Hyperliquid Leads DeFi Protocols in Daily Revenue, Outpacing Ethereum and Solana

According to on-chain data, Hyperliquid has consistently outperformed established networks Solana (SOL) and Ethereum (ETH) in daily revenue over the past three months.

In addition, the decentralized finance (DeFi) protocol has posed tough competition to both networks in terms of fees, challenging their long-held positions.

Hyperliquid Surpasses Ethereum and Solana in Daily Revenue

Artemis data reveals that Hyperliquid has come out on top in daily revenue, while Solana has trailed behind over the past three months. Impressively, this lead isn’t just a recent milestone. The protocol has also maintained higher weekly revenue levels since February.

Hyperliquid Vs. Solana and Ethereum. Source: Artemis

Furthermore, Hyperliquid’s fees have mostly surpassed those of Ethereum and Solana in the past three months, except for a few drops. In fact, yesterday, the platform’s generated fees surged to $1.7 million.

“Hyperliquid generated $1.7M in fees in 24h, surpassing Solana, Ethereum, and Bitcoin in daily transaction fees,” analyst Mario Nawfal highlighted.

Alongside its revenue success, Hyperliquid has seen a substantial increase in its total value locked (TVL) in the same time frame. TVL has surged by 147.6%, reaching $370.7 million. This growth further highlights the platform’s increasing appeal to users.

A significant factor contributing to Hyperliquid’s success is the heightened attention from whale activity on the platform. Notable traders like James Wynn and Qwatio have made headlines for their highly leveraged trades.

Their trades have led to handsome profits, yet the losses were equally huge. Even influencer Andrew Tate has recorded losses while trading on the platform.

While these examples serve as important lessons on the risks of high-leverage trading, they’ve undeniably propelled Hyperliquid into the spotlight. The increased visibility has also played a key role in Hyperliquid, capturing an estimated 81.09% mindshare within the crypto derivatives sector over the past three months.

Hyperliquid Mindshare. Source: Dexu

Furthermore, Hyperliquid’s hybrid model is also a key factor, giving it an edge over other protocols and contributing to increasing investor adoption.

While Hyperliquid continues to attract users, its native token is also gaining momentum. Institutional investors, including Lion Group and Eyenova, have adopted the altcoin as a reserve asset, further bolstering its market credibility.