TLDR Tech / Crypto
Hyperliquid Q2: RWA Perps Scale to $213B
HYPE hit an ATH of $76.90 in Q2, up 79% while BTC fell 14%, a second consecutive quarter of decoupling from majors. RWA perpetuals on HIP-3 grew from 1.8% to 32.2% of matched volume across three quarters, reaching $213B in Q2, with a private rocket company priced onchain on a Saturday while the NYSE was closed and a Chinese chipmaker trading above its Shanghai listing. Protocol revenue closed Q2 at $169M with $141M returned via buybacks, cumulative revenue crossed $1B, and three HYPE ETFs began trading after four asset managers filed in Q1. Concentration risk remains: $5.6B in stablecoin float relies on a single issuer and exchange volume runs through one deployer.
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