MetaMask Adds Support for Hyperliquid Swaps, Eyes Polymarket Integration

In brief

MetaMask users can trade derivatives using Hyperliquid’s infrastructure.
The self-custodial wallet plans to add support for Polymarket.
MetaMask users can earn rewards, including Linea’s native token.

Popular crypto wallet MetaMask unveiled native support for Hyperliquid on Wednesday, allowing users to more easily speculate on the price of various cryptocurrencies through the up-and-coming decentralized exchange.

In a press release, MetaMask said the integration is a direct response to the growing popularity of perpetual futures, which allow traders to make outsized bets on digital assets like Bitcoin and Ethereum using leverage, and unlike traditional features, don’t feature an expiration date.

Traders have traditionally turned to centralized exchanges like Binance and OKX for perpetual futures, but the Consensys-owned project underscored that trading volumes for the derivatives reached an all-time high of $765 billion in August on their decentralized competitors. (Disclaimer: Consensys is one of 22 investors in an editorially independent Decrypt.)

“Ultimately, we’re working not just to bring people on-chain, but to create the reasons users will never want to leave,” MetaMask’s Global Product Lead, Gal Eldar, said in a statement. “This marks another step in transforming MetaMask into an on-chain platform for personal finance.”

Centralized platforms for perpetual futures command a majority of volume and open interest, but decentralized alternatives are “gaining slight ground,” with Hyperliquid leading the charge, according to a March report from crypto data provider CoinGecko.

Hyperliquid’s HYPE token rose 2.4% on Wednesday to $46.12. The cryptocurrency’s price has soared 76% year-to-date from $26.19 in January.

MetaMask also said on Wednesday that it will integrate Polymarket, the prediction-market platform that just inked a $2 billion deal with the owner of the New York Stock Exchange. The crypto wallet is expected to add native support for Polymarket later this year.

Since its debut in 2016, MetaMask has added features in response to industry trends, extending its focus beyond Ethereum. That includes MetaMask’s recent support of Bitcoin and Solana, as well as MetaMask’s embrace of an in-wallet service for exchanging tokens in 2021.

MetaMask is planning on releasing a token, and it said a seasonal points system will dovetail with that. For the next three months, MetaMask said users can earn points to unlock rewards like native tokens for Linea, the Consensys-owned Ethereum layer-2 network.