Hyperliquid Flips Ethereum in Fees and Revenue as Token Rallies

Hyperliquid, a Layer 1 blockchain bootstrapped by its decentralized derivatives platform, flipped Ethereum in daily fees and revenue on Jan. 28. Its token price is surging as a result.

Over the last 24 hours Hyperliquid processed $1.93 million in fees and revenue, compared to Ethereum’s $1.82 million in fees, and $1.12 in revenue, according to DeFiLlama.

Hyperliquid is now 11th in DeFiLlama's ranking of protocols, dapps and chains reaping in the most fees and revenue, and joins Ethereum, Solana and Tron, as the fourth Layer 1 chain in the top 20.

The flippening comes as Hyperliquid’s average weekly fees continue to trend upwards, while Ethereum’s weekly fee average has been largely unchanged since September.

HYPE Token

Hyperliquid’s HYPE token is rallying on the back of the news and is up 15% in the past 24 hours to $27.5, from $24.

In addition to HYPE’s price increase, Hyperliquid spot tokens are on the rise. The ecosystem’s native memecoin, PURR is up 15% on the day to a $130 million market capitalization.

The release of Hyper EVM, which aims to turn the ecosystem from a derivatives and spot DEX, to a fully functioning DeFi ecosystem, is also fueling the market optimism.

The team also announced on Jan. 30 that the HyperEVM will be changing to a dual-block architecture on its testnet.

Founder of Hyperliquid Jeff Yan said, “Users want faster blocks for lower time to confirmation. Builders want larger blocks to include larger transactions such as more complex contract deployments. Instead of a forced tradeoff, the dual-block system will allow simultaneous improvement along both axes.”