We are entering a new era for DeFi.
For the first time ever, @HyperliquidX generated more volume from RWAs than crypto in a single week. RWAs accounted for 54% of total trading volume.
An even more interesting trend: since June, single stocks have overtaken indices and commodities on HIP-3. Today, 61% of all RWA trading volume is in individual equities.
I’m no longer convinced RWA trading will naturally aggregate on the same venue as crypto. There will likely be category leaders within RWA, and owning BTC/ETH/SOL flow may become far less important than many people assume.
To put this into perspective:
Total DEX perpetual volume last week: $79B
Hyperliquid: $50B
Of that, $26B was HIP-3 RWA trading
In other words, Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX.
If you’re still only focused on crypto token trading, I think you’re focusing on the wrong market.
data from @Blockworks
For the first time ever, @HyperliquidX generated more volume from RWAs than crypto in a single week. RWAs accounted for 54% of total trading volume.
An even more interesting trend: since June, single stocks have overtaken indices and commodities on HIP-3. Today, 61% of all RWA trading volume is in individual equities.
I’m no longer convinced RWA trading will naturally aggregate on the same venue as crypto. There will likely be category leaders within RWA, and owning BTC/ETH/SOL flow may become far less important than many people assume.
To put this into perspective:
Total DEX perpetual volume last week: $79B
Hyperliquid: $50B
Of that, $26B was HIP-3 RWA trading
In other words, Hyperliquid’s RWA market alone was larger than the combined crypto perpetual volume of every other DEX.
If you’re still only focused on crypto token trading, I think you’re focusing on the wrong market.
data from @Blockworks
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