Solana News Today: Hyperliquid Captures 35% of On-Chain Revenue Amid Solana Exodus

Hyperliquid’s blockchain revenue surged significantly in July, capturing 35% of total on-chain revenue across the crypto space, according to VanEck. This rapid growth came largely at the expense of Solana, as well as Ethereum and BNB Chain [1]. VanEck’s Head of Digital Assets Research, Matthew Sigel, along with analysts Patrick Bush and Nathan Frankovitz, attributed the shift to Hyperliquid’s superior user experience in derivatives trading. They noted that the platform has successfully attracted and retained high-value users from Solana, which has struggled with reliability issues and delays in core software upgrades [1].

The analysts highlighted that Solana has yet to make meaningful improvements in areas such as perpetual futures (perps) trading, a segment where Hyperliquid has emerged as a dominant player [1]. According to a report by Our Network, Hyperliquid’s open interest reached $15.3 billion in July, marking a 369% increase year-to-date. Over $5.1 billion in USDC had been bridged into the platform, underscoring its growing adoption [1]. The integration with Phantom Wallet, which enables in-app perps trading, further fueled this growth by driving $2.66 billion in volume, $1.3 million in fees, and 20,900 new users in July alone [1].

Hyperliquid’s native token, HYPE, experienced a significant price surge, reaching an all-time high of $49.75 on July 14. This marked a sharp increase from just over $10 in early April. At the time of writing, HYPE was trading at $37.38, down 3% amid broader market weakness [1]. This performance contrasts with that of Solana’s native token, SOL, which had dropped 44% from its January all-time high, largely due to the waning memecoin frenzy [1].

The rise of Hyperliquid reflects a growing shift in user preferences toward platforms offering reliable, high-performance derivatives trading. As VanEck observed, the platform’s functional and user-friendly design has allowed it to capitalize on Solana’s shortcomings and gain a significant market share in a short period [1]. The trend highlights the increasing importance of user experience and product functionality in the competitive on-chain derivatives market.

Source: [1] Hyperliquid revenue surges as it leeches users from Solana – Cointelegraph (https://cointelegraph.com/news/hyperliquid-blockchain-revenue-surges-poaches-users-from-solana-vaneck)