Hyperliquid (HYPE) Project Analysis Report
1. Research Institute Commentary
Hyperliquid is a decentralized platform that allows users to trade perpetual derivatives by aggregating liquidity from various sources. The team was a market maker for several centralized exchanges between 2020 and 2022. Over the past few months, Hyperliquid has achieved an average daily trading volume exceeding $1 billion, surpassing other decentralized derivatives platforms, with $1 billion in on-chain locked value.
2. Recent Highlights
Hyperliquid is one of the projects gaining significant traction due to the high enthusiasm for token airdrops. The project has a large community and a high Twitter rating. Currently, it has 21,944 users and demonstrates promising growth potential. Dubbed the "Binance on-chain," Hyperliquid has excelled in on-chain trading without accepting external funding. While Binance handles $4–60 billion in daily futures trading, Hyperliquid processes $1–3 billion daily.
3. Project Overview
Hyperliquid is an order-book-based perpetual DEX built on Hyperliquid L1. Its DeFi platform delivers the usability of centralized exchanges (CEX), featuring a seamless user experience, one-click trading, and near-instantaneous transactions. For advanced traders, the platform offers partial take-profit (TP) and stop-loss (SL) orders and API support. Its native insurance vault enables community participation in market-making and liquidation strategies.
4. Token Role
HYPE will serve as the gas token for HyperEVM.
5. Tokenomics
Maximum Supply: 1 billion HYPE tokens
| Category | Allocation | Details |
| Future emissions and community rewards | 38.888% | Core contributor tokens will be locked for one year post-genesis. Most vesting plans will be completed between 2027 and 2028, with some extending beyond 2028. Genesis allocation excludes core contributors. No allocations for private investors, CEXs, or market makers. |
| Genesis allocation | 31.0% | |
| Current and future core contributors | 23.8% | |
| Super Foundation budget | 6.0% | |
| Community grants | 0.3% | |
| HIP-2 | 0.012% |
6. Project Highlights
Hyperliquid plans to develop its own L1 blockchain. This application chain, manually built by the team, uses Tendermint for consensus and can reportedly process up to 20,000 operations per second, including orders, cancellations, and liquidations—20 times the capacity of dYdX v3. It has earned the nickname "Binance on-chain."
7. Investors
None
8. Community
Community size: 67,900 members
9. Special Economic Models
None
10. Future Outlook
Hyperliquid combines the features of CEX and DeFi to create a derivatives trading marketplace built on the Hyperliquid L1 native chain. Using an order-book trading model, the platform boasts low latency and high throughput. Currently, it supports contract trading, spot trading, and pre-launch trading, offering a user experience comparable to that of centralized exchanges.
Basic Information
Project Overview: Hyperliquid is an order-book-based perpetual DEX built on Hyperliquid L1. Its DeFi platform delivers the usability of CEXs, featuring a seamless user experience, one-click trading, and near-instantaneous transactions. Advanced features include partial TP/SL orders and API support. Its native insurance vault enables community-driven market-making and liquidation strategies.
Full Token Name: Hyperliquid
Token Symbol: HYPE
Official Website: https://hyperliquid.xyz/
Documentation: https://hyperfnd.medium.com/hype-genesis-1830a4dc2e3f
Blockchain Explorer: Not available
Liquidity Query: Not available
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CoinW Institute
2024/11/29