Hyperliquid revenue surges as it leeches users from Solana: VanEck

Massive adoption and use of decentralized derivatives exchange, Hyperliquid, has led to a huge increase in Hyperliquid network revenue in July — largely at the expense of Solana, according to VanEck.

In July, Hyperliquid earned 35% of all blockchain revenue, with growth coming at the particular expense of Solana, as well as Ethereum and BNB Chain, VanEck researchers wrote in a monthly crypto recap report.