Hyperliquid’s real-world asset, or RWA (tokenized real-world assets), market brought in roughly 169,000 wallets whose first trade on the platform took place in that segment between January and June 2026, accounting for 31.7% of new users over the period. DefiLlama Research data cited by ChainCatcher showed that among users whose first trade was in RWA, about 80.9% continued trading RWA afterward but did not expand into the wider crypto asset market. DefiLlama co-founder 0xngmi said the figures suggest Hyperliquid’s RWA products are attracting a distinct new user base, though most of those users remain concentrated in RWA trading, pointing to a clear split in demand between RWA and crypto trading.