Hyperliquid revenue surges as it leeches users from Solana: VanEck

Key Points

1. Hyperliquid earned 35% of all blockchain revenue in July, largely at the expense of Solana, Ethereum, and BNB Chain.

2. VanEck analysts noted Hyperliquid's success was due to its simple, highly functional product, which attracted Solana's high-value users.

3. Hyperliquid's open interest reached $15.3 billion in July, up 369% year-to-date, with over $5.1 billion USDC bridged in.

4. Phantom Wallet integration drove $2.66 billion in volume, $1.3 million in fees, and 20,900 new users to Hyperliquid in July.

5. Hyperliquid's native token HYPE hit an all-time high of $49.75 on July 14, while Solana's native token lost 44% since its January peak.