Hyperliquid Surpasses Circle in 24-Hour Revenue

A Milestone for DeFi's Return

Hyperliquid is a decentralized derivatives exchange that is scheduled to launch in 2023 on its own Layer-1 blockchain. It has quickly become a big name in the DeFi space thanks to its fast and cheap infrastructure. Circle, on the other hand, is one of the biggest companies in the space. Their stablecoin USDC is very popular and widely used in DeFi transactions, payments, and institutional finance solutions. The fact that Hyperliquid has made more money than Circle in 24 hours is a clear sign that users are moving away from centralized solutions like stablecoins and towards decentralized platforms that speed up and streamline the process.

There are a lot of decentralized exchanges in the cryptocurrency market right now. Cointelegraph reported that on August 15, 2025, Hyperliquid had a 24-hour trading volume of $29 billion and earned $7.7 million in trading fees. This represents 35% of the total fee revenue of the entire blockchain during that time. This shows that traders really like Hyperliquid, especially those who want a fast, cheap, and middleman-free platform.

The All-Inclusive Boost of Hyperliquid

Hyperliquid outperforms Circle Asclepius in the decentralized finance (DeFi) space thanks to a number of strategic factors that have helped the platform grow so quickly: Fast infrastructure: Hyperliquid operates on its own Layer-1 platform, designed to trade derivatives as quickly as possible, just like centralized exchanges (CEX). This makes trading easy, attracting many high-frequency traders.

Hyperliquid has low trading fees and an easy-to-use interface, similar to a CEX, making it appealing to both new users and professional traders. Gas fees on Ethereum and other blockchains are a big deal, so this is important.

Hyperliquid buys back and burns HYPE tokens using a 93% burn mechanism. This puts pressure on the token to depreciate over time. This has made people crave HYPE, and on August 15, 2025, the token price reached $48.23, up 2% from the previous day, despite the bearish market.

Recently, a lot of people have been trading on Hyperliquid thanks to meme tokens inspired by Donald Trump and Melania Trump. These tokens can be leveraged up to 3x, which makes them very attractive to traders looking to profit from price movements.

Hyperliquid has built a strong community and facilitated liquidity providers to participate, which has made the ecosystem vibrant. People on X talk about Hyperliquid's success coming from having good products, smart tokenomics, an active community, and rapid viral growth.

Circle, on the other hand, is facing competitive pressure from other stablecoins like USDT and new financial regulations like the EU’s MiCA. This is despite Circle making steady profits from circulating USDC and partnerships with institutions. Circle also doesn’t release daily revenue reports, making direct comparisons difficult, but posts on X say Circle’s 24-hour revenue is around $8.8 million, slightly less than Hyperliquid.

Evaluation and Conclusion

Hyperliquid surpassing Circle in 24-hour revenue is a major milestone, marking the rise of decentralized platforms in a rapidly changing crypto landscape. With its high-speed infrastructure, low fees, and smart tokenomics, Hyperliquid is not only challenging giants like Circle but also reshaping the future of DeFi.

Disclaimer: The information presented in this article is the author's personal opinion on the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in the article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.