Hyperliquid tops Circle in daily revenue for the first time.
Surge reflects growing user interest in decentralized exchanges.
Signals a shift in crypto trading market dynamics.
Hyperliquid Races Ahead of Circle in Daily Earnings
In a surprising twist in the crypto revenue charts, Hyperliquid, a decentralized perpetuals exchange, has officially outpaced Circle in 24-hour revenue. This marks a significant milestone for the DeFi ecosystem, highlighting the shifting momentum away from centralized players to newer, high-performance decentralized platforms.
Hyperliquid’s revenue jump is being attributed to a surge in trading volume, growing user trust in non-custodial platforms, and the platform’s ultra-low latency infrastructure that rivals centralized exchanges.
In contrast, Circle, known primarily for issuing the USDC stablecoin, has traditionally enjoyed steady, reliable revenue through stablecoin circulation and partnerships. While Circle still plays a critical role in the broader crypto economy, Hyperliquid’s recent rise suggests that user behavior is evolving rapidly toward more permissionless and innovative protocols.
Why This Matters for Crypto Markets
This shift in revenue rankings isn’t just symbolic—it reflects broader market dynamics and the changing priorities of crypto users. Traders are increasingly seeking platforms that offer speed, privacy, and control without compromising on performance. Hyperliquid’s success shows that it’s delivering on all three.
The platform has also seen strong developer momentum, consistent community engagement, and incentives for liquidity providers—factors that have contributed to a robust and growing ecosystem.
Meanwhile, Circle may face increased pressure to innovate or expand its services beyond stablecoin issuance to stay competitive in the next wave of Web3 development.
NOW: Hyperliquid surpasses Circle in 24-hour revenue. pic.twitter.com/EJpvQwx70M
— Cointelegraph (@Cointelegraph) August 15, 2025
A New Era for DeFi Revenue Leaders?
Hyperliquid surpassing Circle in daily earnings could be a turning point. As DeFi platforms become more scalable and accessible, revenue dominance may shift more frequently, challenging the status quo of centralized crypto firms.
With users increasingly favoring platforms that align with crypto’s original values of decentralization and transparency, Hyperliquid’s success could be a sign of what’s to come across the DeFi landscape.
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