HyperEVM: The Newest Marvel in the Wild West of DeFi! 🤠💰

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Well now, gather ’round, folks! The Hyper Foundation, those fine folks behind the ruckus known as Hyperliquid, have just unveiled their latest contraption: HyperEVM. It’s a mighty leap toward making their financial system as programmable as a squirrel on a caffeine high!

Now, this here mainnet release is no ordinary affair. It’s got HyperEVM blocks struttin’ about like they own the place, all while hitching a ride on Layer 1 execution, borrowing security from the good ol’ HyperBFT consensus. And let me tell ya, it’s got spot transfers between the native HYPE and HyperEVM HYPE, with HYPE acting as the gas token. Ain’t that a mouthful? Oh, and don’t forget the canonical WHYPE system contract, which is as fancy as a cat in a top hat, deployed at address 0x555…5, just to keep things spicy for the DeFi applications.

HyperEVM Hits Mainnet

In their grand announcement, the Hyper Foundation had the gall to say that the tooling and analytics might be “not polished.” Well, bless their hearts! But fear not, for a gaggle of experienced builders are on the case, polishing up the rough edges like a mother hen with her chicks. They’ve even got HyperEVM block data streaming live to S3, which is just a fancy way of saying you can index without having to run a node. Ain’t technology grand?

Now, hold onto your hats, because a future upgrade promises to bring general ERC20 native transfers and precompiles. The community can chime in with their thoughts during the testnet phase, which is just a fancy way of saying, “We’re still figuring this out, folks!” Though these features are already prancing about on testnet, their mainnet debut is being rolled out slower than molasses in January, all to keep the current L1 users from throwing a fit. The foundation assures us that HyperEVM is as composable with the L1 state as a good ol’ country song, without messing up the low-latency trading experience for the existing users.

“Thank you to all the builders and users who have shared feedback on testnet so far. It will be exciting to see new applications leveraging and building upon the existing on-chain financial system of Hyperliquid.”

Hyperliquid Growth So Far

Now, let’s talk turkey about Hyperliquid’s growth. Their native token airdrop kicked off in late November 2024, tossing around 310 million HYPE tokens like confetti at a parade, which is a whopping 31% of the total supply! Since then, HYPE’s value has shot up faster than a jackrabbit on a date, from nearly $3.90 to about $26 at the time of this writing. Can I get a hallelujah?

Just a month later, they rolled out native staking on their mainnet, allowing token holders to earn rewards for keeping the network secure. Users can pick their validators based on all sorts of criteria, like uptime and reputation, which is just like choosing a good fishing spot—gotta know where the big ones are biting! At launch, they had 16 validators, which is more than I can count on my fingers and toes.

Meanwhile, the good folks over at DefiLlama report that Hyperliquid raked in a cool $51.41 million in revenue this past January, while their total value locked (TVL) is over $677 million. Now that’s what I call a successful venture! 🎉

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2025-02-18 10:30