Hyperliquid – The On-Chain Binance
The DEX & L1 With All The HYPE
Note: The author(s) hold BTC at the time of writing (disclaimer).
Happy Holidays and Merry Christmas from the Crypto, Distilled team!
1. Introduction:
Hyperliquid’s (HYPE) 2024 debut redefined DeFi success.
A 10% supply airdrop sparked massive wealth and praise across crypto.
By rejecting VC funding and prioritizing UX, it’s built a fiercely loyal DEX user base.
With its L1 launch on the horizon, will it deliver again?
A. Key Report Insights:
No-VC Advantage: HYPE operates without VC funding, allowing flexible development and equitable token distribution.
Dominant Volume: With $3B+ daily trading and 200,000+ users, Hyperliquid outpaces all other perp DEXs combined.
CEX-Level Performance: Matches centralized exchange standards, boasting latency as low as 15ms.
Community-Driven TGE: Allocated 31% of supply to users and contributors.
Powered By Hyperchain: Built on a PoS L1 with HyperBFT consensus, delivering ultra-low latency and high throughput.
B. HYPE Investment Thesis:
Hyperliquid, a perpetual trading protocol on its own L1, delivers a CEX-like experience with an on-chain order book.
Despite being the only emerging L1 with a true killer app, it trades at just 1/3 to 1/5 of its peers’ valuations.
Ryan Watkins of Syncracy Capital boldly claims HYPE is destined to overtake SUI.
C. Price History: HYPE’s Meteoric Rise
HYPE launched at $3 during its TGE, doubling in value the same day and momentarily surpassing $10.
From late November to late-December, it surged nearly 10x.
Source: CoinGecko
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