Hyperliquid Dominates Fees and Trading Volume, Leaving Giants Like Bitcoin, Ethereum in the Dust
Blockchain charts have developed dramatically over the previous 12 months. Currently, the house is being dominated by Hyperliquid.
Meanwhile, conventional heavyweights like Bitcoin, Ethereum, and Solana are falling behind quick.
Hyperliquid Leads the Pack
CryptoRank’s newest information found a putting reshuffling in phrases of blockchain payment management over the previous 12 months. Hyperliquid is rising as the dominant power. The community’s charges skyrocketed 1,600% after surging from $2.4 million in October 2024 to a whopping $41 million in October 2025, pushed by HIP-3’s launch, which paved the method for permissionless perpetuals and strategic payment reductions that fueled document buying and selling quantity.
This meteoric rise has left once-dominant networks like Ethereum and Solana in the mud, as Ethereum’s charges halved to $21.6 million and Solana noticed a 34% decline to $6.6 million. This primarily mirrored customers’ shift to quicker, cheaper options and a cooldown in meme-driven exercise.
Other chains like BNB Chain and Base additionally noticed spectacular progress, however none rival Hyperliquid’s explosive climb. Meanwhile, Bitcoin’s on-chain exercise dwindled as charges plunged 73% throughout the similar interval amid fading Ordinals and Runes curiosity.
As reported by CryptoPotato earlier, Hyperliquid cemented itself as a dominant power in Q2 2025 because it registered $648 billion in buying and selling quantity for the interval and $1.57 trillion over 12 months. Its revenues topped $300 million, whereas its share of the perpetual DEX market surpassed 60%, roughly ten instances better than the nearest rival.
This success could be attributed to the HYPE token airdrop and truthful level system in late 2024, which drove large consumer adoption. Meanwhile, standard merchants, like James Wynn, added additional consideration, and the token buyback-and-burn program supported HYPE’s worth stability throughout the stated quarter.
Even VanEck researchers famous that Hyperliquid successfully lured high-value customers from Solana.
HYPE Faces Sell Pressure
Lately, nevertheless, HYPE has skilled appreciable volatility. It began the week above $45 earlier than tumbling sharply on October 11 and settling right into a downtrend by October 17. Despite transient recoveries, the token did not regain earlier highs and wrapped up the interval at $34.2, coinciding with the broader market plunge.
The newest downturn has pushed HYPE’s month-to-month losses to 38.36%.
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