Hyperliquid is a high-performance layer-1 blockchain built specifically for trading, best known for running a fully on-chain perpetual-futures exchange that feels as fast as a centralized one. Most decentralized derivatives platforms struggle to match centralized exchanges on speed and order-book depth; Hyperliquid's custom chain was designed from the ground up to solve exactly that, with a true on-chain order book and rapid settlement. It also added a general-purpose EVM (HyperEVM), so other DeFi apps can build on top of the same fast infrastructure.
Notably, the project launched without traditional venture-capital backing and distributed a large airdrop of its HYPE token to early users, which built strong community goodwill. HYPE is the network's native token, and a meaningful share of the exchange's trading fees is used to buy back HYPE, tying the token's value to real platform usage. Hyperliquid grew into one of the dominant venues for on-chain perpetuals and attracted significant attention, including a spot ETF from a major asset manager.
For newcomers, think of Hyperliquid as a purpose-built trading blockchain whose token is fueled by the fees of its booming exchange.
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