Hyperliquid

Hyperliquid is a layer one blockchain designed to host a high-performance decentralized exchange for perpetual futures and spot trading, alongside borrowing, lending, and support for real-world assets. It targets traders and DeFi participants who want the speed and reliability of a centralized exchange combined with the transparency of a public blockchain. The native token, HYPE, has a maximum supply of one billion tokens and serves as the foundational asset of the network.

Hyperliquid operates as a proof-of-stake layer one blockchain, meaning validators stake tokens to participate in reaching consensus on the state of the network, with blocks produced approximately every zero minutes as recorded in the data — suggesting sub-second or near-instant finality. The chain includes an Ethereum Virtual Machine, allowing developers to deploy smart contracts compatible with the broader Ethereum ecosystem. HYPE functions as the native token used within this system, though the specific mechanics of staking rewards and validator incentives are not detailed in the available data.

Hyperliquid generated 600,226 dollars in fees over the trailing 30 days, annualizing to approximately 7,302,750 dollars, and the same figures apply to protocol revenue because the take rate is 100 percent, meaning the protocol retains all fees collected and passes none to a supply side such as liquidity providers. Over the trailing 12 months, fees and revenue both totaled 9,757,681 dollars. Fee and revenue growth over the last 30 days was 4.07 percent. At current figures, the market capitalization stands at roughly 2,497 times annualized fees, and the fully diluted valuation at roughly 10,722 times annualized fees.