ChainThink report, March 10: On February 28, the U.S. and Israel suddenly launched military action against Iran. As it occurred over a weekend when traditional markets were closed, on-chain gold products perfectly absorbed traders' demand for exposure to this event. Similarly, during the previous weekend, the closure of the Strait of Hormuz and production cuts by Middle Eastern oil-producing nations fueled market demand for crude oil-related products. Hyperliquid once again stepped in, even offering a one-day window of discounted buy opportunities.

As of March 10, WTI crude oil (CL) trading volume on Hyperliquid has surged to $1.83 billion in the past 24 hours, following its first breach of $100 million since March 3. This represents a week-over-week increase of 1,830% and a day-over-day surge of 220%, with open interest reaching $170 million. Currently, CL contract trading volume is 1.8 times that of ETH and ranks second on the platform's trading volume leaderboard, just behind BTC.

According to data from DefiLlama, since the outbreak of the Iran conflict, Hyperliquid’s protocol revenue has risen from $8.54 million to $15.2 million, marking a weekly increase exceeding 60%.