Hyperliquid Captures 35% of Blockchain Revenue, Surpassing Solana in July

Hyperliquid has emerged as a dominant player in the blockchain space by capturing 35% of total blockchain revenue in July 2025. This milestone allowed it to surpass Solana (SOL) as the leading platform for on-chain activity.

Solana Loses Ground as Hyperliquid Gains Momentum

According to VanEck’s July report, the momentum that Solana once enjoyed is now fueling Hyperliquid’s rapid rise. Hyperliquid’s platform offers a simplified and user-friendly experience without sacrificing capability, attracting high-value users and significant trading volume. Many users who previously relied on Solana have migrated to Hyperliquid, contributing not only to its increased usage but also potentially impacting Solana’s valuation. While Solana built its reputation on high-speed transactions and a developer-friendly environment, it has struggled to meet growing market demands in certain areas.

Hyperliquid’s Rise Fueled by Expanding Derivatives Market

A key factor in Hyperliquid’s growth is its focus on the perpetual trading market, which continues to see increasing user interest. Hyperliquid provides a refined and performant platform for perpetual futures trading, an area where Solana has not made significant improvements. By the end of July, Hyperliquid’s open interest reached $15.6 billion, marking a 360% increase year-to-date, according to CoinGecko data. This surge highlights the platform’s rapid expansion within the derivatives sector. Additionally, users bridged over $5.1 billion worth of USDC to Hyperliquid in July, enhancing liquidity and enabling more robust trading activity. These developments helped Hyperliquid top blockchain revenue charts, outpacing not only Solana but also Ethereum and other major networks.

Integration Boosts Trading Volume and Market Standing

In July, Hyperliquid integrated with Phantom Wallet, allowing users to access perpetual swaps directly within the app. This integration simplified user access and boosted trading volume to $2.66 billion for the month. The platform generated $1.3 million in fees during this period, further solidifying its revenue dominance. Hyperliquid’s native token, HYPE, appreciated by over 76% in the last three months, helping the platform enter the top 15 cryptocurrencies by market capitalization. Despite a recent short-term correction where HYPE fell 11% over the past week and an additional 2% on the latest trading day, the overall performance remains strong.

Solana’s Current Position and Outlook

Solana remains one of the largest cryptocurrencies with a market capitalization around $89 billion, though this is a significant decline from its peak earlier in 2025. SOL reached an all-time high of $294 in January but has since dropped over 43%, currently trading near $165. VanEck predicted in February that SOL could reach $520 by the end of 2025. While this target remains distant, potential approval of a Solana ETF could act as a catalyst for price appreciation.

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Frequently Asked Questions (FAQ)

Hyperliquid's Performance and Strategy

Q: What is Hyperliquid's market share in blockchain revenue? A: Hyperliquid captured 35% of total blockchain revenue in July 2025. Q: What factors contributed to Hyperliquid's growth? A: Hyperliquid's growth is attributed to its user-friendly platform, focus on the perpetual trading market, integration with Phantom Wallet, and significant user migration from other platforms like Solana. Q: How much open interest did Hyperliquid achieve by the end of July? A: Hyperliquid's open interest reached $15.6 billion by the end of July. Q: What is the significance of users bridging USDC to Hyperliquid? A: Users bridging USDC to Hyperliquid enhances the platform's liquidity and enables more robust trading activity.

Solana vs. Hyperliquid

Q: Why has Hyperliquid surpassed Solana in on-chain activity? A: Hyperliquid's simplified user experience and strong performance in the derivatives market have attracted users and trading volume, leading it to surpass Solana in on-chain activity. Q: How has Solana's market position changed? A: While still a large cryptocurrency, Solana has seen a decline from its previous peak, with its SOL token dropping significantly from its all-time high.

Hyperliquid's Token and Integrations

Q: How has Hyperliquid's native token, HYPE, performed recently? A: HYPE has appreciated by over 76% in the last three months, contributing to Hyperliquid's entry into the top 15 cryptocurrencies by market capitalization. Q: What was the impact of the Phantom Wallet integration on Hyperliquid? A: The integration simplified user access to perpetual swaps and boosted trading volume to $2.66 billion for the month of July.

Crypto Market AI's Take

Hyperliquid's impressive surge in blockchain revenue and on-chain activity highlights a key trend in the evolving crypto landscape: the increasing demand for specialized and performant platforms, particularly in the derivatives sector. As traders seek more efficient and user-friendly experiences, platforms that can cater to these specific needs are poised for significant growth. This shift underscores the dynamic nature of blockchain technology, where innovation and adaptation are crucial for maintaining market leadership. Understanding these shifts is vital for any serious investor or trader in the digital asset space. Our platform offers comprehensive AI-driven tools to navigate these market dynamics, providing insights into emerging trends and platform performance. Explore our AI-powered trading bots and market analysis to stay ahead in this fast-paced environment.

More to Read:

• Bitcoin Surges Past $60,000: A Deep Dive into Market Trends
• Solana's Ecosystem Growth and Future Outlook
• Understanding Decentralized Finance (DeFi): A Comprehensive Guide

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Source: Hyperliquid Captures 35% of Blockchain Revenue, Surpassing Solana in July by Ifeoluwa Olalere