DefiLlama Research data shows that from January to June 2026, about 169,000 wallets made their first trade on Hyperliquid in its RWA market, accounting for 31.7% of new users during the period. DefiLlama co-founder 0xngmi said that among users whose first trade was an RWA trade, about 80.9% continued trading RWA afterward, but did not move on to broader crypto asset trading. The figures suggest Hyperliquid’s RWA products did attract a new user cohort, yet most of those users remained focused on RWA trading rather than converting into crypto trading users. The data points to a clear split between demand for RWA trading and demand for crypto trading on the platform.
According to DefiLlama Research data cited by ChainCatcher, about 169,000 wallets made their first trade on Hyperliquid in the RWA market between January and June 2026. That group accounted for 31.7% of new users on the platform during the same period.
DefiLlama co-founder 0xngmi said that among users whose first trade was in RWA, about 80.9% continued to trade RWA afterward, but did not go on to enter the broader crypto asset trading market.
The data indicates that Hyperliquid’s RWA products did bring in a new group of users. At the same time, most of those users stayed within the RWA segment and did not convert into crypto asset traders, suggesting a fairly clear user split between RWA demand and crypto trading demand.
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