The Hyper Foundation has been established to support the growth of the Hyperliquid blockchain and is getting ready to carry out the initial distribution of its native token HYPE. This new token marks the first step towards proof-of-stake consensus and the introduction of an Ethereum virtual machine (EVM) on the layer-1 blockchain’s mainnet.
A roadmap leading to various services
Hyper’s main product is the Hyperliquid decentralized order book-based perpetual trading platform, which holds the title of being the largest in the world in terms of volume, with over $1 billion in daily trading across 145 pairs. It boasts a user base of over 200,000.
The launch of the HyperEVM will give users access to a more extensive liquidity pool and additional instruments. The foundation stated on X that their roadmap includes spot trading and permissionless liquidity, among other features. In September 2023, LayerZero’s ZRO became the first perpetual trade to be launched on Hyperliquid.
Combining centralized convenience with DeFi trustlessness
Hyperliquid provides trades with “instant finality” and started supporting builder codes in September to enable developers to monetize applications.
Hyperliquid was founded by Jeff Yan, previously associated with Chameleon Trading. In a podcast interview with Flirting with Models in May 2023, he stated:
Participants have until November 11 to register for the genesis distribution, and the date for the airdrop will be announced on November 29. Users also have the option to obtain a non-fungible token (NFT) called Hypurr, which holds no commercial value but serves as a commemoration of the launch of the HyperEVM on the mainnet.
Magazine: Synthetix founder Kain Warwick: It’s DeFi that’s wrong, not the market.