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FollowingWeekly trading volume of tokenized real-world assets (RWA) on the perpetual decentralized exchange (DEX) exceeds the combined volume of all other asset classes for the first time.
According to Blockworksdata, trading volume of RWAs reached US$25.1 billion from July 13 to July 19, accounting for 52% of Hyperliquid's total trading volume of US$48.2 billion for the week.
Lorenzo Valente, director of digital assets research at ARK Invest, said in a platform X post on Thursday: "Hyperliquid alone's RWA market size exceeds the total trading volume of cryptocurrency perpetual contracts for all other DEX."
This milestone reflects the growing demand for tokenized assets on Hyperliquid. In the past month, the number of RWA holders increased by 32% to 1.25 million users, while the total value of tokenized RWA increased by 3.5% to US$36.7 billion, according to aggregation platform RWA.xyz.
According to DefiLlama, Hyperliquid achieved revenue of $7.6 million in the past week. The perpetual contract DEX ranks third in the weekly revenue rankings for cryptocurrency applications, behind stablecoin issuers Tether and Circle, which achieved revenue of US$112 million and US$45 million respectively.
Hyperliquid: Perpetual Futures Volume, 2-year chart. Source: Blockworks
Crypto-native companies and traditional financial institutions are expanding tokenized asset products and introducing more financial assets into blockchain networks. In March this year, the New York Stock Exchange partnered with tokenization platform Securitize to develop a blockchain-based stock trading infrastructure that supports 7×24-hour trading and settlement.
Circle co-founder and CEO Jeremy Allaire said in a platform X post on Friday that the growth of RWA transactions on Hyperliquid marks a "significant structural shift" in the cryptocurrency market and is "moving away from speculation in native digital goods."
In early July this year, Pantera Capital stated that perpetual futures may become the dominant trading tool outside of cryptocurrencies because perpetual contracts have structural advantages over traditional derivatives, including 7×24-hour trading, contract-less maturity dates, simpler position management and continuous price discovery.
Hyperliquid's growth has attracted the attention of Wall Street institutions, including the Intercontinental Exchange (ICE), parent of the New York Stock Exchange. ICE CEO Jeffrey Sprecher urged regulators to create a "level playing field" for the launch of 7×24-hour chain perpetual futures contracts.
