HIP-3 reaches 50% of Hyperliquid perp volume as RWA trading surges

The Block reported that real-world assets now represent a significant portion of Hyperliquid trading, marking a move away from the platform’s previous focus on bitcoin, ether, and other major cryptocurrencies.

HIP-3, a Hyperliquid protocol enabling builders to launch perpetual markets, captured nearly 50% of the platform’s perpetual volume earlier this summer, having started at approximately 2% in early 2026. TradeXYZ’s equity products led this segment, offering contracts on the Nasdaq-100 and individual shares.

Haseeb Qureshi, a Managing Partner at Dragonfly Capital, noted that this transition indicates the industry is moving beyond native crypto assets toward tokenized stocks and bonds. He contended that meeting institutional compliance standards in the next phase will demand a multichain environment rather than a single general-purpose network.

Qureshi discussed this during an interview on The Starting Block at the Avalanche Summit in New York. He stated that while native assets are valuable, they do not constitute the majority of global financial value. Proving the viability of real-world assets on chain, he said, necessitates a shift toward heterogeneous networks, which is Avalanche’s focus.

He added that institutions like Goldman Sachs and BlackRock will eventually require dedicated blockchain environments with specific compliance and operational controls. Qureshi dismissed the notion that Ethereum, Solana, or Avalanche would emerge as a singular winner, likening the various networks to cities where distinct network effects can develop independently.