Article source: BlockBeats.
Written by: TxnSheng, crypto Kol.
Compiled by: zhouzhou, BlockBeats.
Editor’s note: This article introduces Hyperliquid (an innovative decentralized trading platform) that provides a faster and safer on-chain trading experience by combining the efficiency of centralized exchanges with the transparency of blockchain. It also emphasizes Hyperliquid's technological breakthroughs, such as dedicated L1 blockchain, HIP-1 and HIP-2 token standards, EVM compatibility, staking features, etc., and points out its community-driven and self-funded model, highlighting the platform's unique value and future potential.
The following is the original content (edited for readability):
Airdrop of $1.2 billion, with 31% already airdropped. Fully unlocked at TGE. HYPE was initially priced at $3.90 at launch, then skyrocketed to a peak of $27 within two weeks. This value growth demonstrates why Hyperliquid's airdrop is considered one of the most successful and valuable in crypto history. So how did Hyperliquid achieve this? Why all the attention? Let's dive in.
The team behind HYPE.
Hyperliquid Labs is led by Jeff Yan and Iliensinc, who are classmates from Harvard, committed to revolutionizing on-chain trading. Team members come from top institutions like Caltech, MIT, Citadel, Hudson River Trading, and Nuro. They started as market makers in the crypto market in 2020 and shifted to the DeFi space in 2022 due to dissatisfaction with outdated, cumbersome platforms.
Hyperliquid Labs has always remained fully self-funded, avoiding the influence of venture capital, focused on one goal: combining the efficiency of centralized exchanges with the transparency of DeFi.
Hyperliquid L1: Tailored for performance.
Hyperliquid's Layer 1 blockchain is not just another generic chain; it is built specifically for high-performance perpetual contract order book trading, utilizing a custom consensus algorithm called HyperBFT that fully on-chains margin and matching engine state. What is the result? Complete decentralization while maintaining high speed. Imagine Binance, but running entirely on-chain.
Why this matters:
Ultra-responsive: median latency is 0.2 seconds (99th percentile is 0.9 seconds).
High throughput: processing 200,000 transactions per second.
Huge daily trading volume: over $10 billion.
Redefining token standards: HIP-1 and HIP-2
Hyperliquid has launched HIP-1 and HIP-2, two revolutionary standards that maximize the utility and liquidity of tokens.
HIP-1: Native token with built-in trading functionality.
HIP-1 allows users to create fungible tokens directly linked to on-chain spot order books, elevating tokens to specialized financial instruments.
Compared to ERC-20: HIP-1 adds trading functionality to the utility of tokens.
Superior to SPL tokens: Unlike SPL tokens that rely on external DEX platforms or liquidity pools, HIP-1 tokens ensure instant tradability and high performance, tailored specifically for financial assets.
HIP-2: Embedded liquidity at issuance.
HIP-2 permanently binds liquidity to HIP-1 tokens, addressing liquidity issues from the moment of issuance.
Innovative mechanism: Combining liquidity with token standards.
Instant depth: Ensures a seamless trading experience unmatched by Ethereum liquidity pools.
Auctions: The key to successful token issuance.
The token deployment process for Hyperliquid uses a unique auction mechanism to determine gas fees. Each auction lasts 31 hours, starting at a high price and, if not sold, the price will decline linearly to 10,000 USDC.
Recent highlights
GOD - 975,746.79
CREAM - 546,967.35
MON - 487,936.86
This means that after GOD closes at $975,746.79, the starting price for the next auction will be $1.95 million! These auctions are public and can be viewed with real-time statistics on Hypurrscan.
Hypurr Fun: Designed for 'Trench Hunters'.
Hypurr Fun (HFUN) is a launchpad within the Hyperliquid ecosystem, tailored for 'Trench Hunters'—crypto enthusiasts looking for high-potential tokens and wanting to participate in the earliest stages.
Main features:
1. Telegram Bot Integration
Interact with Hypurr Fun through a dedicated Telegram bot.
Buy tokens, monitor status, and receive alerts on Telegram.
Join the Prelaunch market and Hypurr channel for real-time updates on token issuance.
2. Token creation and issuance
Token issuance using a bonding curve mechanism similar to Pump.fun.
Promising tokens can automatically transition to Hyperliquid's spot market.
Once the liquidity threshold is reached (e.g., 80% of tokens sold), the proceeds from the sales will ensure eligibility for Hyperliquid listing.
3. Trench mechanism
Pre-Launch Market: The trench is the trading phase for token pre-issuance, focusing on discovering promising tokens.
Auction participation: The funds from the Hypurr Fun sales will be used for Hyperliquid's Dutch auction, aiming to ensure spot listing.
PVP.trade: Upcoming airdrop.
PVP.Trade is a Telegram bot integrated with the Hyperliquid ecosystem, aimed at social and competitive trading. Particularly appealing to airdrop hunters, as active trading now accumulates points that influence future rewards.
Main features:
1. Trading bots
Execute trades directly through Telegram.
Support for leveraged and spot trading on the Hyperliquid platform.
2. Community interaction
Social trading features allow users to view the positions of group members.
Promote cooperation and learning within the trading community.
3. Rewards and points system
Earn points through trading, which will be used for the upcoming token airdrop.
Incentivize users to actively use bots for trading.
HyBridge: Bridging assets across chains.
HyBridge is a cross-chain bridging tool designed to simplify the asset transfer process into the Hyperliquid ecosystem, allowing you to more easily transfer tokens from multiple blockchains like Ethereum and Solana to Hyperliquid.
EVM: Expanding the Hyperliquid ecosystem.
Hyperliquid recently launched Ethereum Virtual Machine (EVM) on the testnet, providing developers the opportunity to build and experiment with Ethereum-compatible applications. This feature allows users to migrate existing EVM applications or create new front-ends, facilitating wider participation in the Hyperliquid ecosystem. EVM operates via JSON-RPC for seamless interaction with the blockchain.
In addition to the launch of EVM, the Hyperliquid testnet now also supports staking features. This development allows users to participate in staking activities, contributing to network security while earning rewards in the process. As the platform continues to evolve, these features will play an important role in facilitating community engagement and incentivizing user participation.
Developer information:
JSON-RPC interface: https://api.hyperliquid-testnet.xyz/evm
Chain ID: 998
Try staking on the Hyperliquid testnet here.
Learn how to build trading bots using the Hyperliquid Python library.
Learn how to deploy programmable wallets on Telegram.
For more information, please check the Hyperliquid documentation.
Conclusion: The future of on-chain trading.
Hyperliquid represents a significant breakthrough in DeFi development, creating a truly revolutionary product in the crypto space by combining the speed and efficiency typical of centralized exchanges with the transparency and security of blockchain technology. The platform's success is measured not just by metrics like token price or daily trading volume, but by the organic and comprehensive ecosystem it has built.
From a purpose-built L1 blockchain and innovative token standards (HIP-1 and HIP-2), to user-friendly interfaces like Hypurr Fun and PVP Trade, every component is meticulously designed to enhance the trading experience. Recent additions of EVM compatibility and staking features on the testnet further showcase Hyperliquid's commitment to continuous innovation and ecosystem expansion.
What sets Hyperliquid apart is not just its technological achievements, but its community-first philosophy. By maintaining self-funding and avoiding the interference of venture capital, the team remains focused on building a platform that truly serves user needs. As each component comes into place, Hyperliquid is set to revolutionize the way we conduct on-chain trading. They are not just following the rules of cryptocurrency—they are rewriting them.
