Hyperliquid (HYPE)

What is Hyperliquid? 🤔

Hyperliquid is a highly performant blockchain network with over $6B TVL custom-built for on-chain financial systems and trading activity. 

It is also one of the largest perpetual DEXs in the industry, featuring over 188 trading pairs with up to 40x leverage. The platform has become famous for having no limitations on the size of futures positions for any tokens, unlocking a new level of trading freedom for users. 

At the same time, users can enjoy complete transparency of the protocol, as CEX competitors are unable to display the trades of large players on their platforms. As a result, Hyperliquid has become a popular tool for analysts to predict market movements, as they can now track the perpetual trading activity of crypto whales.

Such impressive Hyperliquid DEX features have made it one of the leading protocols by generating revenue, as the project made over $600M within less than a year after launch in December 2024. This put the project into the top-3 protocols by revenue across the entire Web3 industry. 

🔗 HyperCore & HyperEVM

To operate smoothly and deliver the best on-chain user experience, the Hyperliquid blockchain utilizes two key components: HyperCore and HyperEVM. Both of these parts are powered by the Hyperliquid PoS mechanism, called HyperBFT consensus, yet play different roles within the network:

• HyperCore includes the margin and matching engine state, being the main component for the network to validate perpetual swaps;
   
• HyperEVM, meanwhile, is built as a general-purpose blockchain component, enabling EVM developers to build their own DeFi applications and EVM users to seamlessly interact with Hyperliquid network. 

Read more about the key blockchain components in Hyperliquid docs.

💲 stablecoin USDH

In September 2025, the Hyperliquid Foundation announced plans to launch its own $USDH stablecoin and initiated governance voting across the Hyperliquid trading platform community to pick the best stablecoin emitter. According to the September 14th, 2025, voting results, the competition has won Native Markets.

🪙 Hyperliquid token: $HYPE is a native token of the Hyperliquid crypto project, used for securing the L1 network and governance voting. The platform also conducts regular token burns of $HYPE, allocating a part of its revenue for it. According to Hyperburn, the platform is currently the 78th largest $HYPE holder with 436.79K $HYPE worth $19.78M.

The token was launched on November 29, 2024, and garnered significant attention among the crypto community with one of the airdrops to early DEX users, valued at ~$14.04B, considering the $HYPE at ~$45. 

As approximately 38.9% of the total $HYPE supply is allocated for “Rewards,” it is likely that the Hyperliquid airdrop Season 2 will occur, with the main criteria being the usage of Hyperliquid Exchange and Hyperliquid EVM network. 

Considering this info, the CoinLaunch team conducted a complete research on the Hyperliquid crypto protocol and found some of its pros and cons to help you decide if it’s worth purchasing $HYPE and farming potential Hyperliquid airdrop:
 

✅ Hyperliquid pros:

• Impressive concept and design of the product;
• One of the largest perpetual DEXs in the crypto space;
• Cumulative revenue of the platform ~$600M;
• Low monthly token inflation rate (~1.2%);
• Presence of security audit from Zellic and a self-hosted bug bounty program;
• Very high PR score;
• High SMM, Influencer Marketing, and Growth Marketing performance;
• Above-average SEO score;
• Diverse network of partners, including MetaMask, Curve, and others;
• Hyperliquid founder, Jeffrey Yan, has extensive work experience at Google and Hudson River Trading.
   

❌ Hyperliquid cons:

• Very High FDV and Market Capitalization (~$37.35B and ~$10.11, respectively);
• No info about backers;

Hyperliquid Season 2 airdrop is not confirmed by the team.