Solana News Today: Hyperliquid Claims 35% Blockchain Revenue Share in July 2025, Surpassing Solana and Ethereum

Hyperliquid’s decentralized derivatives platform captured 35% of all blockchain revenue in July 2025, surpassing Solana, Ethereum, and BNB Chain, according to VanEck’s monthly crypto recap report[1]. This shift marks a pivotal moment in the blockchain revenue landscape, as Hyperliquid’s revenue dominance came largely at the expense of Solana, which dropped from the top position to third place[2]. The rapid growth of Hyperliquid is attributed to its focus on seamless perpetual futures trading and the ability to retain high-value users from competing platforms, particularly those frustrated with Solana’s delayed upgrades and reliability issues[3].

In July, Hyperliquid’s open interest surged to $15.3 billion, reflecting a 369% year-to-date increase. The platform also attracted $5.1 billion in USDC inflows, a sign of strong user confidence and capital migration from other chains[4]. Phantom Wallet integration further fueled growth, generating $2.66 billion in trading volume and adding 20,900 new users to the platform. The HYPE token, Hyperliquid’s native token, reached an all-time high of $49.75 in early July, compared to just over $10 in early April[5]. By contrast, Solana’s native token, SOL, had dropped 44% from its January peak, reflecting a broader market correction and the fading momentum of the memecoin trend[6].

VanEck’s researchers highlighted that Hyperliquid’s success stems from its ability to offer a simpler, more functional product compared to its competitors. The firm noted that Hyperliquid has “poached high-value users from Solana and has retained them,” emphasizing the platform’s strategic focus on user retention and a superior trading experience[7]. This user migration is not only a function of Hyperliquid’s product quality but also the result of its aggressive onboarding and integration efforts, such as its work with Phantom Wallet[8].

The decentralized derivatives market is now firmly in the spotlight, with perpetual futures emerging as a key battleground for blockchain platforms. Hyperliquid’s ability to provide a high-quality, user-friendly trading environment has positioned it as a leading onchain perps venue. According to VanEck, this momentum is not a temporary spike but a result of a deliberate strategy targeting high-value users from other chains[9]. As the derivatives market continues to evolve, the ability to maintain user engagement and deliver a seamless trading experience will remain crucial to long-term success[10].

Hyperliquid also reported a July trading volume of $320 billion, a 47% increase from June and a 28% rise from May’s record, according to AInvest. The platform now holds a 75% market share in decentralized perpetual futures trading[11]. This performance underscores Hyperliquid’s growing influence and its capacity to redefine user expectations in the decentralized trading space.

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Source:

[1] title1.............................(https://cointelegraph.com/news/hyperliquid-blockchain-revenue-surges-poaches-users-from-solana-vaneck)

[2] title2.............................(https://www.ainvest.com/news/solana-news-today-hyperliquid-poaches-users-solana-blockchain-revenue-surges-35-july-2508/)

[3] title3.............................(https://cryptorank.io/news/feed/8774f-hyperliquid-beats-solana-ethereum-bnb)

[9] title9.............................(https://seekingalpha.com/article/4809424-vaneck-crypto-monthly-recap-july-2025)

[11] title11...........................(https://www.ainvest.com/news/hyperliquid-surpasses-320-billion-july-trading-volume-47-june-2508/)