Hyperliquid’s RWA boom highlights disconnect between user growth and HYPE price

The decentralized perpetuals exchange Hyperliquid has successfully leveraged the booming real-world asset (RWA) sector to fuel remarkable user growth, attracting 169,000 new wallets in the first half of 2026. Despite this surge in activity and record trading volumes, the platform’s native HYPE token has seen its price stall, revealing a growing disconnect between platform adoption and token holder value.While RWA-related activities accounted for nearly 32% of all new users on the platform,