what's Hyperliquid?

Hyperliquid is a high-performance Layer 1 blockchain designed for a fully on-chain open financial system. Its core innovation is HyperCore, which powers fully on-chain perpetual futures and spot order books with transparent one-block finality for every order, trade, and liquidation. Utilizing a custom HyperBFT consensus algorithm inspired by HotStuff, it achieves sub-0.1 second block times and supports up to 200,000 orders per second. Complementing this is the HyperEVM, a general-purpose smart contract platform akin to Ethereum, enabling developers to build applications that seamlessly integrate with HyperCore's performant financial primitives. The native token HYPE serves as the proof-of-stake security mechanism, where users stake and delegate to validators to earn rewards while participating in governance. Hyperliquid unifies liquidity provision, trading activity, and application development on a single chain, supporting 24/7 markets for cryptocurrencies, tokenized real-world assets like indices and commodities, equities, and more. Features include zero gas fees on orders, up to 40x leverage, one-click trading without wallet approvals, and portfolio margining across assets.

Launched first 24/7 S&P 500 perpetual futures, licensed from S&P Dow Jones.

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