Difference between revisions of "Hyperliquid (HYPE)"
(Created page with "A L1 focused on createn an open financial system. Every interaction—be it an order, a cancellation or a liquidation is executed on-chain. Hyperliquid is planning to adopt HyperBFT. ==Basics== *Based in: *Started in / Announced on: *Testnet release: *Mainnet release: ==History== ==Audits & Exploits== *Bug bounty program can be found [insert here]. ===Bugs/Exploits=== ==Governance== ===Admin Keys=== ===DAO=== ===Notable Governance Vo...") |
m |
||
| Line 1: | Line 1: | ||
A [[Layer One|L1]] focused on createn an open financial system. Every interaction—be it an order, a cancellation or a liquidation is executed [[on-chain]]. Hyperliquid is planning to adopt HyperBFT. | CLOB [[Perpetual Contract|perp]] [[Decentralized Exchange (DEX)|DEX]]. A [[Layer One|L1]] focused on createn an open financial system. Every interaction—be it an order, a cancellation or a liquidation is executed [[on-chain]]. Hyperliquid is planning to adopt HyperBFT. | ||
==Basics== | ==Basics== | ||
| Line 26: | Line 26: | ||
*[[Whitepaper]] or docs can be found [insert here]. | *[[Whitepaper]] or docs can be found [insert here]. | ||
*Code can be viewed [insert here]. | *Code can be viewed [insert here]. | ||
*[[Consensus]] mechanism: | *[[Consensus]] mechanism: HyperBFT (own custom consensus algo) | ||
*Algorithm: | *Algorithm: | ||
*[[Virtual Machine (VM)|Virtual Machine]]: | *[[Virtual Machine (VM)|Virtual Machine]]: will be [[Ethereum Virtual Machine (EVM)|EVM]] compatible ([https://x.com/defi_monk/status/1816490915738849611 25-7-2024]) | ||
*Development language used: | *Development language used: | ||
====Transaction Details==== | ====Transaction Details==== | ||
| Line 34: | Line 34: | ||
*[[Latency]]: | *[[Latency]]: | ||
===How it works=== | ===How it works=== | ||
* From this (potentially biased) [https://x.com/defi_monk/status/1816490915738849611 thread] (25-7-2024): | |||
''"Why do they need an [[Layer One|L1]]? Put simply:'' | |||
# ''High Frequency Trading (HFT) profits are limited if there are other general purpose transactions occupying demand for [[block]] space and competing for [[gas]]'' | |||
# ''The chain must allow for specific order prioritization such as for cancels and post-only limit orders which insure [[market makers]] aren’t subjected to as much toxic flow.'' | |||
# ''In addition, a tailor-made solution helps optimize for specific functions, like atomic liquidations, funding distributions, and verifying solvency. "'' | |||
===Fees=== | ===Fees=== | ||
* From this (potentially biased) [https://x.com/defi_monk/status/1816490915738849611 thread] (25-7-2024): | |||
''"Hyperliquid’s trading experience is gasless; [[gas]] is only induced for [[Transaction (Tx)|transactions]] that increase [[state]] bloat i.e. spot listings or transferring to new [[Wallet|wallets]].'' | |||
''HL team has not profited off of any of the trading activity on the platform. Their only form of compensation will probably come through vested tokens."'' | |||
===Upgrades=== | ===Upgrades=== | ||
===Staking=== | ===Staking=== | ||
====Validator Stats==== | ====Validator Stats==== | ||
===Scaling=== | ===Scaling=== | ||
===Interoperability=== | ===Interoperability=== | ||
[[Bridge|Bridging]] to Hyperliquid occurs through [[Arbitrum (ARB)|Arbitrum]] (30-6-2024). Hyperliquid operates a native [[bridge]], secured by the same [[validator]] set as the Hyperliquid [[Layer One|L1]]. | [[Bridge|Bridging]] to Hyperliquid occurs through [[Arbitrum (ARB)|Arbitrum]], however it is [https://x.com/defi_monk/status/1816490915738849611 not a L3] (30-6-2024). Hyperliquid operates a native [[bridge]], secured by the same [[validator]] set as the Hyperliquid [[Layer One|L1]]. | ||
===Other Details=== | ===Other Details=== | ||
==Oracle Method== | ==Oracle Method== | ||
Built their own [[oracle]] ([https://x.com/defi_monk/status/1816490915738849611 25-7-2024]). | |||
==Their Other Projects== | ==Their Other Projects== | ||
==Roadmap== | ==Roadmap== | ||
| Line 50: | Line 67: | ||
==Revenue== | ==Revenue== | ||
==Usage== | ==Usage== | ||
* From this (potentially biased) [https://x.com/defi_monk/status/1816490915738849611 thread] (25-7-2024): | |||
''"It's still far and away behind [[Binance]] in volume, making up roughly 6% of the [[Centralized Exchanges (CEX)|CEX's]] trading volumes in June."'' | |||
===Projects that use or built on it=== | ===Projects that use or built on it=== | ||
==Competition== | ==Competition== | ||
* From this (potentially biased) [https://x.com/defi_monk/status/1816490915738849611 thread] (25-7-2024): | |||
''"[[DYdX (DYDX)|dYdX]]: Key differentiation between Hyperliquid and dYdX is that Hyperliquid has built its order book fully [[On Chain|onchain]]. It's fully transparent (no [[Frontrunners|front-running]] or PFOF). Having an offchain order book / matching engine saves on additional validation, but doesn't provide a meaningful long-term alternative to [[Centralized Exchanges (CEX)|CEXs]]. Hyperliquid is also further ahead on its ecosystem, showing signs it wants to be a full-fledged network that can offer more than just a [[Perpetual Contract|perp]] DEX.'' | |||
''Performant [[Layer One|L1s]] and [[Parallelization|Parallelized]] EVMs: You can also make the comp to performant L1s like [[Solana (SOL)|Solana]] and to parallelized EVMs like [[Monad]] or [[Sei (SEI)|Sei]]. Against $SOL, the [[Ethereum Virtual Machine (EVM)|EVM]] is an interesting distinction and against parallelized EVMs like Sei and Monad, Hyperliquid already has a killer app (perp DEX) and stickier users.'' | |||
''The biggest moat Hyperliquid has however, against all other comps, is the network’s composability with a leading onchain order book. Hyperliquid is not a blank slate general purpose L1. It's optimized for HFT on an onchain order book. Perhaps Hyperliquid is much more akin to a fully onchain [[Binance]]."'' | |||
==Pros and Cons== | ==Pros and Cons== | ||
===Pros=== | ===Pros=== | ||
| Line 58: | Line 89: | ||
===Team=== | ===Team=== | ||
*Full team can be found [here]. | *Full team can be found [here]. | ||
*[https://x.com/chameleon_jeff Chameleon Jeff] | |||
*''"Less than 10 people"'' ([https://x.com/defi_monk/status/1816490915738849611 25-7-2024]) | |||
===Funding=== | ===Funding=== | ||
* From this (potentially biased) [https://x.com/defi_monk/status/1816490915738849611 thread] (25-7-2024): | |||
''"Hyperliquid hasn't taken funding from private investors,"'' | |||
===Partners=== | ===Partners=== | ||
==(:== | ==(:== | ||
Revision as of 04:21, 12 August 2024
CLOB perp DEX. A L1 focused on createn an open financial system. Every interaction—be it an order, a cancellation or a liquidation is executed on-chain. Hyperliquid is planning to adopt HyperBFT.
Basics
History
Audits & Exploits
- Bug bounty program can be found [insert here].
Bugs/Exploits
Governance
Admin Keys
DAO
Notable Governance Votes
Treasury
Token
Launch
Token Allocation
Inflation
Utility
Burns
Other Details
Coin Distribution
Technology
- Whitepaper or docs can be found [insert here].
- Code can be viewed [insert here].
- Consensus mechanism: HyperBFT (own custom consensus algo)
- Algorithm:
- Virtual Machine: will be EVM compatible (25-7-2024)
- Development language used:
Transaction Details
How it works
- From this (potentially biased) thread (25-7-2024):
"Why do they need an L1? Put simply:
- High Frequency Trading (HFT) profits are limited if there are other general purpose transactions occupying demand for block space and competing for gas
- The chain must allow for specific order prioritization such as for cancels and post-only limit orders which insure market makers aren’t subjected to as much toxic flow.
- In addition, a tailor-made solution helps optimize for specific functions, like atomic liquidations, funding distributions, and verifying solvency. "
Fees
- From this (potentially biased) thread (25-7-2024):
"Hyperliquid’s trading experience is gasless; gas is only induced for transactions that increase state bloat i.e. spot listings or transferring to new wallets.
HL team has not profited off of any of the trading activity on the platform. Their only form of compensation will probably come through vested tokens."
Upgrades
Staking
Validator Stats
Scaling
Interoperability
Bridging to Hyperliquid occurs through Arbitrum, however it is not a L3 (30-6-2024). Hyperliquid operates a native bridge, secured by the same validator set as the Hyperliquid L1.
Other Details
Oracle Method
Built their own oracle (25-7-2024).
Their Other Projects
Roadmap
- Can be found [Insert link here].
Revenue
Usage
- From this (potentially biased) thread (25-7-2024):
"It's still far and away behind Binance in volume, making up roughly 6% of the CEX's trading volumes in June."
Projects that use or built on it
Competition
- From this (potentially biased) thread (25-7-2024):
"dYdX: Key differentiation between Hyperliquid and dYdX is that Hyperliquid has built its order book fully onchain. It's fully transparent (no front-running or PFOF). Having an offchain order book / matching engine saves on additional validation, but doesn't provide a meaningful long-term alternative to CEXs. Hyperliquid is also further ahead on its ecosystem, showing signs it wants to be a full-fledged network that can offer more than just a perp DEX.
Performant L1s and Parallelized EVMs: You can also make the comp to performant L1s like Solana and to parallelized EVMs like Monad or Sei. Against $SOL, the EVM is an interesting distinction and against parallelized EVMs like Sei and Monad, Hyperliquid already has a killer app (perp DEX) and stickier users.
The biggest moat Hyperliquid has however, against all other comps, is the network’s composability with a leading onchain order book. Hyperliquid is not a blank slate general purpose L1. It's optimized for HFT on an onchain order book. Perhaps Hyperliquid is much more akin to a fully onchain Binance."
Pros and Cons
Pros
Cons
Team, Funding and Partners
Team
- Full team can be found [here].
- Chameleon Jeff
- "Less than 10 people" (25-7-2024)
Funding
- From this (potentially biased) thread (25-7-2024):
"Hyperliquid hasn't taken funding from private investors,"
Partners
(:
Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!
Making these free wiki pages is fun but takes a lot of effort and time.
If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.
