Hyperliquid Outpaces Ethereum and Solana in Revenues
The post Hyperliquid Outpaces Ethereum and Solana in Revenues appeared on BitcoinEthereumNews.com.
In less than a year, Hyperliquid captured nearly 10% of BTC and ETH perp volume. It has even surpassed DeFi rivals and is now challenging CEXs. Despite unmatched growth and revenues, HYPE trades at deep discounts to Solana and Ethereum, which has sparked debate over whether it’s severely undervalued. HYPE: The Underdog? Hyperliquid brought in $409 million in user fees in the last six months. This accounts for 23% more than Ethereum and 75% more than Solana. Yet, its token HYPE trades at an 88% discount to ETH and a 62% discount to SOL on a fully diluted basis. Experts at “The DeFi Report” point to a combination of product strength, unique tokenomics, and growing market share as reasons the gap may not hold for long. Unlike many crypto projects, Hyperliquid launched without venture capital involvement, excluding VCs and angels from the token allocation. Instead, it distributed 31% of the supply to early users at genesis, worth $1.2 billion at the time and now valued at $4.7 billion. The move turned traders into stakeholders and avoided the selling pressure typically caused by VC unlock cycles. In addition, the project set aside a 6% foundation budget to fund operations and directed user fees into an Assistance Fund that buys HYPE from the open market. This reduces token float and supports price discovery. Hyperliquid’s core product is a high-throughput, on-chain central limit order book offering perpetuals and spot trading. It provides sub-second block times, low fees, and a self-custody trading experience. Such a system replicates the feel of a centralized exchange but with DeFi transparency. Trading activity is at an all-time high, with daily volumes of $10-$20 billion and $13 billion in open interest across assets, giving the platform roughly 9-11% of global BTC and ETH perps volume. Hyperliquid generated $107 million…
Filed under: News - @ August 31, 2025 3:29 pm