Layer-1 (L1) EVM-compatible blockchain which utilizes a custom HypeBFT consensus mechanism. The network’s main application, the Hyperliquid decentralized exchange (DEX) is a perpetuals exchange that leverages an on-chain order book.

Project Function

Hyperliquid DEX: Users can trade spot and perpetual contracts through Hyperliquid’s on-chain order book. Additionally, they can earn rewards from trading fees by providing liquidity or creating their own vaults, which facilitate market making and liquidations on the Hyperliquid DEX.

Staking: Users can purchase HYPE tokens and stake to existing validator nodes and earn rewards in HYPE.

Token Utility 

HYPE is the native token of the Hyperliquid L1 and can be used to delegate to existing validator nodes, pay for transaction/gas fees on the network, rewards to validators and delegators, and governance.

About The Founders

Jeff Yan, the Co-Founder of Hyperliquid was previously a quantitative analyst at Hudson River Trading (HRT). (X, Linkedin)

iliensic, the Co-Founder of Hyperliquid was a classmate of Jeff Yan’s in Harvard. Additional information on iliensic’s previous work experience is not publicly available. (X)

Risks of HYPE

Like an investment in other crypto assets, there are some general risks to investing in HYPE. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in HYPE is subject to the following specific risks:

HYPE operates using smart contracts, which have an association with vulnerabilities and security breaches. Despite undergoing successful audits by well-regarded third-party entities, it is essential to acknowledge the existence of inherent risks. 

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with HYPE. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The HYPE community and Hyperliquid founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of HYPE have no recourse to the HYPE community, Hyperliquid founding team, or Uphold if HYPE declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing HYPE on the Uphold Platform, Uphold performed due diligence on HYPE and determined that HYPE is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

The creation, governance, usage, and design of HYPE, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 

The supply, demand, maturity, utility, and liquidity of HYPE.

Any marketing materials put forward by the HYPE social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.

Material technical risks associated with HYPE, including any code defects, security breaches and other threats concerning HYPE and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.

Legal and regulatory risks associated with HYPE, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of HYPE.