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:

“Hyperliquid has poached high-value users from Solana and has retained them.”

While Solana has struggled with reliability issues and failed to meet production deadlines for core software upgrades, Hyperliquid has capitalized by providing a superior user experience in derivatives trading, they said.

“Solana has not delivered meaningful improvements to boost its user experience, specifically in perpetual futures (perps) trading, and Hyperliquid stepped up with a better product.”

*Hyperliquid earned more than a third of all blockchain revenue in July. Source:* *VanEck*

Hyperliquid open interest surges

“Hyperliquid is emerging as the leading onchain perps venue,” reported Our Network in a newsletter seen by Cointelegraph.

Open interest reached $15.3 billion in July and is up 369% year-to-date, with more than $5.1 billion USDC (USDC) having been bridged in, it added.

Phantom Wallet integration, which offers in-app perps, drove $2.66 billion in volume, $1.3 million in fees, and 20,900 new users to Hyperliquid in July.

Crypto perpetual futures are derivative contracts that let traders speculate on cryptocurrency prices without expiration dates.