TLDR Tech / Crypto
Hyperliquid's RWA Volume Surpasses Crypto for First Time
Hyperliquid's HIP-3 RWA perpetuals generated $26B in volume last week, representing 54% of the platform's total activity and exceeding the combined crypto perpetual volume of every other DEX. Individual equities now compose 61% of that RWA flow, having overtaken indices and commodities since June. The milestone challenges the assumption that RWA and crypto trading will consolidate on the same venues, pointing instead toward category-specific leaders emerging within on-chain RWA markets. If that specialization holds, BTC/ETH/SOL order flow carries less strategic moat value than current venue theses imply.
Read the full story