Solana News Today: Hyperliquid Poaches Users from Solana as Blockchain Revenue Surges 35% in July

Hyperliquid’s blockchain revenue surged dramatically in July, capturing 35% of the total industry revenue, according to VanEck’s monthly crypto recap report [1]. This significant growth came largely at the expense of Solana, as well as Ethereum and BNB Chain, which have seen users and capital shift toward Hyperliquid’s decentralized derivatives platform [2]. VanEck researchers attributed the platform’s success to its ability to offer a simpler and more functional product, effectively capitalizing on Solana’s recent reliability issues and delayed software upgrades [3].

Matthew Sigel, VanEck’s Head of Digital Assets Research, along with colleagues Patrick Bush and Nathan Frankovitz, noted that Hyperliquid has "poached high-value users from Solana and has retained them." The report emphasized that Solana has failed to deliver meaningful improvements to its user experience, particularly in perpetual futures (perps) trading, a space where Hyperliquid has provided a superior alternative [4].

In July, Hyperliquid’s open interest hit $15.3 billion, marking a 369% increase year-to-date [5]. The platform also saw a significant inflow of $5.1 billion in USDC, further underlining its growing influence in the derivatives market. Phantom Wallet integration, which enables in-app perps trading, contributed significantly, driving $2.66 billion in volume and 20,900 new users to the platform [6].

Hyperliquid’s native token, HYPE, reached an all-time high of $49.75 on July 14, up from a low of just over $10 in early April [7]. In contrast, Solana’s native token, SOL, has declined by 44% since its January peak, largely due to the waning momentum of the memecoin craze. At the time of writing, HYPE was trading at $37.38, down 3% amid a broader market pullback [8].

Crypto perpetual futures, which allow traders to speculate on price movements without expiration dates, have become a key battleground for decentralized exchanges. Hyperliquid’s ability to deliver a high-quality, user-friendly experience in this space has positioned it as a leading onchain perps venue [9].

VanEck’s analysis suggests that Hyperliquid’s success is not a one-off but the result of a deliberate strategy to target high-value users from competing platforms. As the decentralized derivatives market continues to evolve, the ability to retain users and provide a seamless trading environment will remain critical to long-term growth [10].

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