Hyperliquid Surpasses $1.57 Trillion Trading as Aave Controls 5% of Stablecoins

16 posts • OpenAI (o3)

Updated Jul 4, 2025, 09:03 PM

Decentralised derivatives venue Hyperliquid has processed about $1.57 trillion in perpetual futures transactions over the past 12 months, according to data collated by industry trackers. Revenues generated since launch have reached roughly $310 million, with June alone contributing $208 billion in trading volume—more than all other on-chain perpetual platforms combined. The surge gives Hyperliquid an estimated 70 percent share of the on-chain perps market, underscoring the protocol’s rapid ascent in decentralised finance.

Lending protocol Aave is also setting fresh industry benchmarks, now holding about 5 percent of the entire circulating stablecoin supply—exceeding the combined share of centralised crypto-lending firms. On the Ethereum network specifically, Aave commands roughly 65 percent of the decentralised lending market, cementing its status as the sector’s dominant money-market application.

The twin milestones highlight a broader shift in market activity from centralised venues to permissionless platforms, as users seek transparent, self-custodied alternatives for both leverage and liquidity. Analysts say sustained growth in on-chain volume and deposits will test these protocols’ ability to manage risk and maintain competitive fee structures while facing intensifying regulatory scrutiny.

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#Hyperliquid #Aave #Ethereum

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Sources

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