JPMorgan has expressed marked skepticism about Hyperliquid’s ability to catch up to Solana or XRP in market capitalization, despite the protocol announcing that its RWA contracts now represent 32.2% of its quarterly volume. The American bank observed a sharp slowdown in inflows into the HYPE ETF between July and August, after a massive influx during its spring launch. This contrast is explained notably by the size gap between these assets: Solana and XRP have accumulated years of adoption, liquidity, and presence on centralized exchanges. JPMorgan considers that this gap can only be bridged through sustained growth over several years, not just a single record quarter.
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