Hyperliquid’s derivatives platform drove 35% of blockchain revenue in July, capturing high-value users from struggling Solana.
Massive adoption of decentralized derivatives exchange Hyperliquid 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 specifically at the expense of Solana, as well as Ethereum and BNB Chain, VanEck researchers wrote in a monthly crypto recap report.
“Hyperliquid was able to capture much of Solana’s momentum, and likely Solana’s market capitalization, because it offers a simple, highly functional product,” VanEck head of digital assets research, Matthew Sigel, and fellow analysts Patrick Bush and Nathan Frankovitz said, adding:
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