Pump.fun has added trading for any HyperEVM token through USDC as Hyperliquid L1 records about $503 million in decentralized exchange volume over 24 hours.
Pump.fun Expands Beyond Solana
Pump.fun said on Aug. 26 that its application now supports tokens issued on HyperEVM, giving users a new route to buy and sell the assets with USDC. The company described itself as the first application to introduce HyperEVM assets into this type of trading interface. Alongside token swaps, users can earn rewards when people trade through their referral links. Pump.fun also described transaction costs as close to zero.
Created as a Solana-based token launchpad, Pump.fun allows users to issue and trade tokens without setting up a conventional liquidity pool at launch. Its application became closely associated with meme coins, many of which trade on an automated bonding curve before moving to an external decentralized exchange. HyperEVM support adds assets from another blockchain environment to the same interface, extending Pump.fun's business beyond the Solana market that produced most of its activity and fee income. This expansion parallels the growing Solana activity that helped Pump.fun generate over $10 million in weekly fees.
HyperEVM Connects Applications With Hyperliquid Liquidity
According to Hyperliquid's documentation, HyperEVM is the Ethereum-compatible smart-contract environment built into the Hyperliquid blockchain. It is not a separate chain and shares the network with HyperCore, the system that handles Hyperliquid's spot and perpetual order books. HYPE serves as the gas token for transactions, while precompiled contracts allow applications to read information from HyperCore. This infrastructure expansion builds on the recent AQAv2 activation that redirected 90% of USDC reserve yield to HYPE buybacks.
Spot assets can move between HyperCore and HyperEVM through Hyperliquid's transfer system. Once deposited into the smart-contract environment, the assets can interact with decentralized exchanges, lending protocols, and other applications. Circle launched native USDC on HyperEVM in September 2025 alongside Cross-Chain Transfer Protocol V2. The system lets eligible users move USDC between supported networks without relying on conventional wrapped tokens. Circle later became a stakeholder in the Hyperliquid ecosystem by purchasing HYPE.
Hyperliquid Activity Gives Pump.fun a Larger Token Pool
Data from DeFiLlama shows that Hyperliquid L1 currently holds about $1.59 billion in decentralized finance value. Stablecoins on the network have a market value of roughly $6.79 billion, with USDC accounting for nearly 98% of the total. Hyperliquid L1 processed around $503 million in decentralized exchange volume over the latest 24-hour period and approximately $3.75 billion over seven days. Perpetual trading volume reached about $12.43 billion over 24 hours and $82.47 billion for the week.
Network activity included roughly 612,000 transactions, 21,900 active addresses, and 5,400 new addresses during the latest daily period. Protocols listed on the network include Kinetiq, HyperLend, Project X, HyperSwap, and Felix. Rising activity has also supported HYPE's recent price performance, with the token reaching a record high near $83.27. The growth of HyperEVM mirrors the broader DeFi infrastructure development seen with LayerZero's ATLAS exchange infrastructure launch.
US Users Receive Limited Federal Protection
For American users, access to HyperEVM assets does not establish that every listed token has the same regulatory status. The U.S. Securities and Exchange Commission said in a February 2025 staff statement that transactions involving the types of meme coins described in the document generally do not constitute securities offerings. SEC staff compared typical meme coins with collectibles whose prices depend mainly on trading and market sentiment rather than rights to business income, profits, or assets.
