As RWA trading surges on Hyperliquid, Dragonfly’s Qureshi makes the case for a multichain future
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Real-world assets now account for a substantial share of trading activity on Hyperliquid, reflecting a sharp shift from the platform's earlier dominance by bitcoin, ether, and other major crypto assets.
Key facts
- RWA perpetual volumes across exchanges reached about $470 billion in June, up from $85 billion in January, with Binance, Hyperliquid, and OKX accounting for more than 80% of the category
- HIP-3, Hyperliquid's permissionless framework for builder-deployed perpetual markets, reached nearly 50% of the platform's perp volume earlier this summer, up from roughly 2% at the beginning
- Crypto native assets are great, but they're not the lion's share of what matters in the world," Qureshi said during an interview on The Starting Block from the Avalanche Summit in New York
- But it's not true that most of the finance in the world is in New York
Summary
HIP-3, Hyperliquid's permissionless framework for builder-deployed perpetual markets, reached nearly 50% of the platform's perp volume earlier this summer, up from roughly 2% at the beginning of the year. RWA perpetual volumes across exchanges reached about $470 billion in June, up from $85 billion in January, with Binance, Hyperliquid, and OKX accounting for more than 80% of the category. Dragonfly Capital Managing Partner Haseeb Qureshi said the shift reflects crypto's broader maturation toward tokenized stocks, bonds, and other real-world assets, arguing that the industry's next phase will require multiple specialized blockchains to meet institutional compliance requirements. "Crypto native assets are great, but they're not the lion's share of what matters in the world," Qureshi said during an interview on The Starting Block from the Avalanche Summit in New York.