The Hyper Foundation has officially launched the Hyperliquid EVM, also referred to as HyperEVM, marking a significant upgrade to the Hyperliquid decentralized finance (DeFi) ecosystem. The foundation emphasized that this initiative represents a crucial advancement in achieving comprehensive programmability within the network.
With the introduction of HyperEVM, Hyperliquid is now capable of integrating the Ethereum Virtual Machine (EVM) into its Layer 1 blockchain. This development allows developers to deploy Ethereum-compatible smart contracts while benefiting from enhanced performance metrics.
Strengthened Security and Seamless Transactions
The Hyper Foundation revealed that the initial mainnet release would still feature blocks from the Layer 1 execution. This implementation effectively transfers the full security of the HyperBFT consensus mechanism, bolstering the network’s reliability and safety. Additionally, the launch facilitates spot transfers between native spot HYPE and HyperEVM HYPE. HYPE serves as the native gas token for transactions conducted on HyperEVM.
The organization has maintained a steady trajectory of growth and development. Earlier, the company introduced staking for the HYPE token on the mainnet, signifying a major milestone for the platform. Furthermore, in late November 2024, Hyperliquid distributed 310 million HYPE tokens—amounting to 31% of the total supply—through an airdrop, further engaging its community.
Bug Bounty Program and Future Enhancements
As part of its commitment to network security and efficiency, Hyperliquid has rolled out a bug bounty program aimed at identifying vulnerabilities that could impact node functionality or API servers. However, the team clarified that only eligible reports concerning the mainnet would qualify for rewards under this initiative.
The foundation also stated that it is currently collecting feedback on ERC-20 native transfers and precompiles on the testnet. These features are expected to be introduced in a future update, further enhancing the network’s capabilities.
Surpassing Competitors in Trading Volume
In January, Hyperliquid demonstrated significant dominance in the decentralized perpetual trading sector. The Layer 1 chain and decentralized trading platform recorded a trading volume of $197.88 billion in perpetual swap trading. This figure significantly outpaced competitors, including Jupiter, which reported a trading volume of $36.28 billion, and Synfutures, which recorded $16.21 billion.
At the time of reporting, data from CoinMarketCap indicated that the HYPE token was valued at $23.99, reflecting a 7.04% decline over the past 24 hours. The token’s market capitalization stood at $8.29 billion, positioning it as the 20th largest cryptocurrency globally.
With these advancements, Hyperliquid continues to reinforce its presence in the DeFi landscape, leveraging innovative technology to drive the ecosystem forward.