In July 2025, Hyperliquid processed around $330 billion in trading volume, briefly surpassing Robinhood, with only 11 employees. The decentralized perpetuals exchange operates on a custom layer 1 blockchain, featuring a split-chain design that delivers centralized exchange-like speeds while maintaining custody on-chain. The core team has deliberately remained lean, emphasizing selective hiring and independence from venture capital to foster a strong organizational culture. The project is entirely self-funded, aligning ownership with users and promoting community engagement. Hyperliquid's operational model includes the Hyperliquidity Provider (HLP) vault, which streamlines market-making and allocates a portion of fees to the Assistance Fund for buybacks, creating a reinforcing liquidity loop. This setup has contributed to a record trading volume; in mid-2025, the integration of the Phantom Wallet helped attract new users, significantly boosting adoption. Despite its success, the platform faces challenges, including concerns over validator decentralization and concentration risk in the market, warranting close attention as it scales further.

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