Hyperliquid revenue surges as it takes users from Solana: VanEck

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

Massive adoption of decentralized derivatives exchange Hyperliquid 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 specifically at the 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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