The Hyper Foundation was established to support the development of the Hyperliquid blockchain. It is currently preparing for the initial distribution of its native token called HYPE.
This new token is the first step towards proof-of-stake consensus and Ethereum virtual machine (EVM) deployment on the mainnet of the layer-1 blockchain.
Pathway to multiple services
Hyper's flagship product is the Hyperliquid order book-based decentralized perpetual trading platform, which is currently the world's largest in terms of trading volume, reaching over $1 billion daily across 145 trading pairs. The platform serves over 200,000 users.
The HyperEVM rollout will allow users deeper access to liquidity and additional tools. The organization announced on X:
“Hyperliquid’s order book already provides the deepest and most sustainable on-chain liquidity for a wide range of assets. The native token is essential to the HyperBFT proof-of-stake consensus mechanism, HyperEVM, and further developments on the roadmap.”
The roadmap includes spot trading and unlimited liquidity, among other things. LayerZero's ZRO is the first perpetual to launch on Hyperliquid in September 2023.
Source: Hyper Fund
Combining Centralized Utility with DeFi Reliability
Hyperliquid offers instant-finish transactions and since September has started supporting code builds to allow developers to monetize apps.
Source: Rhadamant Memes
Hyperliquid was founded by Jeff Yan, who previously ran Chameleon Trading. He told the Flirting with Models podcast in May 2023:
“You want something centralized but you don’t want to trust it. There’s something like Hyperliquid. Basically nothing to stop the same liquidity, tight spreads, instant confirmations, epsilon gas, mostly gas to prevent DDoS, but this Chain can handle 10,000 orders per second without any issues. Everything is transparent. Everything is on-chain. It’s all transactions.”
Participants have until November 11 to register for the initial airdrop. The airdrop date will be announced on November 29. Users can also choose to receive Hypurr Non-Fungible Tokens (NFTs) with no commercial value to commemorate the launch of HyperEVM on the mainnet.
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