Hyperliquid Launches HyperEVM on Testnet, Boosting Blockchain Capabilities

Hyperliquid, a rapidly growing blockchain platform, has officially launched its HyperEVM on testnet, marking a significant milestone in its journey to enhance smart contract capabilities. This update brings general-purpose programmability to the ecosystem while maintaining the platform’s low-latency trading experience.

Key Features of HyperEVM

According to Hyperliquid’s official announcement, the HyperEVM includes several key features, such as:

  • HyperEVM blocks built as part of L1 execution
  • Hyperliquid’s native token, HYPE, serving as the gas token for HyperEVM
  • A new system contract, WHYPE, deployed to support DeFi applications and native spot transfers between Hyperliquid’s L1 and HyperEVM

Additionally, a bug bounty program has been introduced to provide mainnet-level rewards for vulnerabilities found during the testnet phase, promoting security research and ensuring the platform’s stability.

Hyperliquid’s Growth and Market Performance

Hyperliquid’s native token, HYPE, has experienced significant growth, rising approximately 553% since its launch in November 2024. The platform’s solid foundation, aided by its pricing structure, has allocated profits to liquidity providers and a community-managed fund.

Unique Features and Competitive Advantage

Hyperliquid’s appeal to traders lies in its ability to offer a CEX-like trading experience, combined with the benefits of a DEX. The platform’s Assistance Fund serves as a safety net in the event of security breaches or when liquidity needs to be boosted, making it an attractive option for users.

Market Dominance and Trading Volume

According to a recent report, Hyperliquid held 55% of the 7-day trading volume for perpetual DEXs. Furthermore, the open interest on the platform increased to 47% of OKX’s levels and 13% of Binance’s, solidifying its position in the market.

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