Hyperliquid Is Great, But Have You Ever Tried HyperEVM?

Key Takeaways

• Hyperliquid began as a high-speed DEX clearing ~200k orders/block, then expanded into a full-stack financial layer with 100+ dApps.

• The HyperEVM + HyperCore dual-engine setup lets Solidity contracts pull live order data or inject trades instantly, enabling lending, options, structured products, and more.

• A record-breaking airdrop and near-instant finality sparked swift development in DeFi, SocialFi, NFTs, and infrastructure.

• Achieving full atomic composability, structured coordination (grants/hackathons), and strategic use of the Assistance Fund are crucial for Hyperliquid’s evolution into an “on-chain Binance.”

Hyperliquid shocked the crypto markets in 2024 by showing that an on-chain orderbook can clear ~200k orders in a single block while remaining fully transparent. By 13 May 2025, its matching engine, HyperCore, had processed $1.4T in cumulative volume and supported around $5.5B in open interest, cementing Hyperliquid as the benchmark for speed and depth in decentralized trading.

https://hypeflows.com/

Yet raw throughput is no longer the whole story. While CT was busy screenshotting volume charts, a full‑blown ecosystem was germinating right under its nose. What began as a high-performance perp DEX has mutated into a budding all-in-one financial layer: more than 100 dApps, from money markets (HyperLend) and CDP stablecoins (Felix) to social-trading bots (PvP.trade) and cross-chain tokenization rails (HyperUnit), are already live or building atop HyperEVM, the chain’s EVM-compatible smart-contract engine.

In a similar vein, BNB Chain climbed to a $93B market cap blockchain on the back of Binance’s brand and user base. If Hyperliquid’s DEX attains on-chain Binance status, how far can the Hyperliquid ecosystem grow?

This report charts that possibility. We profile flagship projects in major sectors (DeFi, LSTs, SocialFi, NFTs, Infrastructure, and Data Analytics) to gauge whether Hyperliquid can advance from a mere fast DEX chain into a full-stack financial substrate that rivals the industry’s most dominant blockchains.

*Please note that we exclude any projects or sectors too nascent to evaluate at this stage.

1. DeFi

Hyperliquid spent 2024 proving on-chain perps could match CEX-level throughput. By 2025, it shifted to layering on every major DeFi primitive. This transformation began with the launch of HyperEVM, an EVM-compatible runtime sharing state with the chain’s HyperBFT consensus. Because the two engines share state, a Solidity contract can, in just a few lines, call a read pre-compile to pull live best-bid/ask quotes, funding rates, or margin data and (via the write system contract) inject a swap or liquidation straight into the orderbook. This delivers real-time composability: smart contracts trade against, hedge with, or quote from the native book without leaving the EVM. Any ERC-20 (wrapped BTC, tokenised RWAs, or tomorrow’s memecoin) can join that flow after a one-time SpotDeployer link; from that moment on, the asset moves between HyperEVM balances and HyperCore in a single transaction, no external bridge or sequencer required.

In short, HyperCore alone is a lightning-fast exchange, but HyperCore + HyperEVM is a full-spectrum platform for lending, options, structured products, games (anything an EVM developer can imagine) while drawing liquidity directly from the book. Native price oracles and the read/write pre-compiles shave off even more friction (caveat: write access is currently limited to swaps and liquidations, and state sync can lag by a few milliseconds at peak load, yet the end-to-end flow is already live on mainnet.)

As a result, the DeFi ecosystem blossomed in mere months, propelled by a community flush with capital from a massive airdrop. Capital efficiency is the unifying thread: almost every protocol helps users leverage HYPE, USDC, or LSTs more effectively, or fills a key gap (stablecoins, AMMs, on-ramps) so Hyperliquid can become a one-stop financial hub. The speed of development is striking. Where other chains took years to build lending, stablecoins, and yield strategies, Hyperliquid condensed that evolution into months. Below are some notable projects shaping this new DeFi arcade.

1.1 DeFi.app

A cross-chain DeFi aggregator that has folded Hyperliquid perps and yield opportunities into its one-click interface. Users can deposit tokens from any supported chain, and DeFi.app auto-bridges them behind the scenes. They can then trade on Hyperliquid’s DEX or earn yields without leaving the aggregator’s user-friendly site. This approach helps funnel capital from other ecosystems into Hyperliquid and fosters a more casual “trade on HL even if you don’t know you’re on HL” experience.

1.2 Felix Protocol

A Sky( formerly MakerDAO)/Liquity-inspired stablecoin protocol that mints feUSD against major assets (HYPE, BTC, ETH, etc.). Felix’s twist is that feUSD can serve directly as margin or collateral on the Hyperliquid exchange, creating a self-reinforcing cycle for leveraged traders. Being a purely on-chain stablecoin with no centralized custody, Felix is pitched as the “People’s Stablecoin.” It uses robust over-collateralization and real-time price feeds to maintain feUSD’s peg. By bridging stable liquidity into the DEX environment, Felix supports the chain’s broader push to become the “House of Finance.”

1.3 Hana Network

A mobile-first DeFi app described as “Hyper-casual Binance.” Hana works with Kado to provide on/off ramps directly into Hyperliquid, bypassing centralized exchanges entirely. That means a user can purchase USDC with a credit card, then deposit into Hyperliquid within minutes. No separate KYC or bridging steps. Hana’s mission is to simplify user onboarding in regions like Korea, highlighting the chain’s broad appeal to retail users. By combining fiat gateways with user-friendly DeFi, Hana aims to replicate the seamless nature of Binance but purely on-chain.

1.4 Harmonix Finance

Harmonix Finance is a DeFi platform that merges advanced hedge fund–grade derivative strategies with on-chain technology to optimize yield on crypto assets and DeFi positions. By pairing delta-neutral methods and out-of-the-money options with the transparency of DeFi, it helps both retail and institutional investors earn more while mitigating risk. Harmonix seamlessly integrates with Hyperliquid protocols (e.g., Felix, HyperLend), offering Spot Swap, staking-to-yielding, and funding rate capture.

1.5 HyperLend

The so-called “Aave of Hyperliquid,” HyperLend is the chain’s flagship money-market protocol. Its design merges:

• Classic pooled lending (Aave V3 style) with large liquidity pools for core assets.

• Isolated single-pair pools (akin to FraxLend), where riskier collateral can be supported without jeopardizing main pools.

• P2P lending pools for specialized or private financing needs.

This multi-tiered approach balances capital efficiency with user risk tolerances. HyperLend also supports flash loans and dynamic interest rates, quickly accumulating more than $200M TVL as of May 14, 2025. Its status as a core liquidity provider means nearly every new DeFi protocol on Hyperliquid integrates with HyperLend’s stablecoin reserves.

1.6 HyperSwap

The first native DEX for the HyperEVM. While HyperCore handles order-book perps and spot for major pairs, HyperSwap covers typical AMM pools for smaller assets. Liquidity providers earn fees (and a rumored governance token $SWAP), while swappers enjoy low slippage thanks to the chain’s speed. The chain benefits from having both an advanced order book (for main markets) and a user-friendly AMM to accommodate permissionless listing of new tokens. Over time, HyperSwap aims to deepen TVL via yield farms and potential aggregator partnerships.

1.7 HyperUnit

A bridging protocol that tokenizes cross-chain assets. If you deposit 1 BTC on the Bitcoin chain to HyperUnit guardians, you receive 1 uBTC minted on Hyperliquid. The system is non-custodial and integrated at the chain level, functioning as a frictionless gateway for BTC, ETH, SOL, or stablecoins from across the crypto ecosystem. This ensures Hyperliquid can readily absorb liquidity and fosters cross-chain arbitrage. Many see HyperUnit as the chain’s “secret sauce”: a built-in bridging mechanism that makes external third-party bridges optional, not mandatory. As of 14 May 2025, HyperUnit has already bridged roughly 1.59k BTC (≈ US $160 million) onto Hyperliquid, evidence that liquidity is migrating at pace.

1.8 HypurrFi

A one-stop leveraged lending platform with a built-in stablecoin called USDXL. HypurrFi makes it easy for users to deposit HYPE (or other assets), borrow more, re-deposit, and loop in a single transaction. This “clean looping” yields high leverage with minimal friction. USDXL, the stablecoin minted by HypurrFi, is backed by stablecoins, HYPE, and more, with protocol revenue flowing to holders. Roughly $80M TVL indicates that yield farmers are keen to amplify their HYPE exposure here, especially in a chain where near-instant settlement is the norm.

1.9 Insilico Terminal

A pro-level trading front end that integrates with Hyperliquid’s API. Insilico is already known in high-frequency trading circles and now extends those capabilities to the chain’s order book. For serious quant funds or whales who want advanced order types and custom scripts, the Insilico integration provides a CEX-like environment, backed by on-chain settlement. That synergy lowers the barrier for large traders used to sophisticated trading tools.

1.10 Kittenswap

A community-run DEX featuring ve(3,3) tokenomics (inspired by Solidly/Velodrome). Liquidity providers earn fees, and token holders who lock veKITTY direct emissions to chosen pools. This gauge-and-bribe model fosters competition among protocols for voting power, somewhat similar to Curve/Convex. While overshadowed by HyperSwap, Kittenswap has built a loyal community of liquidity farmers who prefer the (ve(3,3)) model. TVL is around $38M so far, but many believe it’s positioned to be a stablecoin-liquidity engine as the chain grows.

1.11 Silhouette

A privacy-focused DEX that aims to create “dark pool” functionality on top of Hyperliquid. Users who want privacy (to avoid front-running or revealing alpha) can trade in Silhouette, which uses cryptographic schemes to hide order flow until settlement. The approach complements Hyperliquid’s main exchange. While still in development, Silhouette underscores the chain’s desire to attract institutional-grade liquidity by addressing the transparency trade-off that can deter big trading firms.

2. LSTs

Hyperliquid’s Proof-of-Stake model secures the network with billions in staked HYPE. But on a chain touting maximum liquidity, letting so much capital sit idle is suboptimal. Liquid Staking Tokens (LSTs) solve that, issuing tradeable derivatives for staked HYPE so users can keep using their tokens in DeFi while still contributing to chain security. With over $10 billion worth of HYPE (423M HYPE) staked to secure the network, there’s a huge opportunity to turn that idle capital into productive capital. This unlock of billions in value should bolster the whole ecosystem’s TVL and liquidity. Hyperliquid’s LST landscape is still taking shape, but already we have multiple players collaborating and competing to capture those juicy staking rewards (2~3% APY currently).

Key LST-focused projects include:

2.1 Kinetiq (kHYPE)

Another LST protocol focusing on decentralizing node operator sets and layering in yield aggregator strategies. kHYPE tries to match stHYPE’s convenience but aims for lower fees and more resilience. Kinetiq has teased a “Kinetiq Earn” product that automatically routes staked HYPE into additional DeFi strategies. Although still ramping up, it offers competition to stHYPE, potentially ensuring LSD fees stay competitive.

2.2 LoopedHYPE

A leveraged LST system that loops staked HYPE to multiply rewards. It stakes HYPE for stHYPE, borrows HYPE against it, stakes again, and so on, then wraps the final leveraged position into a single token. LoopedHYPE is higher risk (price drops can trigger liquidations), but the yield is considerably higher. Power users and DAO treasuries see it as an easy way to chase bigger rewards if they’re bullish on HYPE’s long-term price and stability.

2.3 StakedHYPE (stHYPE)

A Lido-like protocol launched by StakedHYPE.fi that quickly became the main LST. When you stake HYPE, you receive 1 stHYPE in return; over time, stHYPE accrues staking rewards, increasing in value relative to HYPE. Because stHYPE is recognized by HypurrFi, HyperLend, Felix, and other DeFi dApps, users can leverage or reinvest their staked tokens.Over $3B of HYPE was staked at launch, much of which is now represented by stHYPE.

3. SocialFi

A huge part of Hyperliquid’s rise can be attributed to its community-driven, meme-powered approach (recall the airdrop that snubbed VCs in favor of users). It’s no surprise, then, that SocialFi is thriving on Hyperliquid. The community loves to trade, compete, and launch memes, and new projects are giving them platforms to do just that, on-chain. The first SocialFi dApps emerged in late 2024 with HypurrCollective’s backing, and have since gained significant user adoption, especially via Telegram.

Highlighted SocialFi projects:

3.1 HypurrFun (HFUN)

Hyperliquid’s answer to Solana’s legendary meme launchpad, Pump.fun. A memecoin launchpad integrated via a Telegram bot. Creators launch tokens using a bonding curve, and if enough is sold, HFUN automatically allocates liquidity for a spot listing on Hyperliquid’s exchange. The platform is basically a frictionless “token idea → on-chain sale → immediate listing” pipeline. Meme-chasers love it, as it’s safe from typical rug-pull tactics (contract verified, liquidity locked, etc.), and they can buy in real time via Telegram. Hypurr Fun has been a key driver of new tokens popping up across the chain, many of which revolve around comedic or cat-themed branding.

3.2 PvP.trade

A social trading bot that gamifies Hyperliquid usage. Connect the PvP bot in Telegram, trade with real funds, and accumulate “PvP points” that rank you on leaderboards. Everyone in your group can see top-performing traders or biggest risk-takers. Rumors of an airdrop keep participation high, while real alpha emerges from watchers copying the best strategies. This “friendly competition meets real leverage” approach exemplifies the chain’s spirit: turn trading into a social game, reward participants, and watch volumes climb.

Aside from these, the HypurrCollective community itself has spun up things like HypurrPump (a community pump group) and various fan-run initiatives (news accounts, content) that blur the line between social and utility. But HypurrFun and PvP.trade are the flagships turning Hyperliquid into a social playground.

4. Mobile Apps (Hyperliquid on the Go)

Mobile usage is key for onboarding new users. Hyperliquid’s near-instant finality ensures that a phone app can deliver a CEX-like experience without the typical lag. We’re seeing both wallet-centric apps and specialized trading apps launching with Hyperliquid integration, some even backed by major players in the industry. They are in various stages of rollout (beta versions, early access programs) but are already onboarding users, notably in Asia where mobile-first crypto usage is common.

Key mobile-focused projects:

4.1 Dexari

A specialized mobile DEX app built solely for Hyperliquid. If Okto aims at mainstream users, Dexari targets pros wanting advanced charting, custom order types, and real-time price data on their phone. The app is in beta but has a sizable waitlist thanks to promises of full-fledged perps, fast bridging, and a possible reward token. Dexari’s pitch is: “Trade on Hyperliquid’s order book as seamlessly as you would on a CEX, but fully on-chain.”

4.2 Lootbase

Still under wraps, Lootbase is rumored to be a mobile exchange that shares fee revenue with its NFT or token holders, effectively a user co-op model. The team is ex–Hyperliquid devs, so they know the chain intimately. Paired with a partnership for fiat ramps (MoonPay), Lootbase might deliver a frictionless path from credit card to on-chain trading while also giving loyal users a slice of platform revenue.

4.3 Okto Wallet

A self-custodial wallet from CoinDCX with integrated bridging for Hyperliquid. Users can deposit USDC from Solana or Ethereum in a single tap; Okto automatically handles bridging, so the user only sees “Your USDC is now on Hyperliquid.” From there, they can trade perps with up to 50× leverage within the same mobile UI. Okto uses an MPC scheme to avoid seed phrases, making it friendlier for mainstream adopters. Heavy marketing in Asia propelled Okto to thousands of downloads, quickly feeding volumes into Hyperliquid’s DEX.

5. NFTs

No emerging L1 is complete without NFTs, and although DeFi is Hyperliquid’s mainstay, NFTs have surged in popularity since HyperEVM went live. The chain’s quick confirmations enable real-time auctions and bulk mints without the usual bottlenecks, making NFTs a natural extension of its high-speed ethos.

These digital assets serve as marketing tools, community-building vehicles, and story-driven experiments. Traders become collectors, collectors explore DeFi, and the ecosystem thrives on both dimensions. More importantly, NFTs introduce a different user base (artists, gamers, collectors) and thus diversify Hyperliquid’s community beyond leveraged traders alone.

Supporting infrastructure also continues to evolve: HyBridge allows NFTs to move easily from Ethereum to Hyperliquid, Purrsec (a community security dashboard) catalogs NFT contracts for added trust, and even Blockscout has been used to verify collections on-chain until a dedicated NFT explorer emerges. Although it’s still early days, several “HyperNFT” pioneers have already demonstrated that Hyperliquid is more than just a DeFi hub; it can also be a vibrant center for cultural and creative activity.

Notable NFT projects and platforms:

5.1 Drip Trade

A “high-frequency NFT exchange” plus HyperLaunch platform for new collections. Drip is to Hyperliquid what Magic Eden is to Solana: the default marketplace for minting, buying, and selling NFTs. It capitalizes on the chain’s sub-second finality, offering near-instant sweeps and real-time stats. HyperLaunch within Drip has already hosted large drops (like PiP & Friends), demonstrating that “thousands of NFTs minted in minutes” is no challenge for Hyperliquid.

5.2 Liquina & LQnians

Liquina is an enigmatic figure calling herself the “Queen of Hyperliquid.” She launched LQnians NFTs as the first fully on-chain mint on Hyperliquid. Liquina also introduced a token ($LQNA) and an AI-driven persona, turning the project into a narrative-laced blend of DeFi, NFTs, and cryptic storytelling. LQnians hold symbolic value—an early, purely Hyperliquid-based NFT drop with a cult following. The project’s game-like approach (treasure hunts, AI chat) further leverages the chain’s speed and programmability.

5.3 Odd Otties

A free-mint 3,333-edition NFT collection of adorable otter-like creatures. Despite the cute façade, the community is laser-focused on flipping and building “the richest NFT brand on HL.” Otties minted via Drip’s HyperLaunch and sold out instantly. Floor prices soon jumped to multiple HYPE tokens, with active speculation fueled by the chain’s instant settlement. These comedic, memeable characters exemplify how NFT culture on Hyperliquid is playful yet financially driven.

5.4 PiP & Friends

The first large-scale NFT collection mint on HyperEVM, testing the chain’s ability to handle thousands of mint transactions at once. PiP minted smoothly, confirming that Hyperliquid can handle Ethereum-scale NFT drops without bogging down. The PiP NFTs trade actively on Drip and likely tie into upcoming Lootbase features (e.g., revenue-sharing or membership perks).

5.5 Wealthy Hypio Babies

A 5,555-item PFP collection that migrated from Base L2 to Hyperliquid, quickly becoming a cultural icon. Their anime-adjacent art style and meme-laden marketing resonated with local degens. Now, you see “Hypio Baby” PFPs in many community chats. Floor prices soared, exemplifying how NFT mania can thrive even on a chain originally known for leveraged trading. This synergy of adorable PFPs, insider jokes, and real DeFi integration (like bridging or lending) underscores Hyperliquid’s eclectic spirit.

6. Infrastructure & Tools

While user-facing dApps often take center stage, Hyperliquid’s success also hinges on robust infrastructure and tooling. The chain’s dual-engine design (HyperCore + HyperEVM) demands custom solutions for bridging, data feeds, identity, and developer support, ensuring every layer communicates smoothly with the outside crypto world.

6.1 Bridging and Connectivity

HyBridge serves as an entry point, letting users seamlessly transfer tokens from Ethereum, Arbitrum, or Solana into USDC on Hyperliquid with minimal friction. Meanwhile, LayerZero has introduced the Hyperliquid Bridge, a dedicated interface for bridging assets from any LayerZero-supported chain into the Hyperliquid ecosystem. This solution leverages LayerZero’s OFT (Omnichain Fungible Token) standard to simplify token deployments on Hyperliquid and reduce technical overhead for developers.

Alongside these options, Gasyard pursues a universal cross-VM solution, aiming to link multiple chains (EVM, Solana, Aptos, Sui, Bitcoin) in under ten seconds. Add in other bridging providers like deBridge, Squid, and Altitude, and Hyperliquid becomes far more accessible to capital across the broader crypto landscape. Each service helps ensure the chain is well-networked rather than siloed, further supporting its ambition to become a true liquidity hub.

6.2 Oracles and Data Feeds

To power derivatives and lending, Hyperliquid relies on Pyth(1,000+ real-time price feeds) and RedStone (customizable data). This ensures protocols like HyperLend or HypurrFi have reliable collateral valuations. Multiple oracle providers also mitigate risk, preventing a single point of failure. For querying on-chain data, the chain offers a built-in indexer plus third-party services like Goldsky, which deliver real-time subgraphs for HyperEVM. These tools simplify development, letting teams access state changes without hosting full nodes.

6.3 Identity and Naming

Hyperliquid Names (.hl) provides human-readable addresses (akin to ENS) so users can register names (e.g., ponyo.hl) that map to their wallet. This gives the ecosystem a more personal feel: dApps use .hl names for leaderboards, while others integrate them for logins. The community also explores biometric authentication (via Humanoid Biomapper) for future on-chain Sybil resistance, though that remains in early stages.

6.4 Developer Tools & Deployment

Projects like ChainPro and Arcana Network focus on chain abstraction, enabling devs to treat Hyperliquid alongside other networks seamlessly. NodeOps offers managed node services, and the Hyperliquid Python SDK plus HypeRPC aggregator make it straightforward to build or deploy on the chain. Expanded documentation and community-led support (e.g., HypurrCollective) further reduce friction for new teams. Although HyperBFT is not standard Ethereum proof-of-stake, these tools keep barriers to entry low.

6.5 Monitoring and Others

WhaleCatalerts tracks large on-chain transactions, and Slate Wallet Tracker aggregates user portfolios. Upcoming efforts like Stork or Tholos may provide secure storage and multisig solutions, while Fractrade experiments with AI-based trading agents. Meanwhile, GlueX focuses on integrating execution and data layers. Collectively, these smaller infrastructure projects round out the chain’s growing toolbox, ensuring developers and traders alike have everything they need to operate at hyperspeed.

7. Data Analytics

Hyperliquid’s user base is intensely data-driven, craving immediate stats on volume, OI, user growth, or whales. To cater to this, numerous analytics platforms have emerged or extended support to Hyperliquid. From explorers to dashboards, Hyperliquid now has a growing suite of analytics solutions ensuring that both builders and users can monitor activity in real time. Some noteworthy mentions:

7.1 HyperDash

A specialized leaderboard tracking top traders’ PnL, volumes, or big liquidation events. Gamifying on-chain performance is a strong theme on Hyperliquid. HyperDash also allows tagging known whales or venture funds to see how smart money trades. SocialFi bots sometimes embed HyperDash data for daily recaps, adding a competitive flavor to normal DEX usage.

7.2 HyperScanner

A combined explorer for both the HyperCore and HyperEVM. It decodes transactions, displays balances (including NFTs), and clarifies bridging transitions. In a chain that effectively has two parts (an order-book engine plus a standard EVM) tools like HyperScanner unify that experience. Users can see if their address has HYPE staked, leveraged positions open, or NFT holdings, all in one interface.

7.3 HyperStats

A community-built analytics site charting daily user growth, volumes, revenue, and TVL. It first made headlines by illustrating how the chain’s user base ballooned post-airdrop. Protocol teams often cite HyperStats for real-time metrics on lending utilization or stablecoin pegging. It’s a trusted reference for verifying usage, silencing critics who suspect wash trading or inflated volume.

7.4 HyperTerminal

A “Bloomberg-esque” desktop app featuring real-time price feeds, customizable dashboards, and in-depth analyses of liquidity, funding rates, or burn mechanics. Traders can watch big events (like a whale shorting BTC with 50× leverage) unfold block by block. HyperTerminal’s brand proposition is “institution-level analytics for on-chain data,” which suits large funds eager to replicate CEX-grade intel in a DeFi environment.

7.5 Nansen & Dune

Both integrated Hyperliquid:

• Dune Analytics: Lets community members create custom dashboards for advanced queries, like comparing Hyperliquid’s fees to GMX or analyzing LST adoption stats.

• Nansen: Labels large addresses (airdrop whales, smart LPs, etc.) and monitors net inflows/outflows from big wallets.

These integrations give outsiders a neutral vantage to confirm Hyperliquid’s metrics. For instance, Nansen can verify real user flows as opposed to wash trading. Dune encourages communal data crunching, fueling collaborative insights.

8. Remaining Hurdles on the Road to Glory

While Hyperliquid’s ascent looks almost fairytale-like, challenges remain. Rapid growth and grassroots building can obscure deeper structural or strategic issues. The community is smart enough to be having these conversations openly. Here we focus on two big ones:

8.1 Composability & Technical Integration

Hyperliquid’s dual-engine design has big advantages (speed, specialized order matching, instant finality) but complicates atomic composability. On Ethereum, a user can borrow from Aave and trade on Uniswap in one transaction; everything happens within the same state environment. On Hyperliquid, bridging from HyperEVM to HyperCore can require extra steps, preventing truly atomic combos. This can hamper advanced DeFi applications that rely on single-transaction actions.

Bridging risk also looms, since many cross-chain tokens arrive via multiple bridging protocols. If a major bridge is hacked, depegged assets can rock the ecosystem. The chain’s speed can amplify the fallout, as liquidations might cascade faster.

Developers are addressing these issues through deeper HyperCore–HyperEVM integration and user-friendly protocols like GlueX that mask bridging complexities. Still, it’s an ongoing engineering hurdle: how to maintain top-tier performance plus near-instant finality while enabling the lego-like composability that made Ethereum DeFi so powerful.

8.2 Strategic Coordination

Hyperliquid’s break-neck expansion started with a $1.6 billion airdrop that put real capital in the hands of traders and early hackers, then snowballed once builders saw a CEX-speed order book they could call from Solidity and a community ready to supply both liquidity and seed cheques. Capital, performance, and a fiercely independent culture combined to push the dApp count past one hundred in barely six months.

This grassroots fervor jumpstarted innovation but introduced coordination hurdles. Without a formal grants program or hackathon pipeline, many builders end up scouring Telegram for funding. Meanwhile, critical but unglamorous public goods (multisig tooling, wallets, fiat ramps) risk neglect because they do little to inflate token prices. High-potential Web2 founders also drift elsewhere, seeking the structured accelerators and audit stipends found on larger chains.

Fortunately, Hyperliquid is well-positioned to tackle these issues. Hyperliquid’s Assistance Fund (AF) quietly maintains one of DeFi’s biggest war chests, holding ~22 million HYPE (>$550 million), which grows by roughly $1~3M a day. Diverting even five percent of that to grants, hackathons, or audits could match Solana’s annual incentive budget, leaving the main treasury untouched. Put simply, the community has achieved product-market fit but must now establish coordination-market fit. A dynamic, KPI-driven grants program could harness the chain’s organic energy into a more deliberate innovation flywheel, amplifying progress while preserving Hyperliquid’s bottom-up DNA.

9. Looking Forward

Hyperliquid’s rise feels like a DeFi fairy tale: a custom chain built out of frustration with slow L1s, quietly launched, then igniting overnight thanks to a record-breaking airdrop that empowered a fervent community. Six months later, the once single-purpose chain has morphed into a multi-sector playground, running everything from serious lending markets to tongue-in-cheek NFTs.

The vision is bold: become the on-chain equivalent of a full-stack exchange like Binance, offering trading, lending, NFTs, and community features under one decentralized roof.

Hyperliquid’s story is still being written, but one can’t help feel we’re witnessing something akin to early Ethereum days - that raw, vibrant growth that in hindsight seems obvious. Fueled by a user-first, performance-focused narrative, it combines real innovations with surging daily volumes, weekly dApp launches, and a lively mix of traders, users, and creators. If Hyperliquid sustains this pace, it may soon stand as a self-contained financial universe, forcing the rest of crypto to either integrate or challenge a powerful new hub.

Tagging related projects: @defidotapp @felixprotocol @HanaNetwork @hyperlendx @HyperSwapX @hyperunit @HypurrFi @InsilicoTrading @KittenswapHype @silhouette_ex @kinetiq_xyz @Looped_HYPE @stakedhype @harmonixfi @Hypurrfun @pvp_dot_trade @DexariDotCom @LootbaseX @okto_web3 @drip__trade @LiquinaHL @ottionhl @PiPonHL @HypioHL @HyBridgeHL @gasyardfi @hypurr_co @hypurrdash @hyperscanner @hyperstats_xyz @hyterminal