VanEck Reports Surge in Hyperliquid’s Network Revenue
U.S. asset management firm VanEck noted in its monthly market report that the decentralized derivatives exchange Hyperliquid experienced explosive adoption in July, significantly boosting its network revenue, largely due to the platform capturing traffic and users from Solana in the on-chain trading space.
VanEck’s research team indicated that Hyperliquid contributed 35% of the overall revenue in the blockchain industry in July, with its growth primarily coming from the market share taken from Solana, and partly from Ethereum and BNB Chain.
Matthew Sigel, Head of Digital Asset Research at VanEck, along with analysts Patrick Bush and Nathan Frankovitz, stated:
Source: VanEck
VanEck’s report highlighted that Solana is facing stability issues and has failed to deliver timely core software upgrades, while Hyperliquid has seized the opportunity by offering a superior derivatives trading experience. The analysts wrote:
Surge in Open Contracts on Hyperliquid
Blockchain data analytics firm OurNetwork reported that Hyperliquid is built on a customized Layer 1 blockchain and offers a user experience similar to centralized exchanges, rapidly emerging as a leading on-chain perpetual contract trading platform.
Data shows that the total open contracts on Hyperliquid reached $15.3 billion in July, representing a staggering growth of 369% year-to-date. Currently, over $5.1 billion of USDC has been cross-chain transferred into the Hyperliquid ecosystem.
Source: OurNetwork
The integration with the crypto wallet Phantom has also played a significant role. The wallet generated $2.66 billion in trading volume and $1.3 million in fee revenue through its built-in perpetual contract trading feature, bringing 20,900 new users to Hyperliquid.
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