Riding the commodity trading boom, Hyperliquid platform's weekly revenue increases by over 60%

BlockBeats News, on March 10, on February 28, Israel and the US suddenly launched a military strike against Iran. As this occurred over the weekend when traditional markets were closed, on-chain gold products perfectly met traders’ needs to trade on this event. Similarly, last weekend, the closure of the Strait of Hormuz and production cuts by Middle Eastern oil-producing countries stimulated market demand for crude oil-related products. Hyperliquid once again met this demand, even offering a low-price buying opportunity that lasted for a whole day.

As of the 10th, the trading volume of WTI crude oil (CL) on Hyperliquid has soared to $1.83 billions in the past 24 hours, after first surpassing $100 millions on March 3. This represents a week-on-week increase of 1830% and a day-on-day growth of 220%, with open interest reaching $170 millions during the same period. Currently, the trading volume of the CL contract has reached 1.8 times that of ETH, second only to BTC, ranking second on the platform’s trading leaderboard.

According to DefiLlama data, since the outbreak of the Iran conflict, Hyperliquid’s platform revenue has risen from $8.54 millions to $15.2 millions, a weekly increase of over 60%.