Hyperliquid, initially met with skepticism as “just another perps DEX” and “centralized” L1 chain, has rapidly expanded its ecosystem and gained a substantial amount of mindshare despite the absence of a native token. While the extension of the points campaign saw some negative reactions across the board, volumes didn’t decrease after the end of the first season, and sentiment rapidly shifted towards optimism. This can be attributed to organic volumes as liquidity improved and users sought a clean UX that didn’t enforce KYC, a place where you could start trading right away with a simple email-based login and fast new token listings.
Source: Kaito.ai – With the founding team bootstrapping the business and rejecting VC capital, Hyperliquid has seen significant growth in both on-chain metrics and mindshare despite not having a native token, also building one of the most dedicated communities as a result.
Launched in April 2024, the cat-themed memecoin $PURR has acted as the main proxy to get exposure to the Hyperliquid ecosystem, which continues to deliver on the roadmap bringing new products such as a spot marketplace and an upcoming EVM-compatible parallelized L1.
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