Hyperliquid appears to be stealing the show among blockchains, as it was able to scoop 35% of blockchain revenue in July, and in doing so, it managed to overtake Solana (SOL) as the most favored option for on-chain activity.
VanEck’s July report pointed to a clear shift in direction within the market. The firm observed that much of the traction Solana once held now appears to be fueling Hyperliquid’s rise. By offering a platform that strips away complexity without losing capability, Hyperliquid has managed to pull in serious trading power — both in users and capital.
Those who once relied on Solana for activity have started migrating toward Hyperliquid, with many of them staying put. This movement, VanEck suggests, hasn’t just boosted Hyperliquid’s usage — it may also be soaking up some of the valuation that used to sit with Solana.
Solana had built its position in the blockchain space through its high-speed transaction network and its developer-friendly environment. However, it has struggled to match expectations in specific areas of market demand.
One of those gaps has been in perpetual trading, where user interest continues to grow. Hyperliquid, by offering a more refined approach to this segment, has drawn in a steady flow of traders looking for performance and simplicity, gradually establishing a loyal base of its own. That growing base has translated into strong on-chain activity.
However, Solana has not delivered meaningful improvements to boost its user experience, specifically in perpetual futures trading (perps), and Hyperliquid stepped up with a better product.
By the end of July, Hyperliquid had strengthened its position with a marked increase in open interest — totaling $15.6 billion, based on data from CoinGecko. This figure reflected a more than 360% gain since the beginning of the year, reinforcing the view that the platform is expanding rapidly within the derivatives sector.
In addition to open interest, the protocol also saw a surge in capital inflow. Users bridged over $5.1 billion worth of USDC to Hyperliquid during the month, improving the platform’s liquidity and enabling more robust trading activity. These developments contributed to Hyperliquid topping the blockchain revenue charts, outpacing not only Solana but also other major networks like Ethereum.
A notable advancement during July was Hyperliquid’s integration with Phantom Wallet, which enabled users to access perpetual swaps directly within the app. This move simplified access and drove trading activity, leading to a monthly volume of $2.66 billion. As a result, the platform generated $1.3 million in fees within the same period, further solidifying its revenue dominance.
The increased activity across its ecosystem has helped Hyperliquid climb into the ranks of the top 15 cryptocurrencies by market capitalization. According to data from CoinGecko, its native token, HYPE, has appreciated by more than 76% over the past three months.
However, recent days have shown signs of correction. Over the past week, the token fell by 11%, and on the most recent trading day, it declined by an additional 2%. Despite the pullback, the platform’s broader performance in recent months remains a significant achievement.
Solana remains one of the largest cryptocurrencies by market capitalization, currently valued at approximately $89 billion. However, this marks a significant decline from its peak earlier this year. In January, SOL reached an all-time high of $294 per token but has since fallen by more than 43%, with the current price hovering around $165. Meanwhile, in February, VanEck predicted that SOL could reach $520 by the end of 2025. While the current price is still far from this target, the potential approval of a Solana ETF could provide a strong catalyst to propel the token’s value higher.
