Hyperliquid Research Collective (HRC) reported on Thursday broad growth across Hyperliquid's key operating metrics in Q2 despite a decline in revenue, as adoption of its HIP-3 ecosystem and HYPE token continued to accelerate. Hyperliquid revenue drops amid surge in trading activityThe firm noted that holder revenue declined 4.7% QoQ to $142.88 million, while protocol revenue fell 6.6% to $169.37 million, according to a Thursday report. In contrast, matched trading volume rose 2.7% to $662.4 billion, average open interest climbed 25.4% to $8.68 billion, and daily active perpetual traders increased 19.8% to 54,294. The report stated that the divergence between declining holder revenue and improving operating metrics reflected "Growth Mode" pricing. HIP-3 deployer volume jumped 59.6% QoQ to $213.3 billion, with its share of Hyperliquid's matched trading volume increasing from 1.8% a year earlier to 32.2% in Q2.