Hyperliquid: Next-Generation On-Chain Trading Platform

Hyperliquid is a high-performance on-chain perpetual contract DEX, running on its self-developed Layer 1. It offers centralized exchange-level performance while maintaining on-chain transparency. The core of the platform is the order book mechanism and the HLP Vault treasury, which occupies over 90% of the TVL.

The native token $HYPE of Hyperliquid is responsible for network governance, can reduce transaction fees after staking, and captures value through buybacks from auction listings. The project adopts a community-first token allocation model, with 70% allocated to community airdrops, incentives, and contributors, without VC investment.

The platform experienced the $JELLYJELLY manipulation event in March 2025, nearly triggering a series of liquidations across the entire treasury. This incident exposed the centralization issues in validator governance but also demonstrated the platform's ability to respond. After the crisis, Hyperliquid quickly rebounded with whale user stickiness and ecological expansion, setting new highs in trading volume, open interest, and $HYPE price.

The advantages of Hyperliquid are:

1. CEX level trading experience, no CEX risk
2. A truly community-oriented token model
3. Product Depth: Not only perpetual, but also includes spot market, HyperEVM and other diversified functions.

HyperEVM is the smart contract layer launched by Hyperliquid, supporting the construction of EVM-compatible dApps. It forms a three-layer architecture with the core trading layer HyperCore and the consensus layer HyperBFT, providing a foundation for ecological development. Several popular projects have already launched on HyperEVM, including DEX, DeFi protocols, and Launchpads.

Hyperliquid is becoming the only required on-chain trading platform, from spot to perpetual, and across the entire ecosystem. It is not just a DEX, but a complete high-performance L1 ecosystem. With its unique economic model, top founding team, and mature product ecosystem, Hyperliquid dominates the on-chain derivatives market and is poised to challenge the position of centralized exchanges in the future.