The decentralized ongoing trading sector in futures has a new leader: hyperliquid (hype). Launched in December 2024, Hyperliquid had its own layer-1 blockchain, which exceeded Solana at a 7-day fee.
What is the fuel of its rapid growth, and how the hype compares the relative -child to Solana’s native token (Sol)?
Protocols ranked by a 7-day fee, USD. Source: Defillma
Hyperliquid’s main offering is the Perpetual Futures Dex, which gives entrepreneurs to access up to 50x actions on BTC, ETH, Sol, and other property. It features a full onchain order book and zero gas fees. Unlike Solana, which supports a wide range of decentralized applications (DAPPS), Hyperliquid’s layer-1 is developed to optimize Defi’s trading efficiency.
Hyperliquid raises centralization concerns, but fees are stacked
The native token of Hyperliquid, Hype, was launched by an airdrop in November 2024, reaching 94,000 unique addresses. This distribution has filed a $ 2 billion market capitalization on the day of one day, which signed a strong community adoption. However, critics such as Lawrencechiu14 have raised concerns about the level of centralization in the hyperliquid chain, pointing out that it controls 78% of the stake.
Source: Lawrencechiu14
Hyperliquid has formed $ 12.6 million in weekly fees, more than Solana ($ 11.8 million), Tron ($ 10.2 million), and Raydium ($ 9.8 million), according to Defillama. For the comparison, Solana lasted three years to reach $ 12 million in fees (March 2024), while Raydium would take 18 months.
Hyperliquid fee efficiency is noteworthy, with only $ 638 million on TVL – the Raydium’s $ 1.25 billion brother and a portion of Uniswap’s $ 4.22 billion. Uniswap, the top Dex, gained $ 22.8 million at the same time, but the higher TVL emphasized hyperliquid’s superior margins.
Another point of dispute is the reported centralized API and closed the source of binary, According to to Kambenbrik. These issues should be carefully evaluated before determining the long -term hype potential.
Hyperliquid has buybacks, but Solana offers a wider set of dapps
One major difference is that the hyperliquid fee structure is: all fees are re -proven to the community, funding hype purchases and liquidity incentives, according to its documentation. In contrast, Solana’s fees are distributed throughout its ecosystems, with protocols such as Jupiter and Raydium each over $ 10 million in weekly income. This makes it a direct comparison to Solana’s base layer that is misleading.
The $ 6.7 billion Hyperliquid market cap – Outpacing Uniswap ($ 4.7 billion) and Jupiter ($ 1.8 billion) – challenges ahead. Token unlocked begins in December 2025, which is potentially pressing the price of hype. In addition, 47 million hype tokens are set for distribution to major contributing to the first half of 2026, representing $ 940 million in current values.
Hyperliquid increases also forcing Solana, as some of the leading DEXs, including Jupiter and Drift Protocol, offer trading derivatives. While Solana benefits from deep integration with major web3 wallets such as Phantom and Solflare, as well as a diverse DAPP ecosystem featuring aggregators of yield and liquid staking, Hypelliquid’s Hype Buyback Program helps offset these benefits.
For Solana, the real challenge is not only hyperliquid but the wider trend of defi protocols launching their own layer-1 blockchain. If this continues, the demand for Solana’s scalability may weaken. Sol holders should monitor the growth of hyperliquid and other emerging chains such as berachain, which has already attracted $ 3.2 billion to deposits.
In the near future, hyperliquid can face competition from Berps, a forever trading platform in futures in Berachain. While the BERPS is currently holding less than $ 3 million in the sunny volume, it has accumulated $ 185 million in open interest, signing a growing interest from entrepreneurs.
Currently, the $ 9 billion day -day volume of hyperliquid remains incompatible with the Dex industry. With the fee structure and its mechanism of purchase, it will be difficult for competitors to drain liquidity by attacking the vampire, therefore the bullish momentum for the hype.
This article is for general information purposes and is not intended to be and should not be done as legal or investment advice. The views, attitudes, and opinions expressed here are unique and do not necessarily reflect or represent the views and opinions of the cointelegraph.
