Trust Wallet has surpassed MetaMask in builder code revenue on HyperliquidX, a metric that tracks developer activity and ecosystem contributions. The shift, recorded this week, signals a changing competitive landscape in the crypto wallet market — one where the incumbent no longer has a free run.
What builder code revenue measures
Builder code revenue is a specific metric on HyperliquidX that reflects the fees or rewards generated by developers building on the platform. It's a proxy for how much active development a wallet is attracting. For Trust Wallet to top that list means more developers are choosing its infrastructure to deploy on HyperliquidX than MetaMask's. That's not a trivial flip.
The HyperliquidX factor
HyperliquidX is a relatively new platform for building decentralized applications on the Hyperliquid ecosystem. It's gained traction among developers looking for low-latency execution and a different design philosophy than Ethereum-based chains. Trust Wallet's integration with HyperliquidX appears to be paying off. The wallet's rapid growth in builder code revenue suggests it's become the go-to choice for developers on that platform, at least for now.
MetaMask remains the dominant wallet by total users and overall market share. But this metric shows that dominance isn't absolute. Developer mindshare is shifting. If Trust Wallet can convert this builder code revenue into sustained ecosystem growth, MetaMask may need to respond — either by deepening its own HyperliquidX support or by innovating elsewhere. The timing isn't great for MetaMask, which has been focused on its Snaps and multichain expansion.
Can Trust Wallet hold the lead?
The next quarterly data from HyperliquidX will show whether this is a blip or a lasting shift. Trust Wallet's parent company, Binance, has been pushing for deeper integration with emerging chains. But MetaMask has a history of bouncing back. For now, the scoreboard on HyperliquidX reads differently than it did six months ago.
