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.