What to know:
- RWA markets onboarded 169,514 Hyperliquid wallets, representing 31.7% of 534,362 new wallets.
- RWA-first wallets generated $111.6 billion in trading volume, accounting for 31.5% of new-user volume.
- RWA-first users paid $34.1 million in fees, just 8.3% of Hyperliquid’s $412.6 million total.
Real world assets are becoming a major gateway into decentralized finance, with Hyperliquid data showing strong new-user growth trends emerging during the first half of 2026 overall.
DefiLlama Research observed impressive growth of new-user activities through RWA markets in the first half of 2026. During January-June, there were 169,514 wallets that made their first trade in Hyperliquid through RWA markets which constitutes 31.7% of 534,362 new wallets.
The finding matters because these users did not simply add another asset class to existing crypto activity. According to DefiLlama, RWA-First wallets made $111.6 billion trading volume that constitutes 31.5% of total new-user volume. However, they remained concentrated in RWA products, indicating tokenized traditional markets can attract distinct participants.
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RWA Markets Reshape Hyperliquid’s User Mix
Hyperliquid’s HIP-3 framework underpins this expansion. Activated in October 2025, it allows qualified builders to deploy perpetual markets by staking 500,000 HYPE. Thus, the listing became permissionless and the framework allowed introducing equities, commodities, indices, forex and other real-world assets, the diversity of markets for Hyperliquid’s users expanded.
The product mix of Hyperliquid in 2026 according to DefiLlama observations as well as the presence of onboarding waves related to the new RWA launches and macro-related opportunities. For instance, in particular there was S&P 500 perpetual market that got more than 38,000 wallets in just eight days. Also, a SpaceX pre-IPO market was related to the onboarding wave in June.
RWA Growth Brings Volume, But Fees Lag
The economic impact is more mixed than user growth suggests. RWA-First wallets generated $34.1 million worth of fees, constituting 8.3% of the $412.6 million in fees collected from new wallets. More than 80% of those fees were collected from the Other-First wallets, implying that currently crypto natives provide more value for the platform through fees as opposed to RWA-focused users.
Similar patterns emerge when we look at the trading side of things. While RWA-First wallets traded 83.6% of their $111.6 billion volume on RWA markets, Other-First wallets increasingly diversified into those markets. According to DeFiLlama’s analysis, crypto native users made 40% of the RWA market volumes, whereas the RWA-First users did very little trading in other markets outside their initial entry product.
For Hyperliquid, the next phase will depend on whether RWA-first users broaden their activity or remain specialized. The data confirms RWAs can deliver user acquisition and trading volume, but monetization remains limited. The takeaway is clear, tokenized markets are expanding DeFi’s addressable audience, while economic value depends on cross-market engagement.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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