HYPE Price Falls, But Hyperliquid Still Leads in Fees

Key Points

• Hyperliquid ranks #1 in daily blockchain fees, surpassing BNB Chain, Solana, and Ethereum
• Perpetual trading volume exceeds $50B weekly, cementing Hyperliquid’s market leadership
• Proposal plans to burn 442M HYPE tokens, cutting total supply and reducing future dilution

Despite recent price declines in HYPE, Hyperliquid has become the leading blockchain by network fee generation in the past 24 hours. According to on-chain data, it outperformed BNB Chain, Solana, and Tron, pushing Ethereum to the fifth position.

Bitcoin and Base followed further down the list, indicating lower activity compared to smart contract-focused networks. This shift highlights Hyperliquid’s growing dominance in blockchain usage and revenue, even as its token faces bearish pressure.

Perpetual Market Volume Surges as Governance Eyes Major Supply Cut

Artemis data shows Hyperliquid has captured over $50 billion in cumulative seven-day perpetual trading volume, leading all competitors. Lighter and Aster trail far behind, while others like GMX, ApeX, and Avantis remain below $5 billion.

This volume advantage strengthens Hyperliquid’s position in the decentralized derivatives sector and supports continued network adoption. Meanwhile, a governance proposal by Jon Charbonneau and Hasu could cut HYPE’s total supply by 45%.

The proposal aims to burn 442 million unissued tokens, reducing total supply to 558 million and lowering fully diluted valuation to $25–26 billion. This move could mitigate dilution ahead of a major unlock event scheduled for November 29, 2025.

The upcoming unlock will release 237.8 million tokens over 24 months, worth approximately $11 billion at current prices. If approved, the burn would offset most of this supply, reinforcing deflationary momentum supported by protocol buybacks and staking.

In addition, the proposal would transition HYPE from a fixed supply to a flexible issuance model, similar to Ethereum or Solana. This change may improve market confidence by aligning tokenomics with real usage and revenue distribution.

At press time, HYPE trades at $48.17, posting a 1.21% hourly and 1.91% daily decline. The token has dropped 9.60% over the last seven days, reflecting sustained bearish pressure despite strong platform performance.