Project X

Scale is mid-sized on liquidity with $43.3M TVL and high activity with $118.7M 24h volume (also reported as $105.0M), $732.2M 7d, and $2.66B 30d. The +103.82% 1-day volume jump signals a sharp near-term demand shock rather than steady-state flow.

Capital turnover is aggressive: 24h Volume/TVL = 118.7/43.3 ≈ 2.74x, 7d ≈ 16.91x, 30d ≈ 61.43x. Using 30d data, average daily volume is $2.66B/30 ≈ $88.7M, implying ~2.05x TVL/day—efficient capital use but potentially more sensitive to liquidity withdrawal.

The market surface is relatively broad with 38 coins across 109 pairs (≈2.87 pairs/coin), which can dilute depth outside top routes. On averages, liquidity per pair is $43.3M/109 ≈ $0.40M TVL and activity per pair is $118.7M/109 ≈ $1.09M 24h volume—suggesting volume is likely concentrated in a subset of pairs while long-tail pairs may have thinner books/wider spreads.

TVL is 100% deployed on Hyperliquid L1: $43.3M / $43.3M. This single-chain concentration simplifies liquidity coordination (no cross-chain fragmentation) but increases dependency risk on one execution environment and its uptime/market makers.

Monetization is consistent: fees are $89.0K (24h), $533.3K (7d), $2.0M (30d), implying an effective fee rate of $89.0K/$118.7M ≈ 0.075% (7.5 bps) that is stable across 7d–30d. Revenue is $12.7K (24h) and $288.8K (30d), so revenue capture is ~14.3–14.4% of fees (≈1.07 bps of volume). Despite strong throughput and $28.3M all-time fees, the protocol’s maturity score is capped by 0 audits and N/A trust score, elevating smart contract and operational diligence requirements.