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- Hyperliquid generated $104M in 30-day revenue, outpacing Solana.
- DEX trading volume hit $330B, surpassing Robinhood for three months.
- Analysts project HYPE could capture 50% of blockchain revenue by 2025.
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Hyperliquid [HYPE] has rapidly emerged as one of the most dominant forces in blockchain revenue, outpacing major competitors like Solana. Data from Blockworks reveals that in July 2025 alone, Hyperliquid generated $87.7 million in revenue, slightly ahead of Solana’s $87.0 million. Over the past 30 days, Hyperliquid’s network revenue surged to $104 million, capturing 31.6% of the market, while Solana trailed with $77.5 million (23.5%).
Hyperliquid DEX Outpaces Robinhood
Much of this growth is fueled by the Hyperliquid DEX, which runs on its proprietary L1. In July, the exchange’s spot and perpetual trading volume hit $330 billion, outpacing Robinhood’s $237 billion by more than $90 billion. This marked the third consecutive month that Hyperliquid’s volumes surpassed the retail trading giant.
The platform has also eaten into centralized exchanges’ (CEX) market share, dominating spot trading for major assets like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). With expanding usage, HYPE continues to be the biggest beneficiary of this momentum.
Analysts Eye 50% Market Share by Year-End 2025
Ryan Watkins, co-founder of Syncracy Capital, believes Hyperliquid could command half of all blockchain revenue by the end of 2025. He highlighted the upcoming HIP-3 markets, which would extend Hyperliquid beyond crypto to cover U.S. equities, pre-IPO startups, and prediction markets.
Meanwhile, Arthur Hayes projected that HYPE could see a 126x surge, fueling further bullish sentiment around the token’s valuation.
Record Open Interest and New Price Highs
On the market side, HYPE’s Open Interest (OI) reached $2.3 billion, signaling soaring demand in futures trading. The token recently hit an all-time high of $51.07, following a 10% daily rally, while chart patterns suggest a bullish continuation.
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However, a 9.9 million token unlock scheduled for November could introduce near-term volatility in Q4, making it a critical period for investors to watch.
Hyperliquid’s rise in revenue dominance, trading activity, and market share has positioned it as one of the most formidable blockchain ecosystems of 2025. While bullish catalysts point to further upside, the November unlock may test market resilience. For now, Hyperliquid remains one of the fastest-growing networks, with HYPE at the center of investor attention.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Arthur Hayes Predicts 126x Upside for Hyperliquid’s HYPE Token
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
