Real-world asset markets accounted for more than half of Hyperliquid's trading volume for two consecutive weeks in July, the first time perps tied to stocks, commodities and indexes out-traded crypto on the platform.
RWA perps did $25.1 billion in the week of July 13–19, or 52% of Hyperliquid's $48.2 billion total, according to Blockworks data. The share held above 50% the following week.
"We are entering a new era for DeFi," Lorenzo Valente, director of digital asset research at ARK Invest, said in a July 23 post on X.. "For the first time ever, @HyperliquidX generated more volume from RWAs than crypto in a single week."
Single stocks made up 61% of RWA volume, overtaking indexes and commodities, he said, adding that Hyperliquid's RWA market alone was larger than the combined crypto perp volume of every other DEX.
Circle CEO Jeremy Allaire called it a "major structural shift" in crypto markets, moving "away from speculating on endogenous digital commodities."
