VanEck stated that the large-scale adoption of the decentralized derivatives exchange Hyperliquid has driven a significant increase in Hyperliquid's network revenue in July, primarily at the expense of Solana's market share.
In July, Hyperliquid captured 35% of all blockchain revenue, with growth mainly coming from Solana, as well as Ethereum and the BNB chain, according to VanEck researchers in their monthly cryptocurrency review report.
"Hyperliquid has been able to capture much of Solana's momentum, possibly even its market cap, as it offers a simple yet powerful product," said Matthew Sigel, VanEck's head of digital asset research, along with analysts Patrick Bush and Nathan Frankovitz, adding:
They noted that despite Solana struggling with reliability issues and failing to complete core software upgrades on time, Hyperliquid has benefited by providing a superior user experience for derivatives trading.
"Hyperliquid is becoming the leading on-chain perpetual futures trading venue," reported Our Network in a communication seen by Cointelegraph.
In July, open interest reached $153 billion, a 369% increase year-to-date, with over $5.1 billion of USDC bridged in, it added.
The integration of Phantom Wallet provided in-app perpetual futures trading, driving $2.66 billion in trading volume, $1.3 million in fees, and 20,900 new users joining Hyperliquid in July.
Cryptocurrency perpetual futures are derivative contracts that allow traders to speculate on cryptocurrency prices without an expiration date.
The platform's native token (HYPE) has also risen, climbing from just above $10 in early April to a record high of $49.75 on July 14.
Solana's native token (SOL) has dropped 44% since its all-time high in January, primarily driven by the meme coin craze.
At the time of writing, HYPE is down 3% in a broader market pullback, priced at $37.38.
Related: A bull market does not mean complacency: Q2 earnings reports from crypto concept companies reveal transformation pains
Original article: “VanEck Report: Hyperliquid Revenue Soars, Poaching Users from Solana”
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