Hyperliquid Emerges as Crypto ’Killer App’ With Explosive Growth

Hyperliquid, dubbed crypto's new 'killer app,' has demonstrated explosive growth, with its revenue exceeding $110 million in the past 30 days and cumulative revenue nearing $661 million. This non-custodial perpetual DEX stands out with a rare growth trajectory, even during the market's 'slow summer.'

Data from DefiLlama reveals that Hyperliquid's fee generation continues to rise steadily. In August alone, the protocol generated $106 million in revenue and $114 million in fees, surpassing July's figures of $86 million and $93 million, respectively. At its peak, Hyperliquid accounted for 35% of the total revenue across the blockchain sector.

The platform's perpetual trading volume has surpassed $2.5 trillion, with over $1 trillion recorded during the so-called 'slow summer.' This growth contrasts sharply with the declining activity on Solana-based DEXs, which have waned since the memecoin frenzy earlier this year.