the heavy lifting. HyperLend has around $567 million in locked assets, and Morpho isn’t far behind with $521 million. Together, they make up more than half of the entire network’s locked value. Other projects are helping, sure, but those two are clearly the main drivers right now.
What About the Token?
With all this activity, you might wonder about the native token, $HYPE. It’s trading around $47. Honestly, that’s been relatively stable lately, especially considering how jumpy the broader crypto market has been. It’s still not at its past peaks, but maybe the steady user growth and rising TVL mean there’s a real demand underneath it all. That could help it hold up better down the line.
Data from Dune Analytics shows transaction volumes have been climbing since February. Things really picked up through the spring and summer, leading to a pretty busy September. That pattern usually points to growing developer interest and more people actually using the applications.
Finding a Place in a Crowded Field
Reaching over 106,000 active addresses in a week is a strong sign that HyperEVM’s infrastructure can handle more action. That’s important because there are so many other EVM-compatible chains out there all fighting for the same users and developers.
Pulling in nearly $2 billion in TVL adds a layer of credibility. It makes bigger players and long-term investors take notice. This kind of sustained growth might mean HyperEVM is moving past its early days and into a more mature phase.
The overall mood in crypto is still pretty cautious, but HyperEVM seems to be on a solid path. If it can keep this momentum with users and developers, it might just cement itself as a real option for DeFi. It’s got competition, of course—from giants like Ethereum and newer chains with big incentives. But for now, its steady growth and building liquidity suggest it’s found a niche that works.
