Detailed explanation of Hyperliquid: In addition to Hypurr Fun, what other Alphas are there in the ecosystem?

Written by: TxnSheng, CryptoKol

Compiled by: zhouzhou, BlockBeats

Editor's note: This article introduces Hyperliquid, an innovative decentralized trading platform that provides a faster and more secure on-chain trading experience by combining the efficiency of centralized exchanges with the transparency of blockchain. It also highlighted Hyperliquid’s technological breakthroughs, such as dedicated L1 blockchain, HIP-1 and HIP-2 token standards, EVM compatibility, staking capabilities, etc., and pointed out its community-driven and self-funding model, highlighting the platform’s Unique value and future potential.

The following is the original content (the original content has been edited for ease of reading and understanding):

$1.2 billion airdropped, 31% airdropped. Fully unlocked at TGE. HYPE was initially priced at $3.90 when it went online and has since risen, peaking at $27 within two weeks. This increase in value demonstrates why Hyperliquid’s airdrop is considered one of the most successful and valuable in crypto history. So, how does Hyperliquid do it? Why is there so much attention? Let’s dig a little deeper.

The team behind HYPE

Hyperliquid Labs is led by Jeff Yan and Iliensinc, Harvard classmates who work together to revolutionize on-chain transactions. Team members come from top institutions such as Caltech, MIT, Citadel, Hudson River Trading and Nuro. In 2020, they started as a market maker in the crypto market until 2022, when they turned to the DeFi field due to dissatisfaction with outdated and clunky platforms.

Hyperliquid Labs has always remained completely self-funded, avoiding the influence of venture capital and focusing on one goal: combining the efficiency of centralized exchanges with the transparency of DeFi.

Hyperliquid L1: Tailored for performance

Hyperliquid's Layer 1 blockchain is not just another general-purpose chain, it is purpose-built for high-performance perpetual contract order book exchanges and uses a custom consensus algorithm called HyperBFT to keep margin and matching engine status completely on-chain. change. What's the result? Completely decentralized while maintaining high speed. Imagine Binance, but running entirely on-chain.

Why this is important:

• Extremely fast response: Median latency is 0.2 seconds (99th percentile is 0.9 seconds).
• High throughput: 200,000 transactions per second.
• Huge daily trading volume: over $10 billion.

Redefining Token Standards: HIP-1 and HIP-2

Hyperliquid launches HIP-1 and HIP-2, two revolutionary standards that maximize the utility and liquidity of tokens.

HIP-1: Native token with built-in trading function

HIP-1 allows users to create fungible tokens that are directly linked to the on-chain spot order book, elevating the token into a specialized financial instrument.

• Compared to ERC-20: HIP-1 adds transaction functionality to the utility of the token.
• Better than SPL tokens: Unlike SPL tokens, which rely on external DEX platforms or liquidity pools, HIP-1 tokens ensure instant tradability and high performance, specifically tailored for financial assets.

HIP-2: Embed liquidity at the time of issuance

HIP-2 permanently binds liquidity to HIP-1 tokens, solving the liquidity problem from the beginning of issuance.

• Innovative mechanism: combine liquidity with token standards.
• Instant Depth: Ensures a seamless trading experience unmatched by Ethereum liquidity pools.

Auctions: The key to a successful token offering

Hyperliquid’s token deployment process utilizes a unique auction mechanism to determine gas fees. Each auction lasts 31 hours, starts with a high price, and if unsold, the price will linearly decrease to 10,000 USDC.

Recent Highlights

• GOD - 975,746.79
• CREAM - 546,967.35
• MON - 487,936.86

This means that after GOD's closing price of $975,746.79, the starting bid for the next auction will be $1.95 million! These auctions are public and real-time statistics can be viewed on Hypurrscan.

Hypurr Fun: For "trench hunters"

Hypurr Fun (HFUN) is a launch platform within the Hyperliquid ecosystem, tailored for “trench hunters” – crypto enthusiasts who are looking for high-potential tokens and want to get involved at the earliest stages.

Main features:

1.Telegram Bot integration

Interact with Hypurr Fun through the dedicated Telegram bot.

Buy tokens, monitor status and receive alerts in Telegram.

Join the Prelaunch Marketplace and Hypurr Channel to get real-time updates on token launches.

2. Token Creation and Issuance

A binding curve mechanism similar to Pump.fun is used for token issuance.

Tokens with potential can be automatically transitioned to Hyperliquid’s spot market.

Once liquidity thresholds are reached (e.g., 80% of tokens sold), proceeds from the sale will be used to secure Hyperliquid listing eligibility.

3. Trench Mechanism

Pre-Launch Market: Trench is the pre-launch trading stage of tokens, focusing on mining potential tokens.

Auction Participation: Funds from the Hypurr Fun sale will be used for Hyperliquid’s Dutch auction with the goal of securing a spot listing.

PVP.trade: Upcoming airdrops

PVP.Trade is a Telegram bot integrated with the Hyperliquid ecosystem and designed for social and competitive trading. Particularly attractive to airdrop hunters, as active trading now accrues points that impact future rewards.

Main features:

1. Trading robot

Execute transactions directly via Telegram.

Supports leverage and spot trading on the Hyperliquid platform.

2. Community interaction

The social trading feature allows users to view the positions of group members.

Promote collaboration and learning within the trading community.

3. Rewards and Points System

Earn points through trading, which will be used towards upcoming token airdrops.

Incentivize users to actively use robots to participate in transactions.

HyBridge: Cross-chain bridging assets

HyBridge is a cross-chain bridging tool designed to simplify the process of asset transfer into the Hyperliquid ecosystem, making it easier for you to transfer tokens from multiple blockchains such as Ethereum and Solana to Hyperliquid.

EVM: Expanding the Hyperliquid Ecosystem

Hyperliquid recently launched the Ethereum Virtual Machine (EVM) on its testnet, providing developers with the opportunity to build and experiment with Ethereum-compatible applications. This feature allows users to migrate existing EVM applications or create new front-ends, thereby promoting more people to participate in the Hyperliquid ecosystem. EVM operates through the JSON-RPC interface to achieve seamless interaction with the blockchain.

In addition to the launch of EVM, the Hyperliquid testnet now also supports staking functionality. This development allows users to participate in staking events and contribute to network security while receiving rewards in the process. As the platform continues to evolve, these features will play an important role in promoting community engagement and motivating users to participate.

Developer information:

• JSON-RPC interface: https://api.hyperliquid-testnet.xyz/evm
• Chain ID: 998
• Try Hyperliquid Testnet Staking here
• Learn how to build a trading bot using the Hyperliquid Python library

Learn how to deploy a programmable wallet on Telegram here

 For more information, check out the Hyperliquid documentation

Conclusion: The future of on-chain transactions

Hyperliquid represents a major breakthrough in the development of DeFi, creating a truly revolutionary product in the crypto space by combining the speed and efficiency typically found in centralized exchanges with the transparency and security of blockchain technology. The success of the platform is not only measured by metrics such as token prices or daily trading volumes, but also by the organic and comprehensive ecosystem it has created.

From the specially designed L1 blockchain and innovative token standards (HIP-1 and HIP-2), to user-friendly interfaces like Hypurr Fun and PVP Trade, every component has been carefully designed to enhance the trading experience. The recent addition of EVM compatibility and staking functionality to the testnet further demonstrates Hyperliquid’s commitment to continued innovation and ecosystem expansion.

What sets Hyperliquid apart is not just its technical achievements, but its community-first philosophy. By remaining self-funded and avoiding venture capital intervention, the team remains focused on building a platform that truly serves the needs of its users. As each link is gradually put into place, Hyperliquid will completely change the way we conduct on-chain transactions. They’re not just following the rules of cryptocurrency—they’re rewriting them.