HYPE Cools Down, RWA Heats Up: Is Hyperliquid's Counter-Cyclical Expansion Just Beginning?

marsbitPublished on 2026-08-04Last updated on 2026-08-04

Abstract

As the price of HYPE has retreated from its peak about two months ago, Hyperliquid's ecosystem continues to expand, driven by growing RWA (Real World Assets) trading demand from HIP-3. The platform's share of the global perpetual contracts market has increased. While Trade.xyz maintains a dominant position as the primary gateway to the HIP-3 ecosystem, new entrants like Paragon are entering the competition by acquiring popular tickers and employing differentiated strategies, focusing on assets with strong narratives. The entry barrier for HIP-3 deployers is also lowering through capital partnerships. Despite the ecosystem growth, the HYPE token price has corrected significantly, influenced by cooling ETF inflows and large-scale unstaking by institutional whales, though some actions are attributed to wallet management rather than direct selling. Team token unlocks have not caused major selling pressure, as the protocol's assistance fund has been repurchasing tokens at a faster rate. The expansion of HIP-3 assets and infrastructure is poised to potentially enhance Hyperliquid's network effects and HYPE's value capture in the long term.

Author: Nancy, PANews

Since reaching a local high about two months ago, the price of HYPE has been in a sustained correction, but Hyperliquid's ecosystem expansion has not stalled. With HIP-3 driving growth in RWA trading demand, the platform's share of the global perpetual contracts market continues to increase.

At the same time, competition around the HIP-3 ecosystem entry points is heating up. Trade.xyz dominates due to its first-mover advantage, while multiple deployers are attempting to capture a share of the market by snatching up popular tickers and introducing capital support.

RWA Overtakes Crypto as Core Growth Sector, Trade.xyz Faces Siege from Newcomers "Grabbing Tickets"

The bear market has not hindered Hyperliquid's rapid expansion. However, what is fueling its growth now is not trading in crypto assets like Bitcoin and Ethereum, but the increasingly hot RWA sector.

Currently, Hyperliquid is accelerating its rise in the global perpetual contracts market. Hypeflow data shows that as of August 3rd, based on the 14-day rolling average calculated by Open Interest (OI) size, Hyperliquid already holds a 10.1% share of the global perpetual contracts market, up from just 7.1% half a year ago.

The core driver of Hyperliquid's growth comes from the RWA trading demand brought by HIP-3.

Blockworks data shows that as of August 1st, HIP-3-related RWA assets accounted for 41% of Hyperliquid's perpetual contract trading volume, recently rising to as high as 74%. At the same time, the trading share of traditional crypto assets like Bitcoin has been declining, indicating that Hyperliquid's current growth logic has shifted from crypto-native asset trading to an on-chain perpetual trading market covering stocks, commodities, and more real-world asset targets.

As the HIP-3 ecosystem continues to expand, more and more deployers are entering the competition.

Currently, Trade.xyz holds a leading market position thanks to its first-mover advantage, with various trading data repeatedly setting new records. According to official disclosures, Trade.xyz's cumulative trading volume has reached $408.4 billion, with weekend cumulative turnover exceeding $26 billion and a peak of over 60,000 unique traders in a single day.

However, competitors of Trade.xyz are accelerating their entry into the HIP-3 market using differentiated strategies and lower participation barriers.

For example, Paragon is laying out in the HIP-3 ecosystem by buying up tickers. hl.eco data shows that since July 15th, Paragon has successively acquired 13 tickers, spending a total of approximately 6,328 HYPE, valued at around $333,000. Prior to this, ticker auctions within the HIP-3 ecosystem were almost monopolized by Trade.xyz.

In terms of asset selection, Paragon has adopted a differentiated entry strategy. Its recently acquired tickers cover multiple segments of the AI industry chain, including fiber optics & optical modules (GLW, CRDO, AAOI, CIEN), semiconductor equipment (LRCX, TER), storage (STX), computing power & energy supporting infrastructure (IREN, VST, NET), as well as recently auctioned hot narrative targets like the humanoid robot company Unitree (UNITREE) and the social platform Reddit (RDDT).

Compared to Trade.xyz's focus on mainstream large-cap stocks, Paragon pays more attention to assets with relatively weaker liquidity in traditional markets but strong narrative appeal, which are suitable for on-chain perpetual trading. The community believes this strategy essentially secures positions in high-growth sectors at a lower cost in advance.

However, in terms of current scale, Paragon still lags significantly behind Trade.xyz. ASXN data shows Paragon's latest weekly trading volume is approximately $15.55 million, a 12.8x increase from early July, but still less than 0.01% of Trade.xyz's trading volume during the same period. During the same period, the number of weekly traders on Paragon grew from 1,260 to 12,760, while Trade.xyz reached 18.7 million traders.

Meanwhile, the participation barrier for the HIP-3 ecosystem is also lowering. Previously, HIP-3 deployers needed to stake 500,000 HYPE, a high threshold that limited entry for some projects. However, with ecosystem development, more deployers are starting to reduce entry costs through capital and resource collaboration.

For instance, Hyperion, the second-largest HYPE DAT company, provides 500,000 HYPE staking support and has partnered with Skew Technologies to launch institutional-grade perpetual futures products. By acquiring equity participation in Skew and a share of listing service revenue, Hyperion allows Skew to focus on product development and user distribution without needing to lock up a large amount of HYPE itself. Their business scope may further expand to markets related to HIP-4 in the future. Multicoin Capital invested $1.75 million in a seed round for Trasia, becoming its sole seed investor. The project also received commitments exceeding $35 million worth of HYPE and USDC.

HYPE Continues to Fall from Highs, Are Institutions Playing High-Sell, Low-Buy?

Despite the ecosystem's counter-trend expansion, the price of the HYPE token has failed to sustain its upward trajectory.

In mid-June this year, the price of HYPE once surged to near its historical high of $77 before entering a sustained correction phase. According to CoinGecko data, HYPE has fallen 26.8% over the past 30 days.

Behind this round of correction, ETF fund outflows and whale profit-taking are the main factors.

On one hand, inflows into HYPE spot ETFs have noticeably cooled. SoSoValue data shows that since late June, HYPE spot ETF inflows have gradually cooled and turned into net outflows. In the week of June 26th, weekly net inflows into HYPE spot ETFs once exceeded $110 million. Since then, inflow sizes have continuously shrunk. Entering July, ETFs saw consecutive net outflows, with cumulative net outflows for the month exceeding $15.16 million.

On the other hand, some institutional whales have recently conducted large on-chain operations. Multicoin Capital unstaked 1.96 million HYPE (worth ~$120 million) on July 22nd and transferred part of the tokens to exchanges; a Paradigm-linked wallet unstaked approximately 2.92 million HYPE (worth ~$171 million) on July 24th; an a16z-linked address also transferred about 437,000 HYPE (worth ~$28.38 million) to multiple trading platforms in mid-July. Additionally, addresses linked to Selini Capital, Bitwise, and market maker Cumberland also transferred HYPE to exchanges, with amounts ranging from several million to tens of millions of dollars.

However, these on-chain actions do not equate to selling. For example, Multicoin Capital co-founder Tushar Jain stated that unstaking was mainly for wallet rotation and privacy management needs, not for selling tokens; the founder of Selini Capital also responded that there was no dumping, and HYPE is still used in multiple business scenarios; the a16z-linked entity appeared to engage in high-sell, low-buy, repurchasing approximately $7.335 million worth of HYPE.

Aside from changes in fund flows, the decline in Hyperliquid's revenue has also weakened the HYPE buyback intensity, further affecting short-term market support. ASXN data shows that HYPE buybacks in July amounted to approximately $244,000, down 72.4% from $886,000 in June.

It's worth mentioning that team token unlocks have not created the large-scale selling pressure the market previously feared. According to a recent tweet by MLM, since HYPE team tokens began unlocking in December 2025, approximately 4.93 million HYPE have been allocated to team members, worth about $270 million at current prices, accounting for about 0.493% of the total supply. Of this, about 1.19 million were sold on the secondary market, cashing out about $32.5 million, and about 3.14 million were transferred to OTC platforms, valued at about $132 million at the time of transfer. In total, about 4.33 million HYPE were sold, amounting to about $165 million.

During the same period, the Assistance Fund has cumulatively repurchased about 9.8 million HYPE, investing about $364 million, averaging monthly repurchases of about 1.23 million HYPE worth $46 million. The repurchase speed is more than twice the selling speed of current and former team members.

This means the main pressure on HYPE currently is not from team unlocks, but rather from changes in market demand. Meanwhile, the Hyperliquid team seems intent on using OTC methods more to reduce the impact of unlocks on secondary market liquidity, while the Assistance Fund's continued buybacks have to some extent alleviated supply-side pressure on circulation.

In the short term, Trade.xyz, with its liquidity, user scale, and first-mover advantage, remains the absolute leader in the HIP-3 ecosystem, making it difficult for other deployers to pose a direct challenge. However, in the long term, as asset types continue to diversify, participation barriers keep lowering, and more infrastructure and capital forces enter, the HIP-3 ecosystem may experience larger-scale expansion.

For Hyperliquid, the continuous enrichment of its ecosystem and assets could not only expand trading demand but also potentially strengthen the platform's network effects, providing new growth space for HYPE's value capture.

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The technical implementation introduces multiple layers of security, compliance, and operational efficiency to meet institutional standards while enhancing accessibility. The tokenisation process begins by acquiring actual Salesforce stock through U.S.-registered broker-dealers, ensuring each CRMON token maintains direct correlation with the underlying equity performance. Smart contracts automate operational processes, including dividend reinvestment and corporate action processing, facilitating a streamlined user experience. The Minting and redemption processes allow authorised participants to manage CRMON tokens effectively. During U.S. trading hours, institutions can mint new tokens by depositing stablecoins that are used to purchase corresponding Salesforce equity. This structure maintains a tight correlation with underlying assets, enhancing liquidity and price discovery. Additionally, the infrastructure supports twenty-four-hour token transfer capabilities, providing CRMON holders with operations outside traditional market hours. This represents a significant advantage over conventional securities ownership, thus promoting integration with decentralised finance applications. Plans for cross-chain compatibility through partnerships signal further ambitions for CRMON's market reach. By expanding to other blockchain networks, Ondo Finance aims to enhance accessibility and user engagement with tokenised equity products. Timeline and Historical Development of Tokenized Equity Innovation The timeline of CRMON's development and Ondo Finance's broader tokenised capabilities demonstrates a systematic innovation process beginning with the company's founding in 2021. 2021: Ondo Finance is founded by Nathan Allman and co-founders, launching initial products focused on structured vault offerings on the Ethereum blockchain. 2022: The company completes substantial funding rounds—both equity and token sales—totaling significant capital and launching initial tokenised U.S. Treasury products. 2023-2024: Ondo Finance experiences substantial growth, establishing partnerships with major financial institutions while expanding its product offerings beyond fixed-income securities. February 2025: Ondo Global Markets is announced, marking the transition into equity tokenisation with plans for accessing over one hundred U.S. stocks and ETFs. September 2025: The official launch of Ondo Global Markets includes CRMON alongside other tokenised equity offerings, marking a significant evolution in Ondo Finance's product ecosystem. This timeline highlights the organisation's rapid growth and its capability to adapt its technological and compliance frameworks to accommodate different asset classes effectively while maintaining security and regulatory integrity. Regulatory Framework and Compliance Approach Ondo Finance's regulatory framework showcases a sophisticated compliance strategy, essential for achieving institutional adoption in the tokenised securities market. The company's strong partnerships with U.S.-registered broker-dealers promote adherence to Securities and Exchange Commission regulations and apply robust investor protections. Acquisitions, such as Oasis Pro—a registered broker-dealer—significantly enhance Ondo Finance's compliance capabilities, ensuring thorough alignment with existing regulatory structures. The company employs independent verification procedures that foster transparency, aiming for a solid performance standards reputation. Furthermore, Ondo Finance's commitment extends to international regulatory compliance, ensuring token access remains restricted to eligible investors while adhering to pertinent cross-border securities regulations. Comprehensive attention to tax implications and reporting requirements fortifies the security and compliance landscape of CRMON, ensuring that investor obligations remain manageable. Future Prospects and Market Positioning The forward-looking landscape for CRMON and Ondo Finance illustrates substantial growth opportunities driven by institutional adoption of blockchain technology and escalating demand for efficient alternatives to conventional securities ownership. Market projections indicate the tokenised asset sector could value multiple trillion dollars by 2030. With plans to scale CRMON offerings significantly and integrate it with a dedicated blockchain infrastructure—Ondo Chain—Ondo Finance aims to elevate its institutional-grade tokenised asset operations. Additionally, the development of strategic partnerships enhances distribution capabilities while establishing the company's credibility in the financial market. Furthermore, the integration of tokenised equity with decentralised finance protocols offers new potential for innovative financial products and strategies previously impossible with traditional securities. These factors underscore CRMON's positioning to effectively capture increased market share and deliver innovative solutions for international investment exposure. Conclusion Salesforce Tokenized Stock (CRMON) symbolises a transformative development within financial markets, successfully bridging traditional equity ownership with blockchain technology to create unprecedented accessibility for global investors. Through Ondo Finance's sophisticated tokenisation framework, CRMON provides complete economic exposure to Salesforce equity performance while enhancing operational advantages that exceed traditional ownership. The launch of CRMON reflects the broader evolution of financial markets towards blockchain infrastructures that maintain regulatory compliance while delivering increased efficiency. Ondo Finance's extensive approach to regulatory adherence, institutional-grade security, and technological innovation solidifies CRMON as a model for future tokenised securities, delivering access previously unattainable in conventional brokerage structures. As the tokenised asset sector continues to develop, CRMON is well-positioned to address historical inefficiencies in capital markets while providing investors with innovative solutions for accessing traditional securities. The outlook for CRMON looks exceptionally promising, supported by ambitious expansion plans, technological innovations, and strategic partnerships, thereby representing a pioneering model of modern financial infrastructure evolving through blockchain integration.

4.1k Total ViewsPublished 2025.12.05Updated 2025.12.05

What is SHOPON

Shopify Tokenized Stock (Ondo): A Comprehensive Analysis of Real-World Asset Tokenization in Web3 This article delves into the Shopify Tokenized Stock (Ondo), recognised by its ticker symbol $SHOPON, exploring its implications at the intersection of traditional finance and blockchain technology. As a part of Ondo Finance's tokenized securities platform, Shopify’s tokenized stock exemplifies advancements in democratizing access to global capital markets through innovative digital assets. Introduction and Overview of Shopify Tokenized Stock (Ondo) Shopify Tokenized Stock (Ondo), or $SHOPON, portrays a pivotal innovation in the realm of tokenized securities, allowing investors to gain economic exposure akin to directly owning shares of Shopify Inc. This token, developed under the umbrella of Ondo Finance, not only provides investors with the ability to hold digital representations of the company’s stock but also integrates features such as automatic reinvestment of dividends. This advancement represents a substantial shift in the landscape of decentralized finance (DeFi), linking conventional equity markets with blockchain solutions designed to enhance accessibility, transparency, and liquidity. By eliminating geographical barriers and enabling 24/7 trading capabilities, $SHOPON is positioned as a bridge connecting traditional financial instruments and the emerging Web3 ecosystem. What is Shopify Tokenized Stock (Ondo), $SHOPON? The $SHOPON token serves as a digital manifestation of Shopify Inc.'s shares, engineered to provide a direct correlation to the underlying asset's performance. Through the utilization of blockchain technology, the token gives holders a mechanism to participate in the economic benefits associated with equity ownership, including capital appreciation and dividend distribution. The unique aspect of $SHOPON lies in its automatic dividend reinvestment mechanism, which allows returns to compound without necessitating active management by the investor. This feature inherently enhances its attractiveness as an investment vehicle, particularly for individuals seeking passive income growth alongside exposure to high-performing equities. The tokenization process is facilitated by the custody of actual Shopify shares through regulated intermediaries, ensuring that every $SHOPON token is verifiably backed by real equity. This structure empowers investors with the dual advantages of both traditional financial characteristics and the innovative benefits tied to blockchain technology. Who is the Creator of Shopify Tokenized Stock (Ondo)? The creator of Shopify Tokenized Stock (Ondo), Nathan Allman, is an experienced figure in the finance sector, formerly associated with Goldman Sachs. His rich background includes significant expertise in digital asset development, bridging the gap between traditional finance and cryptocurrencies. Allman’s educational journey, marked by studies at Brown University, provided him with a deep understanding of economics and biology, equipping him with analytical skills that inform his strategic vision. In 2021, he founded Ondo Finance, committing to developing tokenized securities that meet institutional-grade standards while leveraging blockchain's transformative capabilities. Under Allman's leadership, Ondo Finance has focused on creating compliant and innovative financial products that empower a diverse investor base. Who are the Investors of Shopify Tokenized Stock (Ondo)? The investment landscape surrounding Shopify Tokenized Stock (Ondo) is notably robust, underpinned by significant institutional support. Primarily, Pantera Capital stands out as a strategic partner through the Ondo Catalyst initiative, a $250 million commitment aimed at accelerating the development of on-chain capital markets. This partnership not only signifies institutional confidence in the potential of tokenized assets but also reinforces Ondo Finance's operational capabilities and market positioning. The funding pathways have included earlier rounds that amassed millions in seed funding and further structural investments, solidifying relationships with both venture capital firms and private investors. Moreover, the financial framework is complemented by strategic partnerships with established financial institutions and technology companies, enhancing Ondo’s infrastructure and operational expertise. How Does Shopify Tokenized Stock (Ondo), $SHOPON Work? At the core of $SHOPON's operational framework is a sophisticated system integrating traditional finance mechanisms with blockchain technology. The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.