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.
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
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Author: Benjamin Njiri
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