Hyperliquid vs Solana: Usage Doesn't Lie

Solana's price plummeted by ~73% from its all-time high, but usage on the chain reached an all-time high in June with 3.77 billion transactions in a single month.

Many thought Hyperliquid killed Solana due to its success in derivatives trading, but actual usage stayed strong. The market mistakenly associated the decline in price with the business's performance, not realizing that speculation, leverage, and rich multiples had left the platform.

Solana has a broad user base, including payments, consumer apps, institutions, agents, and real-world asset tokenization. Its usage is growing, and it's still one of the most used blockchains for on-chain payments and AI agent interactions.