Hyperliquid RWA Volume Reaches New Milestone

Perpetual decentralized exchange Hyperliquid recorded more weekly trading volume from tokenized real-world assets than from all other asset categories combined for the first time. Between July 13 and July 19, RWAs generated $25.1 billion in trading volume, representing 52% of Hyperliquid’s total weekly volume of $48.2 billion, according to Blockworks data.

“Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX,” wrote ARK Invest’s research director for digital assets, Lorenzo Valente, in a Thursday X post. The result highlights rising demand for tokenized assets on the platform. Over the past month, the number of RWA holders increased by 32% to 1.25 million, while the total value of tokenized RWAs grew by 3.5% to $36.7 billion, according to RWA.xyz.

Hyperliquid also generated $7.6 million in revenue during the past week, DefiLlama data showed. The platform ranked third among crypto applications by weekly revenue, behind stablecoin issuers Tether and Circle, which recorded $112 million and $45 million, respectively.

Tokenized assets gain ground across crypto markets

Both crypto-native firms and traditional financial institutions are expanding their tokenized asset offerings as more financial products move onto blockchain networks. In March, the New York Stock Exchange partnered with tokenization platform Securitize to develop infrastructure for blockchain-based stock trading with 24/7 access and settlement.

Circle co-founder and CEO Jeremy Allaire described the rise in RWA trading on Hyperliquid as a “major structural shift” in crypto markets, moving “away from speculating on endogenous digital commodities,” in a Friday X post.

Perpetual futures attract institutional interest

Earlier in July, Pantera Capital said perpetual futures could become a leading trading instrument beyond the crypto sector. The firm pointed to benefits including 24/7 trading, no contract expirations, simpler position management and continuous price discovery.

Hyperliquid’s expansion has also attracted attention from major financial institutions. Jeffrey Sprecher, CEO of NYSE parent Intercontinental Exchange, called on regulators to create a “level playing field” for companies seeking to launch 24/7 onchain perpetual futures contracts.

Sources:

https://blockworks.com/analytics/hyperliquid/hyperliquid-perps/hyperliquid-perps-volume

https://cointelegraph.com/news/hyperliquid-rwa-volume-crypto-trading-first-time

https://x.com/LorenzoARK/status/2080351645796614297

https://x.com/jerallaire/status/2080457007509745851

https://defillama.com/

https://app.rwa.xyz/