- Hyperliquid is beating Solana and Ethereum in key metrics this year.
- Its perpetual DEX volume is much higher than what protocols on Solana and Ethereum handle.
- The HYPE token price is up by 142% this year compared to what ETH and SOL have done.
Hyperliquid, a crypto project launched in 2024, is silently taking over the industry, and the current dominant players like Ethereum (ETH) and Solana (SOL) are not safe.
Hyperliquid Perpetual Futures Volume is Soaring
Third-party data shows that Hyperliquid is taking over across the most important areas in the crypto industry, and investors are being rewarded as the HYPE token has jumped to a record high.
A good example of this is in its core perpetual futures industry, where it is beating most of the biggest networks, combined. Data compiled by DeFi Llama shows that the platform processed transactions worth $181 billion in the last 30 days and $40 billion in the last seven days.
In contrast, all the DEX networks on Ethereum handled transactions worth $35 billion. This includes popular DEX platforms like Uniswap, whose monthly volume tumbled to $36 billion in May. At its peak, Uniswap used to handle volume worth over $124 billion a month. All perpetual DEX networks on Ethereum handled transactions worth over $42 billion.
Hyperliquid’s volume has surged because of the growing innovation in its platform. For example, it has become the most popular venue for trading crude oil and gold futures products during the ongoing Iran war. Its WTI and Brent futures are attracting billions of dollars in volume a week.
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The network has moved to other industries as well. For example, thanks to HIP-3, Hyperliquid has become a major player in the real-world asset (RWA) tokenization industry, where it has handled over $2 billion in assets. It now offers perpetual futures contracts across assets like indices and stocks.
Hyperliquid is Becoming a Top Name in the Stablecoin Industry
Meanwhile, Hyperliquid is becoming a major name in the stablecoin industry. While Ethereum and Tron are still the dominant players, its growth is accelerating.
The volume of stablecoins in its layer-1 chain has surged to over $6.8 billion, a notable about since it had less than $1.5 billion in assets in January last year.
Most notably, people are actively using the stablecoins as the 30-day volume surged to over $22 billion. These are notable numbers and are a sign that the growth will accelerate over time.
Hyperliquid’s Fees Continue Soaring and Beating Solana and Ethereum
All these numbers have translated to its network fees. Data compiled by TokenTerminal shows that Hyperliquid made over $925 million in fees in the last 12 months.
Hyperliquid made over $53 million in the last 30 days, while Ethereum generated just $5.1 million. Solana made less than $2 million in the same period. For a long time, Ethereum and Solana were the most profitable players in the crypto industry.
HYPE vs SOL vs ETH prices | Source: TradingView
Hyperliquid uses most of its fees to burn the HYPE token. As a result, the amount of the burn tokens is more than those that it releases annually. This is one of the top reasons why the HYPE token price is beating SOL and ETH this year. HYPE has soared by 142%, while ETH is barely moved, and Solana is down by 5.2%.
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