Hyperliquid Captures 35% of Blockchain Revenue as HYPE Soars

Published: 2025-08-06 08:08:08 |

According to a VanEck report, decentralized DeFi derivatives exchange Hyperliquid captured 35% of total blockchain revenue in July, drawing high-value traders from Solana amid reliability issues and delayed upgrades. Open interest on Hyperliquid surged to $15.3 billion—up 369% year-to-date—with over $5.1 billion in USDC bridged in. Integration with Phantom Wallet powered $2.66 billion in perpetual futures volume, generating $1.3 million in fees and adding 20,900 new users. Hyperliquid’s native token HYPE climbed from about $10 in April to an all-time high of $49.75 on July 14 before easing to $37.38 amid a broader pullback. Meanwhile, Solana’s SOL token has fallen 44% since January. This rapid growth in blockchain revenue underscores rising demand for on-chain derivatives and positions Hyperliquid as a leading DeFi derivatives DEX.

Bullish

This news is bullish for HYPE because Hyperliquid’s dramatic increase in blockchain revenue and open interest demonstrates strong platform adoption and user growth. In the short term, traders are likely to chase momentum following HYPE’s recent ATH and rising fees. Over the long term, sustained USDC inflows, integration with major wallets like Phantom, and leading market share among on-chain derivatives can support token utility and demand. The contrast with SOL’s decline further highlights Hyperliquid’s competitive edge, reinforcing positive sentiment and potential price appreciation for HYPE.