news 
Onchain Infrastructure Outshines in PUMP Token Trading and ICO
The recent initial coin offering (ICO) of Pump.fun and its premarket trading activities have underscored a significant shift in the cryptocurrency landscape, according to galaxy.com. Onchain infrastructure platforms like Hyperliquid and Solana have not only kept pace with centralized exchanges but have also exceeded them in terms of liquidity, reliability, and accessibility.
The PUMP premarket trading saw Hyperliquid quickly become the leading platform, with open interest (OI) exceeding $480 million, positioning it as the fifth largest perpetual futures market. This is a stark contrast to Binance and Bybit, which recorded significantly lower OI at $180 million and $71 million respectively.
This dominance can be attributed to various factors. Firstly, Hyperliquid’s onchain-native user base provides a seamless trading experience for its users. Additionally, the platform offers competitive fees and streamlined integration with Solana, making it an attractive option for traders. Furthermore, Hyperliquid has implemented KYC-free onboarding, significantly reducing barriers compared to traditional exchanges.
The success of Pump.fun ICO is also worth highlighting. The event, initially planned as a three-day sale, concluded in less than 15 minutes, with over 90% of the $500 million allocation being transacted through Solana. This swift execution highlights Solana’s enhanced capabilities in handling large-scale transactions without network disruptions.
Solana’s recent architectural upgrades have improved its throughput and reliability, enabling it to efficiently manage intense trading activity without significant congestion or increased fees. This is a stark contrast from previous challenges faced by the blockchain, emphasizing its adaptability and scalability.
The implications of this trend are far-reaching. As onchain platforms like Hyperliquid and Solana continue to demonstrate their ability to handle significant trading volumes and fundraising activities, it is likely that centralized exchanges will no longer be the only option for traders and issuers alike.
Source: Blockchain.News
