Hyperliquid conquers 35% of the entire blockchain sector

Hyperliquid achieved an impressive milestone in July, obtaining 35% of the revenue generated in total by all blockchains, with a lightning-fast growth that surpassed Solana, Ethereum, and BNB Chain.

What is Hyperliquid and why does it attract so much capital?

Hyperliquid is a decentralized exchange platform specializing in crypto derivatives, with a particular focus on perpetual futures: derivative instruments that allow speculation on the price trends of cryptocurrencies without expirations. Unlike many competing solutions, Hyperliquid stands out for its ease of use, speed, and reliability – elements that, according to VanEck, have convinced many users to leave Solana for Hyperliquid.

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With an open interest that reached $15.3 billion in July, Hyperliquid has seen its activity grow by 369% since the beginning of the year. Over $5.1 billion in USDC have been “bridged” on the platform, indicating a massive movement of capital.

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Why is Solana losing ground against Hyperliquid?

According to the monthly report by VanEck, Solana has been particularly penalized by reliability issues and continuous delays in software updates. The research team led by Matthew Sigel emphasizes that Solana has failed to significantly improve the user experience in the niche of perpetual futures, thus leaving room for Hyperliquid for an “aggressive recovery” of high-value users.

The difference was also seen in the value of the tokens: while SOL lost 44% from the January high (driven by the “memecoin frenzy”), the HYPE token of Hyperliquid soared from just above $10 in April to an ATH of $49.75 on July 14, then stabilized at $37.38 during a general market correction phase.

Who is using Hyperliquid, and what are the key numbers?

The massive adoption of Hyperliquid is reflected in the numbers of July 2024:

• $15.3 billion of open interest;
• +369% YTD;
• $5.1 billion in USDC bridge;
• 35% of the world’s blockchain revenue;
• 20,900 new users thanks only to the integration with Phantom Wallet.

One of the keys to recent success has been the integration of perpetual futures directly on Phantom Wallet. This solution has generated $2.66 billion in volume, $1.3 million in fees, and has significantly expanded the user base that can speculate and hedge in a native and intuitive way.

What do Solana, Ethereum, and BNB Chain risk?

The Hyperliquid case highlights how the competition among DEX exchanges is increasingly dominated by those who manage to offer UX and scalability, much more than just “transaction speed.” Solana, long riding the wave also thanks to the popularity of memecoin, risks a structural shift of capital and traders towards platforms like Hyperliquid, which now attract – and retain – a high-value professional and retail clientele.

Ethereum and BNB Chain, traditionally leaders in DeFi, must therefore face unprecedented competitive pressure: promises of updates are no longer enough, but functional, intuitive, and reliable services are needed.

What are the prospects for HYPE and the memecoin market?

The rally of the HYPE token has been spectacular, but also volatile: after the all-time high on July 14, the price experienced a decline (-3% to $37.38) during a retracement phase of the entire sector. This trend reflects both the real growth of the platform and a speculative tension typical of the DeFi and memecoin ecosystem.

In the meantime, the collapse of SOL (-44%) from the January highs, driven by meme projects, shows how the rotation of capital follows “hot” trends but also the operational satisfaction of traders. Therefore, the future of HYPE depends on Hyperliquid’s ability to maintain these standards and continue to innovate on the new demands of the crypto community.

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What happens now? Future opportunities and risks

With 35% of blockchain revenue in July, Hyperliquid has established itself as a new point of reference for those operating with crypto derivatives. The exodus of users from Solana and the capital boom on HYPE are signals that the market does not forgive unreliable or uninnovative platforms.

However, the race is just beginning: the risk of excesses, vulnerabilities, and fierce competition remains high. Everything can change in the coming weeks. Operators will need to closely monitor the developments of the platform, the stability of the HYPE token, and the reactions of the historical competitors in DeFi.

Follow the Hyperliquid community on the official channels, stay updated and carefully evaluate every move in a market that does not leave second places.