Hyperliquid Unveils HyperEVM, Boosting Finance on Blockchain
1min read Hyperliquid, a leading blockchain platform, has announced the launch of its HyperEVM, a significant step towards its vision of housing all finance by bringing general-purpose programmability to its performant financial system. The initial mainnet release of the HyperEVM includes HyperEVM blocks built as part of L1 execution, enabling on-chain execution without the need for external validation layers.
The HyperEVM's debut coincides with Hyperliquid's ongoing market growth. The platform's native token, HYPE, has risen approximately 553% from its launch in November 2024, outpacing other cryptocurrencies. This growth can be attributed to the platform's solid foundation, which allocates profits to liquidity providers and a community-managed fund.
Hyperliquid gained significant attention following its massive billion-dollar airdrop, one of the biggest in crypto history. The platform's appeal to traders is boosted by its aim to offer a CEX-like trading experience alongside being a DEX. One of its most notable features is the Assistance Fund, which serves as a safety net in the event of security breaches or when liquidity needs to be boosted. The fund grows as fees increase and is absent from many other DEXs.
A recent report by K33 Research revealed that Hyperliquid held 55% of the 7-day trading volume for perpetual DEXs. Furthermore, the open interest on the platform increased to 47% of OKX's levels and 13% of Binance's.
Prior to the mainnet rollout, the testnet phase will be used to collect input and improve developer tooling. Future upgrades will include general ERC-20 transfers and precompiles. Hyperliquid's native token, HYPE, will serve as the gas token for HyperEVM. A new system contract, WHYPE, has also been deployed to support DeFi applications and native spot transfers between Hyperliquid's L1 and HyperEVM. A bug bounty program will provide mainnet-level rewards for vulnerabilities found during this period to promote security research.
