TL;DR:
- Pump.fun enabled the trading of assets issued on the HyperEVM virtual machine using trading pairs denominated in the USDC stablecoin.
- The Hyperliquid L1 layer reported a total value locked (TVL) of $1.59 billion and a decentralized exchange volume of $503 million in the last 24 hours.
- The stablecoin supply on Hyperliquid reached $6.79 billion, with USDC representing nearly 98% of the circulating capital.
On Wednesday, it was announced that Pump.fun expands to HyperEVM after integrating direct trading of assets issued within Hyperliquid’s smart contract environment using the stablecoin USDC.
HyperEVM is now supported on the Pumpfun app
Trade any HyperEVM token with USDC, earn callout rewards & trade with near-zero fees
We’re proud to be the first app to bring HyperEVM to the trenches. Let’s cook. pic.twitter.com/KSrC8T1weq
— Pump.fun (@Pumpfun) August 26, 2026
The platform, originally developed on the Solana network, reported that its interface now supports the trading of these external tokens. According to the company’s official announcement, users will receive referral rewards and maintain near-zero swap fees within the mobile application.
This update marks Pump.fun’s first venture outside its native Solana environment. Market data indicates that the integration focuses exclusively on the secondary trading of existing HyperEVM assets, without currently enabling the creation of new tokens on that network.
Unlike Pump.fun’s standard mechanism based on bonding curves, HyperEVM assets operate on Hyperliquid’s infrastructure. Hyperliquid’s technical documentation explains that spot funds can be transferred between the core engine HyperCore and the EVM-compatible environment to interact with decentralized applications.
To operate within the ecosystem, users purchase the native token HYPE using USDC and bridge it to HyperEVM to cover gas fees. According to market analysis, the company has not yet clarified whether the application executes this technical bridge automatically or if traders must manage their HYPE balance independently.
Expansion of the DeFi Ecosystem and Liquidity on Hyperliquid
The HyperEVM network began its testing phase in February 2025 to offer compatibility with Ethereum smart contracts. Subsequently, in September 2025, Circle deployed native USDC alongside the Cross-Chain Transfer Protocol (CCTP V2) to facilitate direct capital transfers between blockchains.
In May 2026, issuer Circle extended direct liquidity support to HyperCore. Market reports indicate that these infrastructure integrations facilitated the arrival of financial applications and market makers to the ecosystem.
Records from the DeFiLlama platform indicate that the Hyperliquid L1 layer accounts for $1.59 billion in total value locked across its protocols. At the close of the most recent 24-hour period, decentralized exchange volume stood at $503 million, accumulating $3.75 billion over the last seven days.
Meanwhile, Hyperliquid’s perpetual contracts market recorded $12.43 billion in daily volume and $82.47 billion over the past week. On-chain metrics showed 612,000 transactions, 21,900 active addresses, and 5,400 new wallets created in the most recent daily period.
Protocols operating on the network include Kinetiq, HyperLend, Project X, HyperSwap, and Felix. Industry analysts point out that activity across these applications has driven transaction demand within the smart contract execution environment.
The performance of the native token HYPE reflected this increase in activity. Market data from August 25 confirms that HYPE reached a price of $83.27 before stabilizing near $80.50, after starting the weekly cycle around $69.60.
The integration did not disclose which specific decentralized exchanges execute the orders routed from the Pump.fun application. Public documentation also does not specify whether all contracts deployed on HyperEVM are automatically added to the catalog or if they require a prior technical audit.
The protocol’s next technical milestone includes periodic validator reviews regarding the AQAv2 update and the publication of new performance reports on liquidity routing in HyperCore.
