Original title: (Everything You Need To Know About Hyperliquid)
Author: TxnSheng, Crypto Kol
Compiled by: zhouzhou, BlockBeats
This article introduces Hyperliquid, an innovative decentralized trading platform that combines the efficiency of centralized exchanges with the transparency of blockchain to provide a faster and more secure on-chain trading experience. It also highlights Hyperliquid's technological breakthroughs, such as a dedicated L1 blockchain, HIP-1 and HIP-2 token standards, EVM compatibility, staking capabilities, 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 (for easier reading and understanding, the original content has been reorganized):
$1.2 billion airdrop, 31% airdropped. Fully unlocked at TGE. HYPE was initially priced at $3.90 at launch and has since risen all the way to a peak of $27 within two weeks. This increase in value shows why Hyperliquid's airdrop is considered one of the most successful and valuable in crypto history. So, how did Hyperliquid do it? Why is there so much attention? Let's dig in.
The team behind HYPE
Hyperliquid Labs is led by Jeff Yan and Iliensinc, who are Harvard classmates working together to revolutionize on-chain transactions. Team members come from top institutions such as Caltech, MIT, Citadel, Hudson River Trading, and Nuro. In 2020, they started as a crypto market maker until 2022, when they turned to the DeFi field due to dissatisfaction with outdated and cumbersome platforms.
Hyperliquid Labs remains completely self-funded, avoiding the influence of venture capital and focusing on one goal: combining the efficiency of centralized exchanges with the transparency of DeFi.
Hyperliquid L1: Tailor-made for performance
Hyperliquid's Layer 1 blockchain is not just another general-purpose chain, it is built specifically for high-performance perpetual contract order book exchanges, using a custom consensus algorithm called HyperBFT, which brings margin and matching engine state completely on-chain. The result? Full decentralization while maintaining high speed. Imagine Binance, but running completely on-chain.
Why this is important:
Ultra-fast response: Median latency is 0.2 seconds (99th percentile is 0.9 seconds).
High throughput: 200,000 transactions per second.
Huge daily trading volume: over $10 billion.
Redefining Token Standards: HIP-1 and HIP-2
Hyperliquid launched HIP-1 and HIP-2, two revolutionary standards that maximize the utility and liquidity of tokens.
HIP-1: Native Token with Built-in Transaction Functionality
HIP-1 allows users to create fungible tokens that are directly pegged to an on-chain spot order book, elevating tokens into specialized financial instruments.
Compared to ERC-20: HIP-1 adds transaction functionality to the utility of the token.
Better than SPL tokens: Unlike SPL tokens that rely on external DEX platforms or liquidity pools, HIP-1 tokens ensure instant tradability and high performance, tailored for financial assets.
HIP-2: Embedding liquidity at issuance
HIP-2 permanently binds liquidity to HIP-1 tokens, solving the liquidity problem from the beginning of issuance.
Innovative mechanism: combining liquidity with token standards.
Instant Depth: Ensures a seamless trading experience that is unmatched by Ethereum liquidity pools.
Auctions: The key to a successful token offering
Hyperliquid's token deployment process uses a unique auction mechanism to determine gas fees. Each auction lasts 31 hours, starting at a high price and then decreasing linearly to 10,000 USDC if unsold.
Recent highlights
GOD - 975,746.79
CREAM - 546,967.35
MON - 487,936.86
This means that after GOD closed at $975,746.79, the next auction will start at $1.95 million! These auctions are public and live statistics can be viewed on Hypurrscan.
Hypurr Fun: For Trench Hunters
Hypurr Fun (HFUN) is a launchpad in the Hyperliquid ecosystem, tailored for “trench hunters” - crypto enthusiasts who are looking for high-potential tokens and want to participate at the earliest stages.
Key Features:
1. Telegram Bot Integration
Interact with Hypurr Fun via a dedicated Telegram bot.
Buy tokens, monitor status and receive alerts in Telegram.
Join the Prelaunch marketplace and Hypurr channel to get real-time updates on token launches.
2. Token creation and issuance
A bonding curve mechanism similar to Pump.fun is used for token issuance.
Tokens with potential can automatically transition to Hyperliquid’s spot market.
Once a liquidity threshold is reached (e.g., 80% of tokens sold), proceeds from the sale will be used to secure Hyperliquid listing eligibility.
3. Trench Mechanics
Pre-Launch Market: The trench is the trading stage of token pre-issuance, focusing on mining potential tokens.
Auction participation: Funds from the Hypurr Fun sale will go towards Hyperliquid’s Dutch auction, with the goal of securing spot listings.
PVP.trade: Upcoming Airdrop
PVP.Trade is a Telegram bot integrated with the Hyperliquid ecosystem, designed for social and competitive trading. Particularly appealing to airdrop hunters, as active trading now accumulates points that influence future rewards.
Key Features:
1. Trading Robot
Execute transactions directly through Telegram.
Supports leveraged and spot trading on the Hyperliquid platform.
2. Community Interaction
The social trading feature allows users to view the positions of group members.
Promote collaboration and learning within the trading community.
3. Reward and points system
Earn points through trading, which will be used towards the upcoming token airdrop.
Incentivize users to actively use robots to participate in transactions.
HyBridge: Cross-chain bridging assets
HyBridge is a cross-chain bridging tool designed to simplify the process of transferring assets into the Hyperliquid ecosystem, making it easier for you to transfer tokens from multiple blockchains such as Ethereum and Solana to Hyperliquid.
EVM: Expanding the Hyperliquid Ecosystem
Hyperliquid recently launched the Ethereum Virtual Machine (EVM) on the testnet, providing developers with the opportunity to build and experiment with Ethereum-compatible applications. This feature allows users to migrate existing EVM applications or create new front ends, thereby promoting more people to participate in the Hyperliquid ecosystem. EVM operates through a JSON-RPC interface to achieve seamless interaction with the blockchain.
In addition to the launch of the EVM, the Hyperliquid testnet now supports staking. This development enables users to participate in staking activities and contribute to network security while earning rewards in the process. As the platform continues to develop, these features will play an important role in promoting community participation and incentivizing user participation.
Developer Information:
JSON-RPC API: https://api.hyperliquid-testnet.xyz/evm
Chain ID: 998
Try Hyperliquid testnet staking here
Learn how to build a trading robot using the Hyperliquid Python library
Learn how to deploy a programmable wallet on Telegram here
For more information, see the Hyperliquid documentation
Conclusion: The future of on-chain transactions
Hyperliquid represents a major breakthrough in the development of DeFi. By combining the speed and efficiency of centralized exchanges with the transparency and security of blockchain technology, Hyperliquid has created a truly revolutionary product in the crypto space. The platform's success is not only measured by indicators such as token price or daily trading volume, but also by the organic and comprehensive ecosystem it has created.
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 has been carefully designed to enhance the trading experience. The recent addition of EVM compatibility and staking functionality on the testnet further demonstrates Hyperliquid’s commitment to continued innovation and ecosystem expansion.
What sets Hyperliquid apart is not only its technical achievements, but also its community-first philosophy. By remaining self-funded and avoiding venture capital intervention, the team has remained focused on building a platform that truly serves the needs of its users. As each piece falls into place, Hyperliquid will revolutionize the way we conduct on-chain transactions. They are not just following the rules of cryptocurrency - they are rewriting them.
Special Thanks
Special thanks to the following key contributors in the Hyperliquid ecosystem:
@chameleon_jeff
@ThinkingUSD
@kirbyongeo
@NMTD8
