Hyperliquid DEX Sees Real-World Asset Volume Surpass Cryptocurrency
Decentralized exchange Hyperliquid has achieved a significant milestone in its trading volume. The platform's weekly real-world asset (RWA) trading volume surpassed its cryptocurrency trading volume for the first time, according to data shared by Lorenzo Valente, crypto research director at Ark Invest.
The RWA trading volume accounted for 54% of Hyperliquid's total volume over the past week, marking a notable shift in decentralized exchange dynamics. Stock-based RWAs have seen strong uptake since the implementation of HIP-3, with this category now making up 61% of total RWA activity on the platform.
The milestone is significant because it reflects growing demand for tokenized traditional assets within DeFi infrastructure. Hyperliquid accounted for $50 billion of last week's $79 billion DEX perpetual futures market, with $26 billion coming from HIP-3-based RWA trading. This trend suggests that traders and institutions are increasingly treating tokenized stocks and other real-world assets as viable trading instruments.
The development could reshape how decentralized exchanges compete with traditional finance platforms, particularly in markets for equities and commodities. It also underscores the expanding utility of DeFi beyond purely crypto-native assets.