CryptoRank Insights: Hyperliquid’s Rise From $13.5M Exploit Loss to $72.3M Monthly Profit

HyperLiquid (HYPE) shot past its more established rivals to become the most profitable blockchain network in May 2025, according to new data from CryptoRank.io.

The network reported a staggering $72.3 million in gross profit last month. This performance decisively outpaced industry heavyweights like TRON, which brought in $58.3 million, and Ethereum, at $21.8 million.

This data, visualized in a chart from CryptoRank.io and Artemis.xyz, highlights what seems to be a growing trend: next-generation DeFi platforms like HyperLiquid are quickly gaining ground on legacy chains, not just in user interest but also in actual revenue generation.

Top Chains by Gross Profit in May 2025

Hyperliquid’s success continued to grow, outpacing one metric after another. In May 2025, @HyperliquidX surpassed well-established networks such as TRON, Ethereum, and Solana in gross profit. pic.twitter.com/sE1H9ifnaL

— CryptoRank.io (@CryptoRank_io) June 5, 2025

Other notable figures in the May profitability report include Base with $5.8 million, Solana at $4.7 million, and BNB Chain with $1.5 million. Arbitrum and Internet Computer trailed the top contenders, registering $953,000 and $866,000 respectively.

From Exploit Collapse to Major Comeback

What makes Hyperliquid’s top ranking so remarkable is that it follows a dramatic collapse just a few months ago. Back in March, the platform was rocked by a major exploit in its JELLY market. A user successfully manipulated the index price, which in turn falsely inflated asset values on the platform. The fallout from this incident was severe.

The HyperLiquid vault, which acts as the platform’s internal market maker and yield generator, was left “underwater” by a significant $13.5 million. In response, the protocol’s team made a controversial but decisive move: they forcibly settled the affected market at a price of $0.0095. This was far below the manipulated, oracle-fed price of $0.50 that the attacker had exploited.

This necessary but difficult decision triggered a sharp decline in platform trust. The total value locked (TVL) on Hyperliquid plummeted from a high of $510 million down to $150 million. The native HYPE token also suffered a 20% price drop at the time. Yet, that bearish narrative didn’t last very long.

Trader James Wynn’s Activity Helped Restore Confidence

The key catalyst for Hyperliquid’s recovery appears to be James Wynn, a high-stakes derivatives trader who quickly became a legend within the HyperLiquid ecosystem. Wynn publicly traded massive positions totaling over $100 million on the platform. His activity, which included both huge wins and dramatic losses, served as a powerful, real-world demonstration of Hyperliquid’s capability to handle enormous liquidity without significant slippage.

His high-profile trading sparked a wave of renewed interest and bullish sentiment. This, in turn, helped to quickly restore confidence in HyperLiquid among the broader crypto community.

Vault TVL Soars 156%; Offers Competitive 13.7% Yield

Fast forward to today, and the platform’s recovery is clear in the numbers. According to data from DefiLlama, Hyperliquid’s yield-bearing vault has seen its TVL soar from $163 million in April to $418 million in early June. That’s an impressive 156% increase in just two months.

Currently, the Hyperliquid vault offers a very competitive 13.69% annual interest rate. This yield outpaces the 9.1% average returns currently seen across most of the leading restaking protocols. With such competitive yields and now-proven liquidity strength, Hyperliquid is increasingly positioning itself as a potential backbone for a new era in decentralized finance.

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