Key results:

• Hyperliquid processed around $ 330 billion in the commercial volume in July 2025, briefly crossing Robinhood.

• The design of the divided chain enabled CEX similar speed while maintaining care and implementation.

• HLP Vault and Assistance Fund Cumpuns adapted traders, market producers and tokens owners in the reinforcing loop.

• High integration with the portfolio, phantom and financing operations has helped attract users and maintain adoption.

A year after starting your own layer 1 (L1), Hyperlic He became one of the best decentralized financial places (DEFs), logging in to $ 319 billion in the commercial volume in July 2025. Interestingly, it is believed that the basic team that stands behind it consists of only 11 people.

What is hyperlic?

Hyperlic It is a decentralized replacement of perpetuals built on a custom layer 1.

His chain is divided into two tightly connected components: Hypercore, which manages the book Onchain Order, margin, liquidation and settlement; and Hyperevm, a general knowledgeable contract layer that directly affects the state of exchange.

Both are secured by Hyperbft, a Hotstuff -style consensus, which forces a single order of transactions without relying on offchain systems. Hyperevm was launched at Mainnet on February 18, 2025, adding programability around the exchange core.

Do you know? Hyperliquid reaches a commercial delay median of only 0.2 seconds (with up to 99 -person delays below 0.9 seconds) and can handle up to 200,000 transactions per second, competing with centralized speed exchanges.

Month $ 330 billion: what the data show

July was the strongest month of Hyperliquid so far. Data from Bronze It shows that the platform has transformed around $ 319 billion in the scope of trading perpetuals. This meant that perpetual in the entire DEFI for a record $ 487 billion-34% jump from June.

At the same time, the industry trackers emphasized a total of $ 330.8 billion, which also included point trade. The headlines noticed that this meant that hyperlic had briefly crossed Robinood.

July in July Robinhood form the basis for comparison: $ 209.1 billion in the NOTIONAL Plus shares $ 16.8 billion in cryptographic trade, as well as $ 11.9 billion in Bitstamp (Robinhood subsidiary), with a total value of around $ 237.8 billion.

A few points noticed that July marked the volume Hyperliquid in a row in a row, withdrew, which is a striking result for the team of only 11 years ancient. And these are monthly numbers, not cumulative sums. This means that the platform has eternal high -frequency activity, not a one -time growth.

Bandwidth engineering

The Hyperliquid scale comes from a carefully divided state of state operating in one consensus.

Hypercore acts as an Exchange engine, with a central book limit, margin accounting, matching and liquidation, all fully stored. The documentation emphasizes that it avoids books about off -to -off orders. The book of each resource exists within the state of the chain, and priority prices are adapted.

Hyperevm is an Ethereum virtual environment (EVM) on the same blockchain. Since it provides consensus and availability of Hypercore data, applications can build around the exchange without leaving L1.

Both components are based on Hyperbft, inspired by Hotsfuff consensus POS, which provides a constant order of transactions throughout the system. The project is aimed at a low delay last resort while maintaining care and implementation.

This structure differs from typical decentralized replacement models (DEX): automated market manufacturers (AMM), which are based on fluidity pools or hybrid Dex-books that maintain orders, but suit them offchain.

Instead, hyperliquid triggers its basic logic of exchange (order books, matching, margin and liquidation) completely on a regular basis, while enabling EVM -based applications natively.

Operational model: as 11 people reached CEX speed

The HyperLiquid organizational project is deliberately slim.

The founder of Jeff Yan said that the main team consists of about 11 people, with a deliberate tour in order to maintain the speed and cultural consistency. The emphasis is placed on a tiny, coordinated group, not a quick expansion of employment.

The project is completely financed and rejected the Venture capital. Yan defines this as adaptation of ownership with users and maintaining priorities independent of investor schedules. This approach also explains the lack of the main lists of centralized exchange-the vibration remains on the technology and adoption of the community.

The execution is in line with the tight feedback loop. When the API interface failure on July 29 disturbed the order for 37 minutes, the team returned to the affected traders 1.99 million USD the next business day. In the case of the DEFE place, this response speed stood out as an example of the way the “ship, repair, property”.

“The employment of the wrong person is worse than not employing at all,” said Yan PO Lean.

Together, selective employment, independence from increased risk capital and quick incident management support explain how a tiny team can work with a centralized exchange term, while maintaining care and full performance.

HLP + Assistance Fund Wheel

The protocol mechanisms adapt the trader’s activity with liquidity regulations.

Hyperlianness supplier (HLP) Vault

HLP is a treasury managed by protocols that supports market creation and liquidation on hypercore. Everyone can deposit capital, with the co -creators share their profit and loss of the vault (PNL) and part of trade fees. Thanks to the open and based market infrastructure, HLP reduces relying on bilateral transactions of the universal market creators elsewhere.

Aid Fund (Purchase of fees)

According to the Donnelam description desktop, 93% of the protocol fees flows to the support fund, which buys Hype tokens, and 7% moves to HLP. This creates a feedback loop: higher ecological funds for a larger purchase, reducing the supply of tokens, while assigning a part for the vault service.

Financing mechanics

The constant financing of hyperlians is purely peer-to-peer, without a protocol, paid every hour and circumscribed at 4% per hour.

The rates combine eternal interest (0.01% for eight hours, propharged every hour) with a variable bonus from the oracle, which aggregates point prices.

This structure helps maintain eternal prices to adapt to the place. Payments are made by both sides of the book, strengthening the disclosure of risk without embedding profitable promises.

Distribution and community

The distribution of the Hyperliquid token has tightly leaned from users.

On November 29, 2024, the project launched Hype Genesis Airdrop, distributing about 310 million tokens to early participants. The event coincided with the commercial debut of the token, strengthening the approach to the community. Hyperliquid (Hype) is used to put on hyperbfts and for onchain gas payments.

Momentum accelerated in mid -2025, when the phantom portfolio integrated hyperlip eternity directly in the application. Analysts and media have recorded a clear escalate in flow and adoption.

The Vanecka report in July assigned a volume of turnover $ 2.66 billion, $ 1.3 million fees and about USD 20,900 fresh users to implement Phantom. Separate reporting followed $ 1.8 billion distributed over the first 16 days.

On the side of the product, Hyperevm launched on February 18, 2025, enabling knowledgeable contracts and create paths for wallets, vaults and processes of a list to integrate around the exchange. This flexibility encouraged external programmers to connect to the ecosystem and supported the eternal pipeline of fresh markets.

Do you know? Hyperliquid Genesis Airdrop distributed a noise worth $ 1.6 billion in 90,000 users, which is 31% of total supply. At peak prices, the average Airdrop value exceeded USD 100,000 per user.

Critics and risk factors

A set of decentralization and validation

At the beginning of 2025, scientists and Walidators raised concerns about the transparency of validators and centralization. The team confirmed this problem and said that the code would make the code open after strengthening the security. The team also presented plans to expand the participation of the validation.

Risk of concentration

The share in the Hyperliquid market (often estimated at 75-80% of decentralized eternal trade) is concentration challenges. Commentators emphasized the benefits of network effects, but also noticed system risk if the shift of liquidity or shocks occur in one place.

Operational incidents

The 37-minute API failure on July 29 temporarily stopped trade. Hyperliquid returned about $ 2 million to users the next day. While Swift Refund strengthened his reputation in the scope of reaction, the event also emphasized the entrepreneurs using the exhibition during the break.

Treasury management and execution

Observers sometimes analyze how the vaults managed with the protocol assign offchain or between chains, as well as the design of redemption mechanisms. They remain areas of operational risk of observing hyperlic scales.

Do you know? Hyperliquid depends on the price of the validator. If these judgments are manipulated, this may cause premature or wrong liquidation. To counteract this, hyperlic limits the levels of interest and blocks orders by more than 1% from the price of the oracle, although the HLP vault is exempt from these restrictions.

Final Thoughts: Why scaled hyperlic

Four factors support to explain the size of Hyperliquid.

First of all, the design chain design: Hypercore supports the matching and margin, while Hyperevm provides composite, both ordered to Hyperbft. Together, this configuration provides a delay at the CEX level, while maintaining care and fully.

Secondly, the incentive adaptation through the purchase financed by the fee (via the Assist Fund) and the open HLP vault formed a reflective liquidity loop as the commercial volume has expanded.

Thirdly, the maintenance of the Lean Core team of about 11 colleagues minimized managerial costs and quickly maintained product cycles.

Fourthly, the advantages of distribution (in particular Phantom Wallet integration) reduced the friction in deck and extended range during a favorable cycle of derivatives outside.

For people assessing long -term durability, several watch points are distinguished:

• Whether the validator decentralization and the code progress Open-sourcing progress as promised

• How quickly they build spot markets, central limit and third -party applications

• Whether revenues and volume remain resistant because competitors begin to take similar models.

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