Stocks Just Topped Crypto on Hyperliquid. ARK Says That Changes Everything

A notable development has hit the crypto markets. In brief Real-world assets (RWAs)—tokenized versions of traditional financial instruments like company stocks, crude oil, and market indices traded as blockchain contracts—accounted for 54% of Hyperliquid's weekly trading volume during July 13–19, the first time non-crypto assets have dominated the exchange. ARK Invest's director of digital assets research Lorenzo Valente said Hyperliquid's $26 billion in RWA trading last week surpassed the combined crypto perpetual volume of every other decentralized exchange on earth.

South Korean chipmaker SK Hynix—a direct rival to Samsung in AI memory production—drove most of the interest on Hyperliquid's third-party market platform.

Crypto markets are watching this development closely as investors weigh its potential impact on prices.