what's Hyperliquid?

Hyperliquid is a high-performance Layer 1 blockchain designed to house all finance, featuring a flagship decentralized exchange (DEX) for perpetual futures and spot trading with fully onchain order books. It supports up to 200,000 orders per second via HyperBFT consensus, with a 0.07-second block time. The architecture integrates HyperCore for core trading (perps, spot, up to 40x leverage, zero gas fees) and HyperEVM for EVM-compatible app development, enabling seamless interaction, borrowing, lending, RWAs, and token launches in a unified state. HYPE is the native token powering the network, used for staking to secure the chain, governance via Hyperliquid Improvement Proposals (HIPs), and gas fees on HyperEVM. Protocol revenues from trading fees fund continuous HYPE buybacks through the Assistance Fund, aligning incentives without VC unlocks or paid market makers. Community-governed and self-funded by Hyperliquid Labs, it emphasizes permissionless infrastructure like HIPs and Builder Codes for rapid market deployments.

Bitwise filed for a HYPE ETF.

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