The launch of the Hyperliquid L1 network with a native order book DEX has attracted notable attention from crypto traders due to its high speed and deep liquidity.
Hyperliquid, a performant layer one (L1) blockchain that leverages the HyperBFY consensus algorithm, has debuted its native token dubbed HYPE HYPE $40.77 24h volatility: 0.9% Market cap: $13.60 B Vol. 24h: $192.96 M after being airdropped to early adopters. The HYPE token launched on the flagship native application dubbed Hyperliquid DEX, which is a fully on-chain order book perpetual exchange.
According to the latest Hyperliquid DEX data, the HYPE token was listed against the USDC USDC $1.00 24h volatility: 0.0% Market cap: $61.62 B Vol. 24h: $6.06 B pair and achieved a fully diluted valuation of more than $4.4 billion. As of this writing, $HYPE traded at about $4.6, having gained around 18 percent since its listing.
The mid-cap token, with a market cap of about $1.5 billion, has an initial circulating supply of about 333.9 million and a max supply of 1 billion tokens. The $HYPE achieved an average traded volume of about $289 million on Friday, with just trading from the HyperLiquid DEX.
Why Hyperliquid Network Matters
Launched in the fourth quarter of 2022, the Hyperliquid network has grown to support approximately 100K orders per second. Most importantly, the network’s consensus algorithm and networking stack were developed in a way that it can scale to millions of orders per second upon market demand.
Furthermore, the Hyperliquid L1 was custom developed around a performant derivatives exchange, with realistic real-world applications. The Hyperliquid network features a general-purpose Ethereum Virtual Machine (EVM) dubbed the HyperEVM.
As a result, ERC20 tokens can be fungible and linked to the Hyperliquid L1 network, once the development is complete. The Hyperliquid L1 has tasked its validators with securing the EVM bridge.
Developed by a team of well-trained tech experts, the Hyperliquid L1 network is self-funded to minimize the influence of external capital. Consequently, the Hyperliquid L1 is fully dedicated to the needs of the DeFi community through the team of developers.
Bigger Market Picture
The Hyperliquid DEX has already listed over 146 crypto assets including Bitcoin BTC $105 156 24h volatility: 0.3% Market cap: $2.09 T Vol. 24h: $17.33 B , Ethereum ETH $2 527 24h volatility: 0.2% Market cap: $304.98 B Vol. 24h: $11.19 B , Cosmos ATOM $4.07 24h volatility: 0.8% Market cap: $1.85 B Vol. 24h: $71.63 M , dYdX DYDX $0.51 24h volatility: 1.0% Market cap: $404.73 M Vol. 24h: $7.97 M , Solana SOL $151.5 24h volatility: 4.2% Market cap: $79.91 B Vol. 24h: $4.10 B , Avalanche AVAX $18.96 24h volatility: 0.1% Market cap: $8.00 B Vol. 24h: $206.35 M , and Binance BNB $647.3 24h volatility: 0.2% Market cap: $94.43 B Vol. 24h: $468.78 M , among many others. As a result, the Hyperliquid DEX has achieved more than 224k users and a daily average traded volume of about $1.77 billion.
Through offering low fees trades with up to 50x leverage, the Hyperliquid DEX promises to disrupt the DeFi ecosystem. In order to facilitate seamless adoption, Hyperliquid network has partnered with several web3 protocols including the Notifi project to enable users to stay informed and secure.
The DeFi space has grown into a more vibrant ecosystem through clear regulations in different jurisdictions including Europe with the MiCA framework. In the United States, the upcoming Trump administration is expected to curate clear crypto regulations to foster development and seamless adoption in the country.
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