Tokenized stocks and other real-world assets are rapidly taking over crypto derivatives. On Hyperliquid, RWA perpetuals surged from roughly 2% to nearly 50% of platform volume, signaling a major market rotation.

  • HIP-3, Hyperliquid’s permissionless framework, enabled builder-deployed RWA perpetual markets.
  • Global RWA perp volume jumped from $85B in January to about $470B in June.
  • Binance, Hyperliquid, and OKX now control more than 80% of the category.

LaunchBar takeaway: the next DeFi wave may not be another meme-token cycle—it could be compliant, on-chain equity derivatives. Qureshi’s multichain thesis points toward specialized networks for institutions such as BlackRock and Goldman Sachs. Track RWA liquidity, HIP-3 launches, and infrastructure tokens before the crowd prices in institutional scale.