I am a decentralized guy to the core, but let's face it: If you are actively trading, the on-chain experience doesn't match what you would have on centralized exchanges. Trading is a whole lot faster on CEXs, as you don't need to constantly sign approvals and transactions that might or might not go through.
Still, we like it here on a chain for various reasons and no KYCs required is one of them. Introducing HyperLiquid, L1 and a DEX bringing you the best of both worlds.
It's not long since I started using HyperLiquid myself but already, it's been quite a ride. In this article, I'm going to take a look at the DEX, the ecosystem, and the opportunities HyperLiquid has to offer.
Is it going to be the Solana of this cycle? Let's have a look.
What is HyperLiquid?
Hyperliquid is a decentralized finance (DeFi) platform that operates as a perpetual decentralized exchange (DEX) built on its proprietary Hyperiquid Blockchain. This blockchain is a layer-1 protocol designed for high performance, capable of processing up to 200,000 transactions per second using a proof-of-stake (PoS) consensus mechanism. It also features compatibility with the Ethereum Virtual Machine (EVM) through its HyperEVM layer, enabling seamless integration for developers and DeFi projects.
For more specific information, here is a good (and short) video explaining some of the key features of Hyperliquid:
DEX
The Hyperliquid decentralized exchange works like this: you sign up with your EVM wallet(Rabby, MetaMask, etc) and deposit funds onto Hyperliquid. Currently only Arbitrum is supported but more options are coming soon. You can choose to deposit either USDC, USDT, or USDC.e.
The funds will be deposited by default on your Perps Account but you can easily transfer them to your Spot Account with a single click. Note that since the funds are now on Hyperliquid, you don't need to sign approvals and transactions on your wallet anymore which is a great thing making the trading experience very smooth.
For perpetual traders, Hyperliquid offers a very comprehensive list of assets to trade with different max leverage.
As for me, so far I've only traded a couple of Hyperliquid ecosystem tokens on the spot with a small amount but even after such a short testing period, I can tell that the DEX is really intuitive beating most of the CEXs & DEXs I've ever tried.
The interface feels like there are just the right tools you need and nothing extra to confuse us. For example, if you have used exchanges such as Gate.io or Bitget, you probably know what I mean. Those two are stuffed with features no one really uses but when it's time to look for something important, it's lost in the noise.
For basic trading, on Hyperliquid you only need to navigate between the Trade and Portfolio pages and you can see pretty much all the info you need with a single glance.
That being said, Hyperliquid DEX is also highly customizable, for example, you can change the sizes of different components and rearrange them as you like by enabling the 'Customize Layout' button.
$HYPE
If you take another look at the picture above, you can see my $HYPE trades for the past week or so. The plan was to buy in whenever there was a major dip in the price but the problem was that $HYPE hasn't dipped! So, I decided to FOMO in anyways and so far, it hasn't been a bad idea.
So far my $HYPE spot investment is at 75% in profit and I believe the hype train just keeps on going in the near future.
$HYPE is the native token of Hyperliquid and in the coming months HL plans to launch their HyperLiquidEVM which will unlock more use cases for $HYPE such as lending, staking, and locking for yield and on top of that, it will be required to use $HYPE for gas fees on the EVM. All this will create more demand for the token and potentially push the price higher.
I can see $HYPE becoming a $50-$100 token during this cycle (currently at $27).
Hypurr Fun
So, what kind of other opportunities there are on Hyperliquid at the moment?
The chain is still so young but a lot is being built in the background and some interesting stuff is already out there for us early birds.
One such is Hypurr.fun, a launchpad similar to Pumpfun and Virtuals Protocol.
Here creators can launch their own tokens and if the threshold level is crossed, the token will be deployed on the chain. Unlike Pumpfun for example, Hypurr.fun platform does have its native token already out there.
$HFUN is something I also invested in and just like $HYPE, it has surged quite a lot recently. I'm really not that into memecoins or AI agent coins but instead, I prefer to invest in the infra coins of those sectors such as $VIRTUAL and now $HFUN.
The more $HYPE surges and creates attention, the more visibility the early platforms and their tokens will receive. At some point, the $HYPE gains should trickle down into these beta plays.
💡 $HFUN also has pretty interesting tokenomics:
- Price - $256
- Max supply - 1,000,000
- Circulating supply - 997,107
So not that many $HFUN in existence.
$PURR
Another token I'm interested in is the cat-themed memecoin, $PURR. It is actually the first-ever token on Hyperliquid and it was launched to test the native token functionality on the chain.
Just like Bitcoin was the first cryptocurrency and $GOAT was the first AI-Agent-memecoin, $PURR is the first memecoin on Hyperliquid and the first ones always receive some special attention. If the memecoin hype extends to Hyperliquid, which is very likely, I see $PURR holding a strong position as it's as OG as they get.
Currently not holding $PURR but I've been looking for a good entry although it hasn't been easy with this one either since I wasn't early enough. Targeting $0.5, price currently at $0.657.
Ecosystem
With the upcoming launch of HyperLiquidEVM, the doors will be open for developers to bring in dapps not only for memecoins but moreover for defi. Quite a many are already being built and as mentioned, this will then add utility for the $HYPE token.
In addition to all this, we might expect the AI infra that's currently booming on other chains to extend to Hyperliquid as well.
The capital is already flowing in as Hyperliquid TVL (total value locked) increases by +1.87B in a week, beating many popular chains by far and only losing to Bitcoin and Ethereum. Not bad.
If you want to dig deeper into the Hyperliquid ecosystem, stats, and potential risks, I highly recommend reading this article on X.
Another thing to check out is the HypurrCollective. It's a database for everything building or built on the Hyperliquid ecosystem.
Conclusion
Hyperliquid is a user-friendly, state-of-the-art DEX with very low fees while Hyperliquid L1 blockchain holds massive potential and could indeed become the "Solana of this cycle".
$HYPE token will have a lot of utility in the future and $HFUN & $PURR are interesting beta plays to try out along the ride.
Hyperliquid came to the attention of many in the crypto space after one of the biggest, most well-executed airdrops of all time. Since then the hype has only kept growing.
Still early to say but during every bull cycle, one or two new launches will emerge as clear winners, chains that will catch everyone's attention. I believe Hyperliquid is, or will become one of such. The easy-to-use DEX and the upcoming EVM with all the dapps have me convinced that Hyperliquid will shake the whole industry and is here to stay.
Thank you for reading.
🔹 Holozing is an upcoming play-2-earn game on Hive - get in before the launch!
🔹 Grass - $GRASS token launch surprised everyone, don't miss the second season!
DISCLAIMERS:
This is NOT financial advice.
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