Hyperliquid Captures 35% of Blockchain Revenue in July Amid Solana’s Struggles

• Hyperliquid’s revenue growth is attributed to its superior user experience in derivatives trading.

• Open interest on Hyperliquid surged to $15.3 billion, up 369% year-to-date.

• HYPE token reached an all-time high of $49.75, showcasing strong market performance.

Hyperliquid’s rise in blockchain revenue highlights its competitive edge over Solana, making it a key player in the crypto derivatives market.

What is Hyperliquid?

Hyperliquid is a decentralized derivatives exchange that has rapidly gained traction in the blockchain space. It offers a user-friendly platform for trading perpetual futures, which are contracts that allow traders to speculate on cryptocurrency prices without expiration dates.

How Has Hyperliquid Grown in July?

In July, Hyperliquid’s revenue soared, capturing a significant portion of blockchain revenue, primarily at the expense of Solana. According to VanEck, Hyperliquid’s user-friendly product has attracted high-value users from Solana, which has struggled with reliability issues.

Frequently Asked Questions

What are the advantages of using Hyperliquid?

Hyperliquid offers a streamlined trading experience, low fees, and high liquidity, making it an attractive option for traders looking for efficiency.

Why is Solana losing market share to Hyperliquid?

Solana has faced reliability issues and has not delivered significant improvements in user experience, allowing Hyperliquid to capitalize on these weaknesses.

Key Takeaways

• Hyperliquid’s revenue growth: Captured 35% of blockchain revenue in July.
• Open interest surge: Reached $15.3 billion, indicating strong market interest.
• HYPE token performance: Achieved an all-time high, reflecting investor confidence.

Conclusion

Hyperliquid’s impressive growth in July highlights its competitive edge in the crypto derivatives market. As it continues to attract users from platforms like Solana, it sets a new standard for trading efficiency and user experience.

• Hyperliquid’s superior derivatives platform drove 35% of blockchain revenue in July, capturing high-value users from struggling Solana.

• Massive adoption and use of decentralized derivatives exchange, Hyperliquid, has led to a huge increase in Hyperliquid network revenue in July — largely at the expense of Solana, according to VanEck.

• In July, Hyperliquid earned 35% of all blockchain revenue, with growth coming at the particular expense of Solana, as well as Ethereum and BNB Chain, VanEck researchers wrote in a monthly crypto recap report.

Hyperliquid’s rise in blockchain revenue highlights its competitive edge over Solana, making it a key player in the crypto derivatives market.

Hyperliquid Open Interest Surges

“Hyperliquid is emerging as the leading onchain perps venue,” reported Our Network in a newsletter seen by Cointelegraph.

Open interest reached $15.3 billion in July and is up 369% year-to-date, with more than $5.1 billion USDC having been bridged in, it added.

Phantom Wallet integration, which offers in-app perps, drove $2.66 billion in volume, $1.3 million in fees, and 20,900 new users to Hyperliquid in July.

Crypto perpetual futures are derivatives contracts that let traders speculate on cryptocurrency prices without expiration dates.

HYPE Prices Hit July All-Time High

The platform’s native token (HYPE) has also rallied recently, hitting an all-time high of $49.75 on July 14 from a low of just over $10 in early April.

Comparatively, Solana’s native token (SOL) has lost 44% since its January all-time high, which was primarily driven by the memecoin frenzy.

HYPE was trading down 3% on the day at $37.38 in a broader market retreat, at the time of writing.