Woofun AI reports that Hyperliquid has achieved a historic milestone where weekly trading volume in real-world assets (RWAs) surpassed cryptocurrency trading volume, a shift confirmed by Lorenzo Valente, crypto research director at Ark Invest.

The deeper driver is the rapid adoption of HIP-3, which enabled single-stock trading products to capture 61% of total RWA activity over the past week. This marks the first instance where RWA activity has overtaken native crypto trading on the platform.

Structurally, stock-based RWAs now constitute 61% of total RWA activity on Hyperliquid, having outpaced index and commodity products since June. This concentration highlights a specific preference for equity-like instruments within the decentralized ecosystem.

Per Woofun AI, the broader decentralized exchange perpetual futures market recorded $79 billion in total volume last week, with Hyperliquid accounting for $50 billion of that figure. Of this amount, $26 billion was derived from HIP-3-based RWA trading, demonstrating significant scale.

This development signals a potential inflection point for the tokenization of traditional assets, as institutions and traders increasingly utilize DeFi protocols for equities and commodities. If sustained, this trend could reshape how decentralized exchanges compete with traditional finance platforms, moving beyond purely crypto-native utility.