Hyperliquid RWA market added 169,514 new users, with transaction volume reaching US$111.6 billion in

The rise of real-world assets in DeFi: In-depth analysis of new user data in the first half of 2026

According to the latest data from Hyperliquid and DeFiLlama Research, real-world assets (RWAs) are playing an increasingly important role in the decentralized financial sector. The integration of tokenized traditional assets and on-chain markets has significantly promoted the adoption model of new users in the first half of 2026.

New user surge led by RWA

Between January and June 2026, the Hyperliquid platform recorded 534,362 wallets traded for the first time. Analysis by DeFiLlama showed that 169,514 of these wallets started their on-chain activities through trading RWA. This user group, starting from RWA, accounted for 31.7% of all new user admissions during the period.

DeFiLlama Research pointed out that these new wallets are not simply for asset diversification, but are specifically entering the DeFi ecosystem to obtain tokenized real-world assets. This suggests that the RWA market is attracting a unique user base that is very different from existing cryptocurrency participants.

Composition of transaction volume and handling fees

Wallets led by RWA contributed US$111.6 billion in transaction volume during the period, accounting for 31.5% of the total transaction activity of new users. However, the trading activities of these users are mainly concentrated on RWA products, further confirming that tokenization of traditional assets can attract focused market participants.

These wallets generated $34.1 million in fees, accounting for 8.3% of the total fees for new users ($412.6 million). More than 80% of the fees come from other types of wallets, indicating that long-term cryptocurrency users contribute more revenue to the platform than new users focused on RWA.

Other types of wallets (usually native cryptocurrency users) account for a significant share of RWA market transaction volume by gradually expanding their activities to RWA products. Specifically, DeFiLlama's analysis found that users with cryptocurrency as the core contribute 40% of the transaction volume in the RWA market, while wallets led by RWA-are mainly active in the product areas they initially contacted.

Wallet Type| Number of new wallets| Trading volume (US $)| Fees incurred (USD)| RWA as a proportion of transaction volume
RWA priority| 169,514 |111.6 billion| 34.1 million| 60%
Other Priority| 364,848 |Unclear data| 378.5 million| 40%

Product expansion and market wave

The surge in RWA entry follows Hyperliquid's HIP-3 framework launched in October 2025. The unlicensed listing system allows eligible market builders to introduce new perpetual contracts by pledging 500,000 HYPE tokens. The move expands access to multiple asset classes, including stocks, commodities, indices and foreign exchange.

DeFiLlama observed that significant peaks in user adoption are closely related to new market launches. For example, the S & P 500 Perpetual Market attracted more than 38,000 individual wallets within eight days of opening. Similarly, in June, SpaceX's pre-market launch drove another wave of entry.

Mini Dictionary: HIP-3

HIP-3 is a framework from Hyperliquid that allows any qualified participant to create and list new perpetual futures markets for various types of assets, provided they pledge the required number of HYPE tokens. The system eliminates centralized control of market launch and supports a wider range of user-driven innovation.

Economic Returns and Outlook

Despite strong user engagement, the economic returns from user entry led by RWA seem mixed. Research points out that user acquisition and trading activity is growing, while monetization is still concentrated among more mature native cryptocurrency users who are active in multiple markets.

Looking ahead, Hyperliquid's growth in the RWA space may depend on whether users initially attracted by tokenization of traditional assets expand their participation to a wider range of market products. Current data suggests that the RWA market is successfully expanding DeFi's user base, but the economic value of the platform depends on encouraging cross-market participation.