- Hyperliquid has surpassed Ethereum in daily fee generation, earning $1 million compared to Ethereum’s $300,000, despite having a much smaller TVL.
- Its success is driven by high-leverage trading, efficient infrastructure, and a thriving ecosystem powered by the recent launch of HyperEVM.
In a surprising twist to the Layer 1 blockchain race, Hyperliquid has overtaken Ethereum in daily fees generated, pulling in a whopping $1 million compared to Ethereum’s $300,000—a stark contrast that has shaken up the DeFi landscape.
A New Power Player in DeFi
Hyperliquid, originally a high-performance decentralized exchange (DEX) for perpetual futures, has rapidly grown into a force to be reckoned with. Despite having a Total Value Locked (TVL) of just $627 million—a fraction of Ethereum’s $46 billion—it has managed to outpace Ethereum in fee revenue by more than threefold. This unexpected flip is the result of Hyperliquid’s laser-focused design, which supports high-leverage trading (up to 50x), sub-second latency, and a throughput of 100,000 orders per second.
The key to its success lies in its specialized architecture. Powered by HyperBFT consensus and bolstered by the innovative HLP Vault, the platform efficiently captures fees from trades, funding rates, and clearing activities. Unlike Ethereum, where fees rely on gas prices and are often diluted by passive staking activities, Hyperliquid’s revenue model thrives on active, high-volume trading.
The Impact of the Hyperliquid Airdrop
Much of Hyperliquid’s momentum can be traced back to its massive airdrop in November 2024, where 310 million HYPE tokens—valued at $7.6 billion—were distributed to 94,000 users. This strategic move sparked a flood of new activity and helped push daily trading volumes to over $470 million. Its user base has since ballooned to more than 230,000, and the ecosystem shows no signs of slowing down.
Enter HyperEVM: Hyperliquid’s Broader Vision
In February 2025, Hyperliquid took a major leap forward by launching HyperEVM, an Ethereum-compatible environment that transformed the project into a full-fledged Web3 ecosystem. Today, it hosts over 100 decentralized applications spanning DeFi, NFTs, GameFi, liquid staking, and even AI. Native platforms like HyperSwap and Beats AI, along with quirky meme tokens and NFT projects, add vibrant layers to its already dynamic offering.
While Ethereum remains the backbone of decentralized finance in terms of infrastructure and validator count, Hyperliquid’s fee efficiency, speed, and user-focused incentives highlight a growing trend: specialized chains built for speed and volume may be carving out their own place in the future of blockchain.
As Ethereum focuses on decentralization and security, Hyperliquid is clearly winning the battle for activity and revenue—one trade at a time.
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