Hyperliquid outshines Tron in 24-hour fee generation: What’s behind it?

• After an extended streak of generating the most fees, TRX has been overthrown by HYPE in the past 24 hours.
• A comparison of both assets shows that Hyperliquid can lead Tron further.

In the past 24 hours, Hyperliquid [HYPE] surged, with its price jumping 4.03%, while Tron [TRX] bowed to sell pressure, losing a meager 0.12%.

Market activity across the Hyperliquid protocol drove this surge in HYPE’s value, pushing it above TRX in terms of fees generated. Insights show HYPE could likely maintain this level, but not without a condition.

How HYPE overtakes TRX, generates more fees

In the past 24 hours, Hyperliquid generated the most fees in the market, surpassing Tron—a level the the latter had maintained week in and week out.

Source: Artemis

According to Artemis data, Hyperliquid generated $2 million in fees, while Tron generated $1.9 million.

While the $100,000 difference remains slim, analysis shows the gap could widen over time in favor of HYPE as market sentiment begins to shift.

AMBCrypto analysis explained why Tron slowed down and how HYPE stepped up to claim this new position. The number of transactions—an indication of on-chain activity—shows a clear difference.

Source: Artemis

In the past 24 hours, HYPE’s transaction count rose significantly, increasing from 296.3 million to 424.5 million. On the other hand, Tron’s transactions fell by 100,000, from 8.5 million to 8.4 million.

This also impacted decentralized exchanges (DEXs). Tron maintained a flat trading volume for two days at $163.6 million, while Hyperliquid climbed from $153.9 million to $169.4 million, surpassing Tron.

Source: Artemis

In fact, the general spot market HYPE’s volume jumped from $6.6 billion to $9.9 billion, nearly entering the double-digit zone.

Interestingly, analysis shows that a major contributor to its success is its ability to attract new on-chain users, with unique users reaching 22.1k, compared to Tron’s average monthly retention of just 4%.

Source: Artemis

If these key metrics continue to rise, Hyperliquid stands a strong chance against Tron.

However, other market indicators suggest it may not have a complete edge, raising questions about how long HYPE can sustain this lead.

Will HYPE maintain its position? 

HYPE’s continued dominance may face a threat from its rising supply. Currently, the staked Native which tracks the total amount staked in HYPE has continued to decline.

From a high of 429.7 million, it has dropped to 416.7 million, meaning 13 million HYPE has entered the market. If this trend continues, the asset could face a price decline.

Interestingly, the amount of stablecoin deployed on Tron has reached an all-time high of $71.4 billion, signaling massive interest. This gives Tron a bullish edge that could enable a rally to the upside.