Hyperliquid price eyes $40 mid-range breakout amid Phantom, SafePal wallet integrations

Safepal has announced the integration of Hyperliquid to create a wallet-native perpetual decentralized exchange (DEX) hub. This development aims to enhance user experience by allowing seamless trading directly from the Safepal wallet, thereby increasing accessibility for cryptocurrency traders.

The Democratic party's recent crackdown on cryptocurrency, led by Senator Elizabeth Warren, poses potential risks for the decentralized exchange Hyperliquid (HYPE). The scrutiny is linked to concerns regarding crypto ventures associated with Donald Trump's family, particularly World Liberty Financial (WLFI). This situation raises alarms about the future of Hyperliquid amid increasing regulatory pressures.

Hyperliquid has proposed a significant reduction in transaction fees as part of its new initiative aimed at enhancing user engagement and attracting more participants to its platform. This proposal comes alongside other developments, including an overhaul of Aerodrome, a Cloudflare outage, and an approved increase in dYdX buybacks.

Hyperliquid has introduced its HIP-3 growth mode, which aims to reduce transaction fees by 90% to stimulate new market opportunities. This strategic move is expected to enhance user engagement and attract more participants to the platform, potentially increasing liquidity and trading volume.

Paxos has launched USDG0, a new omnichain stablecoin designed to provide fully backed dollar liquidity across multiple blockchains, including Hyperliquid, Plume, and Aptos. This initiative aims to maintain a single regulated supply of the stablecoin across these networks, enhancing its accessibility and usability in the cryptocurrency market. The introduction of USDG0 marks a significant step for Paxos in expanding its regulated stablecoin offerings.

Paxos has launched USDG0, a new omnichain stablecoin designed to provide fully backed dollar liquidity across multiple blockchains, including Hyperliquid, Plume, and Aptos. This initiative aims to maintain a single regulated supply of the stablecoin across these networks, enhancing its accessibility and usability in the cryptocurrency market.

Hyperliquid's native token, HYPE, is experiencing a notable recovery following a significant liquidation event that saw $96.5 million in BTC-USD perpetual contracts liquidated. This event was part of a larger market downturn that affected over 164,000 traders and resulted in $814 million in total liquidations across various exchanges. Despite this turmoil, HYPE's price has increased by 6% in the last 24 hours, surpassing $41 after maintaining a critical support level of $36.51.

Sonnet has postponed the vote on the merger with Hyperliquid, despite receiving 95% support from the votes cast. The delay is aimed at gathering more shareholders to meet the necessary approval threshold for the merger, which is part of a plan to establish a $1 billion treasury firm focused on HYPE.