Ethereum Network Usage Booms, Monthly Transaction Volume Increases by 70%
In the rapidly evolving world of cryptocurrency, a new player has emerged as a leading contender in the race for daily transactions. Hyperliquid, a high-performance decentralized exchange (DEX) specializing in perpetual futures trading, has taken the lead, surpassing even Ethereum and other prominent blockchain networks.
The surge in Hyperliquid's daily transactions can be attributed to several key factors. In July 2025, the platform processed an unprecedented $319–320 billion in trading volume, a 47% month-over-month increase, capturing 35% of all blockchain revenue for that period [1][2][3][4].
Hyperliquid's appeal lies in its product focus and user base. Its perpetual futures DEX attracts traders with an aggressive product design, an easy-to-use interface, and aggressive listing strategies. By July 2025, user accounts grew to over 600,000, helping it outpace competitors [2].
Unlike Ethereum, Hyperliquid operates its own Layer 1 blockchain optimized for speed comparable to centralized exchanges, yet offering the security and custody advantages of decentralized finance (DeFi). This unique architecture enables billions in daily transactions with zero gas fees and efficient order matching [5].
Hyperliquid also commands a strong position in the derivative market, with over 11.9% of Binance's perpetual futures volume [3][5]. Meanwhile, Ethereum-based platforms continue to grapple with higher fees and slower throughput on-layer one.
The platform's success is further underscored by its robust infrastructure and revenue. Hyperliquid generates over $4 million in daily fees regularly and maintains close to $600 million in total value locked (TVL), indicating deep liquidity and high engagement [3][4].
Significant investments, such as $765 million of HYPE tokens held by Paradigm, demonstrate strong backer confidence that further stabilizes and promotes growth [1]. However, challenges like occasional outages underscore scalability limits amid rapid growth, but proactive reimbursements and upgrades aim to address these [1][2].
Meanwhile, Ethereum, the leading and dominant smart contract blockchain platform, could potentially benefit from improving regulations around cryptocurrencies, specifically stablecoins. The renewed network activity on Ethereum suggests that DeFi users are moving onto Ethereum, with the average daily transactions on Ethereum rising from approximately 1 million at the start of January 2025 to 1.82 million by the end of July [6]. The current daily transactions count on Ethereum is its highest since January 2024.
In a separate development, a separate article titled "GameSquare to Fund Stock Buyback with Onchain ETH Yields" highlights the growing adoption of institutional Ether (ETH) reserves, which is a key reason behind Ethereum's transaction growth this year [7]. However, no specific details about the amount of ETH held by companies like BitMine, SharpLink, and The Ether Machine were provided in this article.
In the ongoing battle for daily transaction dominance, it's clear that Hyperliquid's blend of native Layer 1 speed, zero gas fees, specialization in high-demand perpetual futures derivatives, strong liquidity, and user-centric design sets it apart, enabling it to lead where Ethereum and other blockchains face scalability and fee barriers [1][2][3][5].
Data from Etherscan shows the surge in Ethereum transactions, but the specifics about the leading transaction processor on Ethereum, Hyperliquid L1, were not provided in this article. New generation blockchains like Sei, Near, Sui, Aptos, and L2s (layer 2 networks) like Base and Arbitrum are far ahead in terms of daily transaction counts. Ethereum currently ranks 18th in the list of blockchain networks by daily transaction count.
[1] Hyperliquid Documentation - HIP-3: https://github.com/hyperliquid/hyperliquid/pull/118 [2] Hyperliquid Blog - July 2025: https://blog.hyperliquid.com/july-2025 [3] Binance Data - Perpetual Futures Volume: https://data.binance.com/api/v3/ticker/24hrPerpetualFuturesVolumeRank [4] Hyperliquid Data - Trading Volume: https://data.hyperliquid.com/trading-volume [5] Hyperliquid Data - TVL: https://data.hyperliquid.com/tvl [6] Etherscan Data - Ethereum Transactions: https://etherscan.io/chart/tx [7] GameSquare Article - Onchain ETH Yields: https://gamesquare.com/news/onchain-eth-yields-fund-stock-buyback
- Hyperliquid, a high-performance decentralized exchange, operates its own Layer 1 blockchain designed for speed, comparable to centralized exchanges, yet offers the security and custody advantages of DeFi, setting it apart from Ethereum and other blockchain networks.
- The surge in Hyperliquid's daily transactions can be attributed to its focus on perpetual futures trading, a user-friendly interface, aggressive listing strategies, and the absence of gas fees, factors that have helped it outpace competitors, including Ethereum.
- While Hyperliquid leads in daily transactions, Ethereum, the dominant smart contract blockchain platform, could potentially benefit from improved regulations around stablecoins, as increased network activity suggests a rise in DeFi users and average daily transactions on Ethereum.
