What is the Hyperliquid protocol
Hyperliquid is a high-performance Layer 1 blockchain that focuses on providing a deep liquidity DEX for spot trading and for perpetual trading. The Hyperliquid founder calls it the AWS of liquidity. Hyperliquid uses a custom consensus algorithm called HyperBFT, which is inspired by Hotstuff and its successors. Hyperliquid state execution operates through two main components:- HyperCore — provides fully onchain perpetual futures and spot order books with one-block finality. HyperCore supports 200,000 orders per second, with throughput continuously improving through node software optimization.
- HyperEVM — brings Ethereum-compatible smart contract functionality to Hyperliquid. This component makes HyperCore’s liquidity and financial primitives available as permissionless building blocks for developers.