The decentralized permanent future trading sector has a new leader, Hyperliquid. The Hyperliquid, which began in December 2024, has its own layer -1 block chain, surpassing Solana on a 7 -day fee.
What causes rapid growth, and how is Hype compared to solana’s unique token sol (sol)?
Protocols are ranked 7 days fees and USDs. Source: Defillama
The core offering of Hyperliquid is a permanent future DEX, and the trader can access the leverage of up to 50 times in BTC, ETH, SOL and other assets. It is completely featured on ONCHAIN spells and zero gas fees. Unlike Solana, which supports a wide range of distributed applications (DApps), Hyperliquid’s Layer-1 is designed to optimize Defi transaction efficiency.
Hyper Ricquid raises concerns about centralization, but fees are accumulating.
Hype, the foundation of Hyperliquid, released in November 2024, reached 94,000 unique addresses. The distribution promoted a $ 2 billion market cap on the first day and announced a strong community adoption. But critics, such as Lawrencechiu14, pointed out that 78%of the steaks are controlled by raising concerns about the centralization level of the chain.
source: LAWRENCEIU14
According to Defillama, Hyperliquid produced $ 12.6 million with a weekly fee that surpasses Solana ($ 11.8 million), TRON ($ 11.1 million) and Raydium ($ 9.8 million). For comparison, Solana took more than three years for $ 12 million commission (March 2024) and Raydium required 18 months.
Hyperliquid’s commission efficiency is remarkable, with a part of $ 663 million on TVL, half of $ 1.22 billion in Raydium and $ 44.2 billion in Uniswap. The TOP DEX, UNISWAP, earned $ 22.8 million in the same period, but the higher the TVL, the more emphasis on the superior margin of the hyper liquid.
According to Kambenbrik, another competition point is the centralized API and closed binary sauce. These problems should be carefully investigated before determining the long -term potential of over -advertising.
Hyperliquid has a repurchase, but Solana offers a wider range of DApps.
The main differentiation factor is the fee structure of Hyperliquid. All fees are reinvested in the community, and according to documents, they fund over advertising and liquidity incentives. In contrast, Solana’s fees are distributed to the ecosystem, and protocols such as Jupiter and Raydium surpass $ 10 million every week. This compares directly with misleading the basic layer of Solana.
Hyperliquid’s $ 6.7 billion market cap ($ 4.7 billion) and Jupiter ($ 1.8 billion) are associated with future challenges. Token locking starts in December 2025, and potentially over -advertising prices are pressure. In addition, in the first half of 2026, 47 million overdue advertising tokens will be distributed to core contributors, representing $ 990 million in the current evaluation.
The RISE of the hyperklicade puts pressure on Solana as some of the best dexes, including Jupiter and Drift Protocol, provide derivatives trading. Solana gains advantages through a variety of DAPP ecosystems, characterized by a deep integration with major Web3 wallets such as Phantom and Solflare, while the hyperliquid hypertrophy program helps to offset these advantages.
In the case of Solana, true challenges tend to be a wide range of Defi protocols that start their own layer -1 block chain, not just and challenges. If this continues, the demand for the scalability of Solana can weaken. The SOL Holder must monitor other emerging chains such as Hyperliquid’s growth and berachain, which has already attracted $ 3.2 billion deposits.
In the near future, Hyperliquid was able to face competition with Berps, Berachain’s eternal futures trading platform. BERPS is currently handling less than $ 3 million for a daily amount, but the interest of the trader is increasing by accumulating $ 185 million in interest.
Currently, Hyperliquid’s $ 9 billion every day is unmatched in the DEX industry. Due to the commission structure and repurchase mechanisms, competitors are difficult to produce liquidity through vampire attacks, so they have optimistic propulsions for over -advertising.
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