HIP-3 is about to launch, HYPE is rising to the sky – Has the big game begun?

Hyperliquid (HYPE) has just reached an important milestone by capturing up to 35% of the total revenue of all blockchain projects in July. In this context, the upcoming HIP-3 upgrade is expected to help this platform become a solid pillar in the DeFi market.

Revenue soars with record trading volume

According to Mr. Matthew Sigel – head of digital asset research at VanEck, Hyperliquid has captured 35% of the total blockchain industry revenue in July. This success comes from the platform having seized much of the recent growth momentum of Solana (SOL) by offering a simple yet extremely useful product.

Revenue chart of Hyperliquid | Source: Matthew Sigel/XWith 63% trading volume in 24 hours and over 74% market share of perpetual contracts, Hyperliquid is gradually becoming the leading decentralized derivatives trading platform, attracting strong interest from the cryptocurrency investor community.

In addition, the open contract volume (OI) in July reached 15.3 billion USD, an increase of up to 369% compared to the beginning of the year. More than 5.1 billion USD worth of USDC has been transferred through the bridge between blockchains, amid a continued acceleration of capital flow before the native USDC token and CCTP V2 are officially integrated.

The OI chart of Hyperliquid in July | Source: OurNetworkThe rapid growth of Hyperliquid reflects the shift of users towards non-custodial, transparent, and efficient DeFi solutions – especially in the context of centralized exchanges (CEX) facing increasing legal pressures and eroding user trust.

A new infrastructure milestone is approaching

Another noteworthy development is the upcoming launch of the HIP-3 upgrade. HIP-3 is expected to become the "X factor" that transforms Hyperliquid from a mere exchange into a complete Web3 infrastructure ecosystem.

This upgrade will open the door for many applications beyond the scope of trading, including staking, lending services, and even the development of customized financial derivatives products. Many analysts believe that if deployed correctly, HIP-3 could propel Hyperliquid to a dominant position in the DeFi market.

"HIP-3 will officially launch on the mainnet and take Hyperliquid beyond the confines of a conventional cryptocurrency exchange. I expect this platform to capture over 50% market share once it achieves stable growth," a user on X predicted.

However, detailed information about HIP-3 has not yet been fully disclosed. At the same time, the rapid pace of development also poses challenges regarding performance.

Recently, Hyperliquid experienced a network disruption, affecting users' withdrawal processes. This incident has raised concerns within the community about the stability and risk management capabilities of the system as the platform scales.

Additionally, there is information that the renowned venture capital fund Paradigm may be holding up to 765 million USD worth of HYPE tokens from Hyperliquid. If this information is accurate, it could be a signal of strong strategic confidence from large institutions in the long-term potential of Hyperliquid.

Justin