Key Takeaways
Hyperliquid chain now controls 31% of total blockchain revenue. Its DEX has also surpassed Robinhood in total trading volume; will the growth extend its dominance?
Hyperliquid [HYPE] has seen remarkable dominance in network revenue since May 2025.
Notably, Hyperliquid made $87.7 million in revenue in July, while Solana [SOL] came in second at $87.0 million, according to Blockworks data.
In the past thirty days alone, Hyperliquid raked in $104 milliom (31.6%) while Solana attracted $77.5 million or 23.5% of total revenue.
Source: Blockworks
Hyperliquid DEX growth outlook
But Hyperliquid could growth could go higher. Ryan Watkins, co-founder of crypto VC Syncracy Capital, projected Hyperliquid could command 50% of blockchain revenue by the end of 2025.
He cited the growing spot market and upcoming HIP-3 markets that would expand Hyperliquid usage from stocks to predictions.
“Think it’s possible $HYPE captures 50% of all blockchain revenue by the end of 2025. Spot markets ramping and TAM expansion through HIP-3 markets (U.S. equities, pre-IPO startups, prediction markets, etc) likely gets us there.”
In fact, most of the current activity was being driven by the Hyperliquid DEX that runs on the Hyperliquid L1.
The DEX’s combined spot and perps trading volume hit $330 billion in July.
In comparison, Robinhood did $237 billion, suggesting that Hyperliquid topped the retail app by over $90 billion. This was the third month straight of outperforming Robinhood on trading volumes.
Hyperliquid DEX gained significant market share against most CEXes for spot volumes across majors like Bitcoin [BTC], Ethereum [ETH], and SOL.
Source: Blockworks
Overall, HYPE could be the primary beneficiary of the growth, and one analyst concluded that the token was either cheap or most L1s were overvalued.
In fact, Arthur Hayes projected that the altcoin could explode 126x.
On the market front, HYPE’s Open Interest (OI) hit a record high of $2.3 billion, at press time, implying massive demand in the Futures market.
Source: CoinGlass
The raging demand saw HYPE tag a new all-time high of $51.07 after a 10% rally in the past 24 hours.
So far, the price action has chalked an ascending triangle pattern, a bullish formation that could push it higher if validated.
Source: HYPE/USDT, TradingView
Meanwhile, about 9.9 million HYPE tokens will be unlocked in November and could impact the market in Q4.
Undoubtedly, Hyperliquid’s growth and dominance have boosted HYPE. It remains to be seen how it will react to the November unlock and other bullish catalysts.
