On May 21, Hyperliquid's fully diluted valuation rose to approximately $54.57 billion, slightly surpassing Solana's approximate $54.22 billion. The market's focus is not only on this valuation crossover but also on the consistent growth in revenue, users, and trading volume of this on-chain perpetuals platform over the past period.
FDV surpassed on May 21
The report, citing Arkham data, stated that HYPE's price that day approached $58, corresponding to a fully diluted valuation of approximately $54.57 billion. During the same period, SOL's price was approximately $86.36, corresponding to a fully diluted valuation of about $54.22 billion.
However, Hyperliquid’s market cap remains significantly lower than Solana’s. HYPE has a circulating valuation of approximately $13.28 billion, with a circulating supply of about 238.39 million tokens and a maximum supply of approximately 962.27 million tokens. In comparison, Solana has a circulating supply of about 577.86 million tokens and a total supply nearing 626.75 million tokens.
Protocol revenue exceeds that of multiple blockchains.
The report also cited Bitwise CEO Hunter Horsley, stating that Hyperliquid's cumulative revenue has reached approximately $790.55 million, surpassing Solana's $532.34 million, Tron's $471.2 million, and Ethereum's $425.56 million.
This comparison has once again brought protocol revenue into the market's spotlight. For Hyperliquid, increased trading activity in perpetual contracts is translating into more direct fee income, further supporting market pricing for its future growth.
User base and trading volume grow in tandem.
Reports show that Hyperliquid expanded rapidly in 2025. Its user data indicates an increase to approximately 1.4 million users, four times its previous number; daily trading volume once approached $32 billion; and total value locked reached nearly $6 billion at its peak.
Price performance has further reinforced this trend. The article notes that HYPE is only about 2% away from its all-time high of approximately $59.30, while SOL remains about 65% below its peak of around $294 in the previous cycle.
Repurchase mechanism coexists with unlocking pressure
The report noted that Hyperliquid channels a portion of trading fees back into the ecosystem for token buybacks, burns, and liquidity incentives. This design is viewed by the market as a key factor supporting demand for HYPE.
However, future token unlocks remain a variable to monitor. If the circulating supply continues to increase, HYPE’s valuation could face additional supply pressure.