Hyperliquid surpasses Solana in fees, generating $12.6 million in weekly fees in a week

From Cointelegraph

February 27, 2025 5:17:48 pm:

Hyperliquid, launched in December 2024, has its own Layer-1 blockchain and has surpassed Solana in 7-day fees. Its perpetual futures DEX offers up to 50x leverage on BTC, ETH, and SOL with zero gas fees. Critics raise concerns about centralization, but Hyperliquid generated $12.6 million in weekly fees, surpassing Solana, Tron, and Raydium.

Hyperliquid’s native token, HYPE, reached 94,000 unique addresses on day one, with a $2 billion market cap. Critics point out Hyperliquid controls 78% of the stake. Hyperliquid’s fee efficiency is notable, with just $638 million in TVL, half of Raydium’s TVL, but with superior margins.

Hyperliquid reinvests all fees into the community for buybacks and liquidity incentives. Solana’s fees are distributed across its ecosystem, with Jupiter and Raydium each surpassing $10 million in weekly revenue. Hyperliquid’s $6.7 billion market cap faces challenges ahead, with token unlocks and distribution to core contributors.

Hyperliquid’s rise pressures Solana, as some top DEXs offer derivatives trading. Solana benefits from major Web3 wallet integration and a diverse DApp ecosystem. Hyperliquid’s growth and emerging chains like Berachain could weaken demand for Solana’s scalability. Solana holders should monitor the competition closely.

In the near future, Hyperliquid could face competition from BERPS on Berachain. BERPS has accumulated $185 million in open interest, signaling growing trader interest. Hyperliquid’s $9 billion daily volume remains unmatched in the DEX industry, with its fee structure and buyback mechanism providing bullish momentum for HYPE.

Read more at Cointelegraph: Hyperliquid flips Solana in fees, but is the ‘HYPE’ justified?