Hyperliquid L1 protocol
Overview
Hyperliquid L1 is a purpose-built layer-1 blockchain that exists primarily to run Hyperliquid's decentralised perpetual futures exchange, with a fully on-chain central limit order book, gasless order placement and sub-second finality — a design that abandons the AMM model in favour of matching an order book natively at the consensus layer. It launched in 2023 and uses HyperBFT, a proof-of-stake consensus mechanism which the project says has run for more than two years without a consensus failure. The HYPE token launched on 29 November 2024 through a community airdrop that distributed 310 million tokens — roughly 31% of supply, worth about $1.2 billion at the time — to more than 90,000 users. HYPE secures the chain through validator staking under HyperBFT, pays gas on the HyperEVM execution environment, and captures value through an automated buyback-and-burn funded by protocol fees. By late 2024 Hyperliquid had taken more than 70% of on-chain perpetual futures market share among decentralised venues, with reported daily volumes of $13.9 billion and cumulative volume above $428 billion. Hyperliquid launched its custom L1 in 2023 running HyperBFT consensus and an on-chain order book. It distributed the HYPE token on 29 November 2024 in an airdrop of 310 million tokens worth roughly $1.2 billion to over 90,000 users, and by late 2024 held over 70% of decentralised perpetuals market share. It later added the HyperEVM execution environment.
Within the DeFi Intel graph, Hyperliquid L1 connects to 11 tracked entities, most strongly to Hyperliquid Labs, HYPE, HYPE.
Relations
Top connections in the DeFi Intel knowledge graph (confidence-weighted, 10 of 11 total).
| Relation | Connected entity | Confidence |
|---|---|---|
developed | Hyperliquid Labs | 95% |
issued_token | HYPE | 95% |
airdropped_to | HYPE | 95% |
deployed_product | Hyperliquid HLP Vault | 90% |
first_listed | HYPE | 85% |
delivered_return | Hyperliquid HLP Vault | 85% |
deployed_product | HyperEVM | 85% |
bridged_via | Hyperliquid Arbitrum USDC Bridge | 85% |
deployed_product | Hyperunit | 80% |
launched | Hyperliquid Builder Codes | 75% |
Frequently asked questions
What is Hyperliquid L1?
Hyperliquid L1 is a protocol tracked in the DeFi Intel knowledge graph. It is connected to 11 other tracked entities, most strongly to Hyperliquid Labs, HYPE, HYPE.
What type of entity is Hyperliquid L1?
Hyperliquid L1 is classified as a protocol (protocol) in the DeFi Intel knowledge graph.
What is Hyperliquid L1 connected to?
In the DeFi Intel knowledge graph, Hyperliquid L1 is linked to 11 other tracked entities, most strongly to Hyperliquid Labs, HYPE, HYPE.
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