Hyperliquid (HYPE) is gaining attention as a high-liquidity project with its native HYPE token. The token's price discovery has been increasing, reaching an all-time high of $17.90. The project has successfully distributed tokens through airdrops, despite the presence of Sybill wallets. Hyperliquid aims to revive the perpetual DEX narrative and offers trading with leverage. The DEX relies on oracles for pricing and is not currently tied to an algorithmic price discovery mechanism. The project plans to become EVM-compatible and has drawn liquidity from USDC. The HYPE/USDC pair contributes to the majority of the DEX's trading volumes. The L1 chain of Hyperliquid achieves near-instant settlement with a block produced every 200 milliseconds.



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