Solana news: Grayscale Launches Low-Cost Hyperliquid ETF, Solana Remains Top Performer by App Revenue
Grayscale Launches Hyperliquid Staking ETF
Grayscale has launched its Hyperliquid Staking ETF (HYPG) on Nasdaq, offering investors the lowest-cost exposure to HYPE, the token powering the Hyperliquid decentralised perpetual futures exchange. The ETF aims to provide access to HYPE's growth and staking rewards, with a management fee of 0.29%, undercutting competitors 21Shares and Bitwise.
Competitive ETF Landscape
Bitwise currently leads the Hyperliquid ETF market with nearly $85 million in net inflows, while 21Shares has attracted around $57 million. The launch of Grayscale's HYPG intensifies competition among digital asset ETFs, particularly for products offering exposure to decentralised finance (DeFi) protocols.
Hyperliquid's Rapid Growth
Founded in 2024, Hyperliquid has quickly established itself as a major decentralised blockchain, supporting significant trading volume and developer activity. In 2025, the protocol generated approximately $857 million in fees, with 99% allocated to token buybacks, strengthening HYPE's value proposition in DeFi.
Solana Leads in Blockchain App Revenue
According to DefiLlama, Solana led all blockchains in app revenue in May, generating $91 million, followed by Hyperliquid at $53 million and Ethereum at $52 million. This highlights Solana's continued dominance in blockchain-based application activity and revenue generation.
Why This Matters for the UK
The growth of decentralised ETFs and blockchain protocols like Hyperliquid and Solana is relevant for UK investors and developers. Solana's leading app revenue signals robust adoption and opportunities for UK-based builders and institutions exploring DeFi and blockchain infrastructure.
