Hyperliquid Unveils HyperEVM: The Next Step in Network Development
Date: 2025-02-19 Author: Gabriel Deangelo Categories: BUSINESS
Hyperliquid is an L1 blockchain with a built-in DEX module. It is based on a modified Proof-of-Stake consensus algorithm - HyperBFT, capable of processing up to 200,000 transactions per second. The new component of the network, HyperEVM, is designed to integrate Ethereum-compatible smart contracts, providing developers with the tools to deploy them efficiently.
The first version of HyperEVM implements blocks that operate at the L1 execution level, which provides security inherited from the HyperBFT consensus mechanism. After the launch, users were able to exchange native HYPE spot assets for their counterparts in the HyperEVM environment.
The main token of the platform is used for staking in the HyperBFT system and for paying for transactions in HyperEVM. In the next updates, the developers intend to add support for ERC-20 transfers and implement precompilation. In addition, a reward program was launched for identified vulnerabilities that could affect the stability of nodes or API servers.
In January, the trading volume of perpetual contracts on Hyperliquid reached $197.88 billion, which significantly exceeds the figures of competitors: Jupiter with $36.28 billion and Synfutures with $16.21 billion. Over the past month, the HYPE token has grown in price by 22.6%, taking 25th place by market capitalization.
Earlier, Coinbase analysts noted that the increased interest in the HYPE airdrop was one of the factors contributing to the growth of the stablecoin market capitalization above $200 billion.
