30s Summary

The Hyper Foundation is launching the Hyperliquid blockchain, starting with its native token, HYPE. This console for the HyperEVM, a decentralized trading platform processing over $1 billion in daily trades with over 200,000 users, is a part of their proof-of-stake adoption and Ethereum virtual machine (EVM) launch. Future developments include spot trading and permissionless liquidity. Initial distribution signup ends on November 11, and the exact airdrop date will be revealed on November 29. A Hypurr NFT will also be obtainable in celebration of the HyperEVM launch.

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The folks behind the Hyper Foundation are rolling out their new project – the Hyperliquid blockchain. Its first significant move is getting ready to dish out its native token, HYPE. This is a big stride towards adopting proof-of-stake consensus and launching an Ethereum virtual machine (EVM) on the mainnet of their layer-1 blockchain.

Let’s talk about their leading product – the Hyperliquid platform. It’s a decentralized, order book-based, perpetual trading platform, and it’s a big deal! This thing is moving over $1 billion in daily trades across 145 pairs, and it’s got more than 200,000 users.

Then there’s the soon-to-launch HyperEVM, which promises users access to a deeper liquidity pool and even more instruments to play with. Hyper states: “Hyperliquid’s order books already offer the deepest and most on-chain liquidity for a wide variety of assets. Our own token is a must-have for the HyperBFT proof-of-stake consensus, the HyperEVM, and all the great stuff we’re planning in the roadmap.”

And speaking of the roadmap, they’ve got big things coming like spot trading and permissionless liquidity. Fans might recall that LayerZero’s ZRO was the first perpetual trade to start on Hyperliquid back in September 2023.

So, what’s the big deal with Hyperliquid? Well, it smoothly blends the ease of use you’d get from a centralized system with the reliable trustlessness you’d expect in DeFi. Hyperliquid started supporting builder codes last September, giving developers a chance to make some cash off their apps.

The brains behind it all, Jeff Yan, who ran Chameleon Trading before this, has big hopes for what Hyperliquid can achieve. Yan argued on the Flirting with Models podcast in May 2023, that it’s possible to have something centralized but trustworthy. He explained Hyperliquid’s potential to manage 10s of 1,000s of orders per second without a glitch, all transparently handled on the chain.

If you fancy getting in on the action, you’ve got until November 11 to sign up for the initial distribution. They’re announcing the exact date for the airdrop on November 29. For all you NFT fans, you can grab a Hypurr NFT, just for fun, to celebrate the launch of the HyperEVM on the mainnet.

Source: Cointelegraph