Hyperliquid Surges Past Ethereum in Weekly Revenue

Hyperliquid, a layer-1 blockchain network, has recently surpassed Ethereum in weekly revenues, marking a significant shift in the cryptocurrency landscape. According to data from DefiLlama, Hyperliquid generated approximately $12.8 million in protocol revenues over the past seven days, compared to around $11.5 million for the Ethereum network as of February 3.

Hyperliquid's rapid ascent can be attributed to its success as a venue for trading perpetual futures, or "perps," which are derivatives that allow traders to buy or sell an asset at a future date with no expiration. The platform has clocked approximately $470 million per day in transaction volume, nearly double its daily transaction volume at the start of the year.

Ethereum, however, still leads in daily volume with roughly $4.7 billion as of February 3. However, the network experienced a sharp drop in revenue in 2024 after the March Dencun upgrade cut transaction fees by approximately 95%. This decline in fees, coupled with a lack of sufficient volume to make up for the fee decline, has presented challenges for Ethereum.

Meanwhile, other layer-1 blockchains like Solana are catching up with Ethereum in terms of apps, use cases, fees, and amount staked. In January, Solana surpassed Ethereum in 24-hour decentralized exchange trading volume, boosted by memecoin trading activity. As of February 3, Solana sees more than double Ethereum's volume, with around $8.9 billion in daily transactions versus Ethereum's roughly $4 billion.

Hyperliquid's rise is also notable for its flagship perps exchange, which has captured 70% of the market share, surpassing rivals such as GMX and dYdX. The layer-1 network has become one of the most valuable blockchains since launching its HYPE token in a November airdrop. As of February 3, HYPE trades at a fully diluted value of around $25 billion, having gained more than 500% since launching on November 29.

However, Hyperliquid's nascent smart contract platform has yet to attract much of a developer community. In 2025, Hyperliquid aims to launch an Ethereum Virtual Machine smart contract platform, which is crucial for diversifying its