Hyperliquid Surpasses Solana in Weekly Fees: What’s Driving the Success?
Hyperliquid, the decentralized perpetual futures trading platform, has overtaken Solana in weekly fees just a few months after its launch.
Recent data from DefiLlama shows that Hyperliquid (HYPE) generated $12.61 million in fees over the last week, surpassing Solana’s (SOL) $11.8 million. This achievement is impressive considering that Solana has a total value locked (TVL) of $7.1 billion, which is ten times higher than Hyperliquid’s $669 million TVL. Hyperliquid’s TVL has seen significant growth, increasing by 294% since December and by 55% since January.
The success of Hyperliquid can be attributed to its decentralized finance-native trading features. The platform offers traders a fully on-chain order book, zero gas fees, and up to 50x leverage on assets like BTC, ETH, and SOL.
Unlike Solana, which supports a range of decentralized applications but is not specifically designed for DeFi trading efficiency, Hyperliquid’s focus on trading efficiency sets it apart in the market.
Currently, the price of HYPE stands at $20.194. Technical analysis shows a slight bearish trend with the Exponential Moving Average (EMA 9) and the Relative Strength Index (RSI 14) indicating neutral momentum leaning towards weakness. If the RSI drops below 50, further bearish momentum could push the price down to $19.50-$19.00, with support at $20.00 and resistance at $21.00.
Despite recent price fluctuations, whales remain optimistic about Hyperliquid. In a recent transaction reported by Lookonchain, a whale deposited $5 million in USDC to the platform and purchased 73,959 HYPE worth $1.51 million at market prices. The whale also placed limit orders to buy 183,768 HYPE for $19.04 and $19.05.
According to Coinglass data, Hyperliquid’s current open interest stands at $329 million, surpassing Solana’s $294 million. High open interest typically indicates increasing liquidity and market participation. However, Hyperliquid has faced criticism for perceived centralization despite its growing interest and success in the market.