Hyperliquid, a decentralized derivatives exchange, dominated blockchain revenue generation in July, capturing an unprecedented 35% market share. This surge significantly impacted Solana’s position within the derivatives landscape amid persistent network reliability issues.
The exchange witnessed explosive growth in open interest, soaring to $15.3 billion. This represents a substantial 369% increase since the start of the year, signaling heightened trading activity and user adoption.
Investor confidence in Hyperliquid is further evidenced by the performance of its native token, HYPE. The token achieved a new all-time high price of $49.75 during July, reflecting strong market sentiment.
User adoption received a notable boost from the integration with Phantom Wallet. This strategic move drove $2.66 billion in trading volume and attracted 20,900 new users to Hyperliquid in the month of July alone.
The rapid ascent of Hyperliquid stands in stark contrast to the performance of Solana’s native token (SOL). SOL experienced a notable decline, falling 44% from its all-time high recorded last January, amid the challenges faced by its native ecosystem.