Hyperliquid Reaches $1.27M in Daily Revenue, Overtakes Solana

Hyperliquid, the layer-1 blockchain powering the decentralized exchange (DEX) of the same name, has outperformed Solana in daily revenue, generating $1.27 million compared to Solana’s $1.24 million. The achievement positions Hyperliquid ahead of prominent blockchain platforms in terms of daily earnings.

BREAKING: HYPERLIQUID FLIPS SOLANA IN 24H REVENUE pic.twitter.com/5sFRK6XdBq

— DEGEN NEWS (@DegenerateNews) December 27, 2024

On-chain data further reveals that Tron led the revenue rankings, collecting $1.9 million, while AAVE followed with $961,260. These developments highlight Hyperliquid’s increasing prominence and competitiveness within the blockchain space.

Revenue Growth Amid Token Decline

The surge in Hyperliquid’s revenue comes despite significant challenges. Its native token, HYPE, recently experienced a sharp decline, dropping over 20% within a day. The drop followed warnings from on-chain analysts about a possible attack on the network.

On December 23, blockchain experts detected transactions from wallets associated with North Korean hacker groups engaging in trading on Hyperliquid. These wallets reportedly incurred losses exceeding $700,000. Despite this, analysts suggest the activities might be efforts to probe the blockchain’s resilience, possibly hinting at plans for future attacks on the network.

In response, Hyperliquid addressed these concerns, stating that no vulnerabilities or exploits have occurred on the platform. The team emphasized that all user funds remain secure and highlighted their commitment to operational security.

Hyperliquid’s Airdrop and Advanced Trading Features

Last month, Hyperliquid distributed its native token, HYPE, through an airdrop to its community. Promoting a vision of creating an inclusive financial system, the DEX offers perpetual futures trading to its 224,200 users. The platform supports trading for 146 cryptocurrencies with leverage options of up to 50x, blending features typically found in centralized exchanges with the benefits of decentralization and censorship resistance.

Since its launch, the project has attracted significant investor interest, boasting a total value locked (TVL) exceeding $1.8 billion.

At press time, HYPE is trading at $26.86, marking a 7.6% decrease over the past 24 hours. However, it remains 22.43% below its all-time high of $34.96, recorded on December 22.