🚀 HyperEVM Unleashed: Is This the End of Traditional Finance? 🤑

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In a bold stroke that might just leave blockchain’s smart contract capabilities quivering with excitement, Hyperliquid has officially flicked the switch on HyperEVM over on testnet. 🎉

According to Hyperliquid’s (HYPE) official blurb on X on Feb. 18, this nifty update sprinkles general-purpose programmability into the ecosystem without even remotely spoiling the platform’s zippy low-latency trading experience.

Hyperliquid’s HyperBFT consensus is like a digital Fort Knox for HyperEVM transactions, making on-chain execution a solo act without the pesky need for external validation layers. 

The HyperEVM is alive and kicking. This is a giant leap for the vision of a one-stop financial shop by bringing general-purpose programmability to Hyperliquid’s already dazzling financial system. The initial mainnet drop of the HyperEVM includes:

1. HyperEVM blocks built as part of L1 execution,…

— Hyper Foundation (@HyperFND) February 18, 2025

Before the grand mainnet party, the testnet phase will be the cool kids’ club for feedback and sprucing up developer tooling. Future upgrades will throw in general ERC-20 transfers and precompiles for good measure.

Hyperliquid’s native token, HYPE, is the lifeblood (or gas, if you will) for HyperEVM. A shiny new system contract, WHYPE, is also in the mix to prop up DeFi apps and native spot transfers between Hyperliquid’s L1 and HyperEVM. And if you fancy yourself a digital detective, a bug bounty program is dangling mainnet-level rewards for vulnerabilities found during this testing period. 

The HyperEVM launch conveniently lines up with Hyperliquid’s market growth spurt. HYPE has soared approximately 553% since its launch in November 2024, leaving other cryptocurrencies in the dust. The platform’s sturdy foundation has been helped along by its pricing structure, which dishes out profits to liquidity providers and a community-run slush fund.

Hyperliquid became the talk of the town after its colossal billion dollar airdrop, which was like the Mother of All Airdrops in crypto history. The platform’s allure to traders is amped up by its promise to offer a CEX-like trading experience while still being a DEX. Because who doesn’t love a two-for-one deal? 

The Assistance Fund is its secret sauce, a feature that’s MIA from many DEXs. In case of security snafus or when liquidity needs a shot in the arm, this fund, which grows as fees pile up, is there to catch the fall. 

A recent K33 Research report let slip that Hyperliquid cornered 55% of the 7-day trading volume for perpetual DEXs. Moreover, the open interest on the platform shot up to 47% of OKX’s levels and 13% of Binance’s. Not too shabby, eh?

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2025-02-18 11:30