Hyperliquid exceeds Solana: 35 % of blockchain income in July

Hyperliquid seems to steal the show from the blockchains, since it was able to capture 35 % of the blockchain revenues in July and, in doing so, managed to exceed Solana (soil) as an option most popular for on-chain activity.

Solana loses ground while Hyperliquid wins in Momentum

Vaneck's July report highlighted a change in clear CAP on the market. Society has observed that many of the attractiveness that Solana held in the past now seems to supply the rise of hyperliquid. By offering a platform that eliminates complexity without losing capacity, Hyperliquid has managed to attract serious trading power – both in users and capital.

Those who formerly depended on Solana for activity began to migrate to Hyperliquid, many remaining on this platform. This movement, suggests Vaneck, has not only reinforced the use of hyperliquid – it could also capture part of the valuation which previously belonged to Solana.

Solana had built its position in the blockchain area thanks to its high -speed transaction network and its favorable environment for developers. However, she had trouble meeting expectations in specific fields of market demand.

The rise of hyperliquid fueled by the expansion of the derivative market

One of these gaps was in perpetual trading, where users' interest continues to grow. Hyperliquid, by offering a refined approach to this segmentattracted a regular flow of traders looking for performance and simplicity, gradually establishing a faithful base. This growing base has resulted in a strong on-chain activity.

However, Solana has not made significant improvements to improve the user experience, especially in perpetual long -term trading (PERPS), and Hyperliquid offered a better product.

Vaneck

At the end of July, Hyperliquid had strengthened its position with a marked increase in open interest – totaling $ 15.6 billionaccording to Coingecko data. This figure represents a gain of more than 360 % since the start of the year, strengthening the perception that the platform is developing rapidly in the derivative sector.

In addition to open interest, the protocol has also experienced a massive influx of capital. Users have transferred more than $ 5.1 billion in USDC Towards hyperliquid during the month, improving the liquidity of the platform and allowing a more robust trading activity. These developments have contributed to placing hyperliquid at the top of blockchain income rankings, not only exceeding Solana but also other major networks like Ethereum.

Integration stimulates the volume of exchanges and strengthens the position on the market

A notable advance in July was the integration of hyperliquid with Phantom Wallet, which allowed users to directly access perpetual swaps in the application. This initiative simplified access and stimulated trading activity, leading to a monthly volume of 2.66 billion dollars. Consequently, the platform generated $ 1.3 million in the same period, consolidating its domination more in terms of income.

The increased activity in its ecosystem helped hyperliquid to climb the ladder to appear among the 15 largest cryptocurrencies by market capitalization. According to Coingecko data, its native token, hype, appreciated more than 76 % in the last three months.

However, the last days have shown signs of correction. During the past week, the Token fell by 11 %, and during the last trading session, he dropped by 2 %. Despite this decline, the overall performance of the platform in recent months remains a significant success.

Solana remains one of the largest cryptocurrency by market capitalization, currently valued at around 89 billion dollars. However, this represents a significant drop compared to its summit earlier this year. In January, Sol had reached a historic record at 294 dollars by Token, but has since dropped by more than 43 %, with a current price around 165 dollars. In addition, in February, Vaneck had predicted that Sol could reach $ 520 by the end of 2025. Although the current price is still far from this objective, the potential approval of an ETF Solana could constitute a powerful catalyst to increase the value of the Token.