Execution
Extremely proud of the community and team for the smooth launch of the HyperEVM. The upgrade happened amidst billions of dollars of daily volume, where the majority of defi derivatives trade. There was no downtime, and no performance degradation after the launch.
The UX of trading is still so seamless that many users assume the HyperEVM is a separate chain! To be clear: the HyperEVM and the existing native Hyperliquid financial system are one composable state.
The safest way to upgrade this uniquely complex system is a gradual rollout. Precompiles and other L1 interactions will build upon the sturdy foundation of the initial HyperEVM release. This will unlock an entirely new class of performant defi applications, but more on that later.
Right now I want to focus on the execution of the launch. A bug in HyperEVM logic or an unoptimized code path would've crippled the entire blockchain, affecting hundreds of thousands of users and billions in open interest.
This was a massively challenging launch: a jet's engine was flawlessly changed mid-flight.
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Philosophy
The HyperEVM launch stayed true to Hyperliquid’s “no insiders” principle. Hyperliquid has always embodied the original ethos of crypto: no investors, no paid market makers, no fees going to any company. The HyperEVM launch is yet another example that integrity and fairness are the pillars of Hyperliquid.
The tradeoff of a fair launch is that things are a bit messy to start. Tooling might not be there from day one. Builders need to familiarize themselves with the tech. But these short term obstacles are nothing compared to the long term value of fairness. No one had a head start or unfair advantages. I’m impressed that some teams deployed dapps, tooling, and analytics within hours of the HyperEVM release, a testament to the strength of the builders and community.
Hyperliquid will eventually be the credibly neutral infrastructure that houses all of finance. Looking back, the L1 launch, HYPE genesis, and HyperEVM launch will all be important milestones. Success is path dependent, and there can be no blemishes on the fair trajectory towards the final state.
The HyperEVM is a clean slate. The community is hungry for quality applications. Where else in the world is there such an imbalance between supply and demand for applications built? Fast, general purpose chains are nothing new. But on Hyperliquid, builders can plug into a mature, liquid, and performant onchain economy with real users.
I've noticed a pattern that builders, traders, and communities who "make it" on Hyperliquid are those who call Hyperliquid home. Legacy players don't win just because of their credentials. Newcomers have equal opportunity to win by challenging the status quo and seizing the opportunities. There are empires to be built on the HyperEVM, and the community welcomes builders with open arms.
Hyperliquid
HypurrCo x Hypers Partnership Announcement 🚨
@HypersonHL has generously allocated whitelist spots to HypurrCollective for distribution to our stakers and community.
Whitelist Giveaway (50 Spots)
We are raffling 50 Guaranteed WL spots to eligible stakers!
🔗 Enter here: https://t.co/FuoeFXmuZ7
Requirements to Participate:
1️⃣ Follow @Hypurr_co & @HypersonHL
2️⃣ Retweet this post
3️⃣ Minimum staking requirement: 103 $HYPE staked (Snapshot taken)
Over 7,500+ wallets are eligible!
2/2 Additional Whitelist Allocations
@HypersonHL is also granting guaranteed WL spots to key community groups/stakers:
1️⃣ Top 100 stakers on the HypurrCollective x Nansen validator (Auto-included in today’s snapshot)
- Minimum stake: 72.5K $HYPE tokens
2️⃣ HypurrCore members
- Any remaining spots will go to the HypurrCo treasury, which will mint and hodl for future initiatives.
For all details on mint, follow Hypers. This will be a paid mint.
I think this cycle Hyperliquid is going to shock a significant amount of people.
In the previous cycle premier chains such as Avalanche and Solana went to $30B and $70B respectively and each had VC backing which is always eventual supply overhang.
Hyperliquid was a fair launch w/ zero VC backing and everyone was made to purchase on secondary. Majority faded the initial launch, many airdrop recipients sold early and initial rally to $10 was driven up was from the team running their own TWAP.
Additionally, many funds did not have the mandate to purchase due to custody issues of which many are sidelined. Once the HyperEVM launches then funds have the mandate to now build a liquid position.
There are so many catalysts coming for Hyperliquid this year that I believe it's going to be the most successful growth story of 2025 and potentially rival the initial Solana run due to zero VC supply overhang.
30% of BNB market capitalisation is the conservative target ($87) and 70% ($205) at current price is the bull case.
Hyperliquid (and yes ATH)
$HYPE
In 2024, Hyperliquid
1) redefined the crypto meta to put community above all. With Hyperliquid, there are no investors, no market makers, and no fees paid to any company. Billions of dollars of value were created by a common vision and relentless hard work. This value went directly to hundreds of thousands of users, building a passionate community with real skin in the game. You all continue to inspire me every day.
2) became the first mature, permissionless financial hub where liquidity and UX matched the most liquid centralized venues. Recent highlights include $15B 24-hour volume, reaching 20% of Bybit futures and 8% of Binance futures volume. Unlike CEXs, Hyperliquid accomplished this as a user-owned protocol.
3) reinvented several of the most entrenched and predatory centralized practices to be crypto-aligned: fair, transparent, and accessible.
Examples of the last point:
1) Listings have always been controlled by CEXs that extort projects through listing fees to maximize their own profits. This is absurd, as the community drives long term success. CEXs tempt projects with immediate liquidity but kill their ultimate vision. On Hyperliquid, listings are fair, permissionless, and transparent: anyone can bid in the auction to deploy a new spot asset. Projects that want to control their own fate increasingly see Hyperliquid as one-stop infrastructure for both the tech stack and liquidity.
2) Historically, CEXs capture the lion's share of revenue in crypto. On Hyperliquid, builders are already bootstrapping 9 figure businesses. Some are monetizing >$100k per day in revenue entirely onchain through builder codes, which are a primitive built into the L1 to allow customizable monetization for applications. Others carve out and own entire verticals in the budding ecosystem.
Builders are tapping into Hyperliquid as their blockchain of choice, and I’m excited for more and more to join the ecosystem this year.
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In 2025, I expect the technology of Hyperliquid to close much of the gap towards housing all of finance. The maturing technology will include a growing and permissionless validator set while improving the world-class liquidity infrastructure that Hyperliquid provides.
Some concrete predictions:
1) Multiple billion dollar applications/protocols will be built on Hyperliquid. They will own their full stack but tap into the ever-growing liquidity and community.
2) More than 50% of volume from new defi projects will happen natively on Hyperliquid. Hungry teams will value the integration of CEX-level liquidity with the permissionless accessibility of blockchains.
3) Millions of users will use Hyperliquid without knowing about the blockchain at all. Just like web2, users will experience the magic of their favorite products without thinking about the underlying technology.
These predictions are ambitious, but as I look back and realize just how much we've accomplished in a year, I think they're quite reasonable.
Back to work!