Hyperliquid Tramples Solana: Crypto’s Social Scene Gets a New Life of the Party

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July saw Hyperliquid, that up-and-coming whippersnapper of a decentralized derivatives exchange, throwing such a raucous bash that even Solana had to clutch its pearls and check its insurance policy. According to VanEck, Hyperliquid didn’t merely rise in revenue-it practically staged a heist, making off with market share while Solana watched from the sidelines like a dowager at a debutante ball.

Imagine this: Hyperliquid nabbed a whopping 35% slice of all blockchain revenue in July, leaving Solana, Ethereum, and BNB Chain consoling each other with a collective “Well, at least we still have each other.” VanEck’s cryptic scribes, led by Matthew Sigel-head-honcho and professional market tea-leaf reader-put it thusly:

“Hyperliquid has poached high-value users from Solana and has retained them.”

Translation: Solana’s glamour was eclipsed by Hyperliquid’s winning personality and uncanny ability to actually function. In the world of crypto derivatives, Hyperliquid showed up wearing a freshly pressed suit while Solana arrived with its tie in a knot and two shoes on the wrong feet. Upgrades? Missed deadlines? Reliability? Solana had them all-just not in the order one might hope.

“Solana has not delivered meaningful improvements to boost its user experience, specifically in perpetual futures (perps) trading, and Hyperliquid stepped up with a better product.”

Hyperliquid’s Open Interest: Stiffer Than a Brand-New Collar

Our Network, never one to miss a party, declared in their newsletter that Hyperliquid is now the belle of the crypto perps ball. Open interest soared to $15.3 billion in July-up 369% faster than Bertie Wooster avoiding a marriage proposal. More than $5.1 billion USDC has been shuttled in, presumably by traders acting like there’s a sale at Harrods.

The Phantom Wallet integration-think of it as butler service for the trading masses-ushered in $2.66 billion in volume, $1.3 million in fees, and a tidy 20,900 new users. There were more fresh faces than at the Drones Club bar tab audit. (Perpetual futures, for those new to the game, let one speculate on crypto prices indefinitely-much like Aunt Agatha’s opinions, they simply never expire.)

HYPE: The Token that Danced Till Dawn 💃

Meanwhile, Hyperliquid’s own token, HYPE, put on its dancing shoes and waltzed up to an all-time high of $49.75 on July 14 after lurking near $10 in April. Solana’s SOL, the poor dear, has slipped 44% since January’s memecoin-fueled caper-presumably after one too many at the punch bowl. At time of writing, HYPE was trading at $37.38, down 3% on the day, but with the broader market about as steady as Jeeves’s hand in a cocktail competition.

Hyperliquid is in the ascendant, Solana is drifting in the doldrums, and the crypto scene has once again proven it’s anything but dull. Someone fetch the cocktails and sound the victory gong! 🥂

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2025-08-06 09:22