Hyper Foundation, the organization behind the widely-used decentralized finance protocol Hyperliquid, has announced the launch of HyperEVM. This marks a substantial move toward incorporating general-purpose programmability into its financial ecosystem.
In its primary release, the mainnet includes HyperEVM blocks that are integrated into Layer 1 execution, leveraging security from the HyperBFT consensus. Features like spot transfers between native HYPE and HyperEVM HYPE are enabled, with HYPE as the native gas token. The introduction of a canonical WHYPE system contract, located at address 0x555...5, is set to bolster DeFi applications on the platform.
Hyper Foundation disclosed that at the launch of HyperEVM’s mainnet, some tools and analytics might lack refinement. However, the organization reassures that a team of skilled developers is actively enhancing these aspects. HyperEVM block data streaming to S3 offers indexing capabilities without requiring a node.
Future network improvements aim to facilitate general ERC20 native transfers and precompiles. Although these functionalities are presently available on the testnet, the rollout on the mainnet will be phased to avoid disruption to current Layer 1 users. The foundation ensures that HyperEVM maintains composability with the Layer 1 state, safeguarding the low-latency trading experience for existing users.
"We extend our gratitude to the builders and users who have provided feedback during the testnet phase. We eagerly anticipate witnessing new applications benefiting from, and expanding upon, Hyperliquid's existing on-chain financial infrastructure."
In late November 2024, Hyperliquid initiated an airdrop of its native token, HYPE, distributing 310 million tokens, or 31% of the total supply, to its community. HYPE’s value has significantly increased from approximately $3.90 to around $26 at present.
Following this, Hyperliquid enabled native staking on its mainnet, offering token holders the ability to earn rewards for contributing to network security. This feature allows users to select validators based on factors such as uptime, commission rates, reputation, and community contributions. Initially, the staking system supported 16 validators.
As reported by DefiLlama, Hyperliquid generated $51.41 million in revenue in January, with its total value locked (TVL) surpassing $677 million.
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