Thread by @Delphi_Digital

Imagine DeFi apps with access to liquidity, near-instant finality, and integrated spot and perpetual order books within a unified ecosystem.

HyperEVM makes this possible on @HyperliquidX.

🧵

The full Hyperliquid report dives much deeper. Here's the full breakdown.

1/ Since the airdrop, Hyperliquid has grown from 6% to around 67% of the perp DEX market.

Cumulative inflows have hit a new ATH of $2.42B, highlighting Hyperliquid's impressive growth after the points farming era.

This demonstrates Hyperliquid's ability to retain and grow market share without future incentives.

2/ One goal of Hyperliquid is to expand to an EVM-compatible chain. As an extension of this, Hyperliquid has launched HyperEVM.

HyperEVM integrates Ethereum’s Virtual Machine directly into Hyperliquid’s high-performance L1, allowing apps to leverage native liquidity.

3/ HyperEVM’s dual-block architecture features frequent small blocks every 2 seconds for rapid transactions and larger blocks every minute for complex operations.

For users, this means fast confirmations for both simple and complex transactions.

4/ Powered by HyperBFT (HotStuff-based consensus), HyperEVM achieves instant transaction finality (~0.2 sec) which outperforms most EVM-compatible chains.

Unlike probabilistic finality models, HyperBFT ensures transactions are final as soon as validators reach consensus—eliminating reorg risks and improving UX.

5/ HyperEVM Adoption

• Approximately 30k accounts have been created to date
• Around 16k active users weekly
• Ranks 10th among EVM chains for fees generated over the past 7 days (Source: Nansen)

Growth has been modest so far due to the novelty of HyperEVM which could change as more functionality is added.

6/ Token Burns

The HyperEVM gas model burns transaction fees which creates deflationary pressure on HYPE.

This model strengthens tokenomics and aligns incentives across the ecosystem.

7/ HyperEVM ecosystem is growing with projects like:

@felixprotocol: Developing a mobile app to help onboard newcomers to HL and HyperEVM DeFi.
@hlnames: HL naming service similar to ENS
@hyperunit: Enables non-native asset issuance through a lock-and-mint bridging system.
@hypurrfi: Money market protocol on HyperEVM.
@HyperSwapX: AMM that has crossed $1M in TVL.

8/ Challenges

There are some challenges with HyperEVM worth noting.

• Success shifts from HL's core team to third-party devs which raises execution risk.
• Competition is strong which could make it difficult to attract high-caliber teams compared to Monad, MegaETH, Initia.
• Limited primitive apps remain beyond the existing perps & spot DEX.

To receive an objective analysis on Hyperliquid, read our research report below.

delphi.link/Hyperliquidana…