Hyperliquid Technical Interpretation: HyperEVM and Its Potential Problems
A technical interpretation of the cross-chain bridge contract structure and HyperEVM's dual-chain interaction implementation mechanism.

A technical interpretation of the cross-chain bridge contract structure and HyperEVM's dual-chain interaction implementation mechanism.
This article aims to describe the current status of Hyperliquid’s development, analyze its economic model, and analyze the current valuation of HYPE, in order to give an answer to the question “Is HYPE expensive?”
Since the launch of HYPE, Hyperliquid has achieved tremendous growth in both trading volume and revenue.
Building a cult around an image or slogan that has nothing to do with the underlying product is a replacement for the cult that should be around your product itself.
Taking the recent rapid rise of Ethena and HyperLiquid as examples, what secrets of their success do they have? And what profound insights can they bring to future projects?
Hyperliquid is a decentralized perpetual contract trading platform and also a Layer 1 project. Jeff shared his entrepreneurial journey, project vision, and observations on the DeFi industry.
Recently, Hyperliquid held TGE and distributed airdrops to the community. Its token HYPE rose from $2 per coin to a maximum of $9.8, with a FDV of nearly $10 billion. Currently, HYPE fluctuates around $8.3. This article reviews Hyperliquid's TGE event.
The most discussed topic today is why @HyperliquidX is more successful than other Perps. Let me talk about $HYPE from my personal experience.
Hyperliquid does not do any publicity, has never accepted any financing from venture capital (no performance pressure), and does not rely on subsidies to attract trading volume. With just strong products, they can surpass many competitors.
Hyperliquid的生态系统正在迅速扩张,这得益于成功的现货代币发行和奖励积分计划。