RWAs Dominate Hyperliquid Trading Volume for First Time
Hyperliquid's decentralized perpetuals market has reached a milestone as tokenized real-world assets (RWAs) surpassed other asset categories in trading volume. According to Blockworks analytics, RWAs generated $25.1 billion in trading volume from July 13 to July 19, accounting for 52% of Hyperliquid's total weekly trading volume of $48.2 billion.
This marks the first time RWAs have exceeded the combined volume of other asset categories on the platform. Lorenzo Valente, ARK Invest research director, highlighted the scale by noting that Hyperliquid's RWA market alone was larger than the combined crypto perpetual volume of every other DEX.
The growth in RWAs is not limited to trading volume. The number of RWA holder users rose 32% to 1.25 million, while tokenized RWA value increased to $36.7 billion (+3.5%), according to RWA.xyz.
Hyperliquid generated $7.6 million in weekly revenue, placing it third among crypto apps by that metric behind Tether and Circle. Industry executives are framing this growth as a 'major structural shift' towards RWA-driven trading, with Circle CEO Jeremy Allaire calling the move a departure from speculating on endogenous digital commodities towards trading linked to external real-world assets.