VanEck Says Hyperliquid Is Winning Over Solana Users as Revenue Surges

Hyperliquid is gaining attention in the blockchain world, steadily capturing market share from more established networks such as Solana. According to VanEck’s monthly crypto summary, the platform saw remarkable growth in July, driven by adoption and revenue increases. While Solana has faced technical issues and delays, Hyperliquid has succeeded in attracting and keeping users with a smooth and efficient trading experience.

Why Traders Are Switching to Hyperliquid?

In July, Hyperliquid generated 35% of all blockchain revenue, highlighting its growing impact on the market. Analysts at VanEck, including Matthew Sigel, Patrick Bush, and Nathan Frankovitz, point out that much of this growth came at the cost of Solana, as well as Ethereum and BNB Chain. They attribute Hyperliquid’s success to the simplicity and efficiency of its product.

Solana, on the other hand, has struggled with reliability issues and repeatedly failed to deliver key software upgrades. Traders seeking smoother, more dependable experiences have increasingly turned to Hyperliquid. VanEck describes this as a migration of high-value users. As a result, Hyperliquid has not only taken advantage of Solana’s slowdown but also attracted users from other networks.

This movement reflects a broader trend in the crypto market, where derivative exchanges are gaining influence. Platforms that provide intuitive interfaces and seamless execution are raising expectations, especially for advanced trading tools such as perpetual futures.

Record Open Interest and Phantom Wallet Integration

Hyperliquid’s growth is clearly reflected in its open interest. In July, open interest on the platform reached $15.3 billion, marking a 369 percent rise compared with the start of the year. Over $5.1 billion in USDC has been bridged onto the platform, highlighting increasing liquidity and investor confidence.

The integration of Phantom Wallet has increased trading by allowing users to trade perpetual futures in the app. In July, it led to $2.66 billion in trading volume, $1.3 million in fees, and more than 20,900 new users. Perpetual futures are derivatives with no expiration date, giving traders the chance to profit from price changes, which explains why they are becoming more popular.

By simplifying the trading process through wallet integrations, Hyperliquid has enhanced user experience and adoption. The platform’s approach shows how strategic partnerships can strengthen ecosystem growth and position it as a preferred hub for derivative trading.

HYPE Token Performance and Market Implications

The platform’s native token, HYPE, has mirrored Hyperliquid’s expansion, reaching an all-time high of $49.75 on July 14, up from just over $10 low in early April. Meanwhile, Solana’s native token, SOL, has declined 44% since its January peak, which was largely fueled by the memecoin craze. At the time of writing, HYPE was trading at $37.43 amid a broader market pullback.

The contrasting token performance underscores the impact of user adoption and platform design on market sentiment. Investors appear to reward platforms that offer reliability, innovation, and consistent user engagement, while networks struggling with performance issues face declining confidence. HYPE’s rally reflects both growing interest in derivatives trading and a recognition of Hyperliquid’s superior user experience.

What Does It Mean for Hyperliquid?

The recent rise of Hyperliquid illustrates the intense competition within the blockchain ecosystem. By improving usability and delivering a user-friendly derivatives platform, it has pulled users and revenue from Solana and other major networks.

July’s results, in terms of revenue and open interest, highlight that effective functionality and a smooth user experience can outweigh a platform’s brand history. Hyperliquid’s path provides insight into how well-planned design and integration strategies can reshape industry dynamics.