According to VanEck's July report, the Hyperliquid platform has become a leader in blockchain revenue, surpassing Solana and capturing 35% of the market.
Hyperliquid and Its Market Share
Hyperliquid reached 35% of total blockchain revenue in July, making it the preferred choice for users. VanEck’s report identified simplicity and user-friendliness as key factors in attracting high-value users from Solana.
Comparison of Hyperliquid and Solana
The VanEck report noted a shift of users from Solana to Hyperliquid. Solana, originally known for its high transaction speed, has struggled to meet the growing demand for certain products, such as perpetual futures trading. This opened the door for Hyperliquid, which offers a more streamlined approach to that segment, attracting traders.
Impact of Integration on Trading Volume
In July, Hyperliquid integrated with Phantom Wallet, allowing users easy access to perpetual swaps within the app. This contributed to increased trading activity, with a total volume of $2.66 billion and revenue of $1.3 million. The surge in capital and the rise in open interest to $15.6 billion illustrate the growing interest in the platform.
Hyperliquid continues to gain traction, displacing Solana from its position as a market leader in the blockchain space. This is attributed to both technological advantages and strategic partnerships that have helped it achieve significant success.
