- 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 quietly taking over the industry, and the current dominant players, such as 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 $181 billion in transactions over the last 30 days and $40 billion over the last 7 days.
In contrast, all DEX networks on Ethereum processed $35 billion in transactions. This includes popular DEX platforms like Uniswap, whose monthly volume tumbled to $36 billion in May. At its peak, Uniswap used to handle over $124 billion in trading volume a month. All perpetual DEX networks on Ethereum processed over $42 billion in transactions.
Hyperliquid’s volume has surged due to growing innovation on its platform. For example, it has become the most popular venue for trading crude oil and gold futures during the ongoing war in Iran. 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 on assets such as indices and stocks.
Hyperliquid is Becoming a Top Name in the Stablecoin Industry
Hyperliquid is also becoming a major name in the stablecoin industry. While Ethereum and Tron are still the dominant players, their growth is accelerating.
The volume of stablecoins on its layer-1 chain has surged to over $6.8 billion, a notable increase from less than $1.5 billion in January last year.
Most notably, people are actively using stablecoins, with 30-day volume surging 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 their 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.
Hyperliquid uses most of its fees to burn the HYPE token. As a result, the number of burn tokens exceeds the number it releases annually. This is one of the top reasons the HYPE token’s price is outperforming SOL and ETH this year. HYPE has soared by 142%, while ETH has barely moved, and Solana is down by 5.2%.
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