Hyperliquid revenue surges as it leeches users from Solana: VanEck

Hyperliquid’s superior derivatives platform drove 35% of blockchain revenue in July, capturing high-value users from struggling Solana.

Massive adoption and use of decentralized derivatives exchange, Hyperliquid, has led to a huge increase in Hyperliquid network revenue in July — largely at the expense of Solana, according to VanEck. 

In July, Hyperliquid earned 35% of all blockchain revenue, with growth coming at the particular expense of Solana, as well as Ethereum and BNB Chain, VanEck researchers wrote in a monthly crypto recap report. 

“Hyperliquid was able to capture much of Solana’s momentum, and likely Solana’s market capitalization, because it offers a simple, highly functional product,”  VanEck Head of Digital Assets Research, Matthew Sigel and fellow analysts Patrick Bush and Nathan Frankovitz said, adding: 

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