Hyperliquid Captures 35% Blockchain Revenue in July 2025 Driven by Derivatives Demand

Hyperliquid captured 35% of all blockchain-generated revenue in July 2025, driven by a sharp increase in demand for its derivatives trading platform. This performance highlights the platform’s growing influence in the decentralized finance (DeFi) sector, as users shift toward efficient and non-custodial solutions amid regulatory challenges faced by traditional centralized exchanges [1]. The platform’s open interest reached $15.3 billion in July, reflecting a 369% increase year-to-date [1]. Additionally, over $5.1 billion in USDC has been bridged to Hyperliquid, signaling strong investor confidence and adoption ahead of native USDC and CCTP V2 integrations [1].

The platform’s rapid rise is further underscored by its market share: it accounts for 63% of 24-hour trading volume and over 74% of the market share in perpetual contracts, solidifying its position as a leading decentralized derivatives trading venue [1]. Matthew Sigel, the Head of Digital Assets Research at VanEck, attributed Hyperliquid’s revenue success to its ability to capture growth on Solana by offering a simple, high-volume product [1].

Looking ahead, Hyperliquid’s HIP-3 upgrade is expected to serve as a transformative milestone. The upgrade aims to transition the platform from a derivatives exchange to a full Web3 infrastructure layer, supporting DeFi applications and smart derivatives [1]. Analysts suggest that if executed effectively, HIP-3 could establish Hyperliquid as a dominant player in the DeFi market [1]. A user on X predicted that the platform could achieve over 50% dominance once the upgrade is fully operational [1].

However, challenges remain. A recent network outage disrupted withdrawals, raising concerns about the platform’s scalability and stability as adoption accelerates [1]. These incidents highlight the broader infrastructure challenges faced by high-growth DeFi projects. Despite these issues, many investors and analysts remain optimistic about Hyperliquid’s long-term potential, with prominent venture capital firm Paradigm reportedly holding up to $765 million in HYPE tokens [1].

Hyperliquid’s trajectory reflects a broader trend in the crypto market: a shift toward decentralized, transparent, and non-custodial solutions. As institutional and retail investors seek alternatives to centralized exchanges, platforms like Hyperliquid are well-positioned to capture significant market share. The success of HIP-3 will be a key determinant in whether Hyperliquid can sustain its momentum and solidify its role as a foundational layer in the evolving Web3 ecosystem [1].

Source: [1] Hyperliquid’s July Revenue Surge Suggests Potential for Dominance Amid HIP-3 Upgrade and Scalability Challenges (https://en.coinotag.com/hyperliquids-july-revenue-surge-suggests-potential-for-dominance-amid-hip-3-upgrade-and-scalability-challenges/)