In a movement that could possibly increase the smart contract possibilities of the blockchain, Hyperiquid has officially launched HyperevM on TestNet.
According to the official announcement of Hyperliquid (Hype) on X on 18 February, the update of general programmability adds to the ecosystem while retaining the trading experience of the platform with low latency.
The HyperBft consensus from Hyperliquid offers complete security for HyperevM transactions, which makes the version in the chain possible without external validation layers.
Prior to the Mainnet -rollout, the test network will be used to collect input and improve developer tools. Future upgrades will include general ERC-20 transfers and precompiles.
Hyperliquid’s native token, hype, will serve as the guest smoking for hyperevm. A new system contract, Whype, has also been used to support Defi applications and native spot transfers between hyperliquid’s L1 and HyperevM. A Bug-Bounty program offers rewards at the maininet level for vulnerabilities found during this period to promote security research.
The debut coincides with the continuous market growth of hyperliquid. Hype has risen around 553% compared to the launch in November 2024 and surpasses other cryptocurrencies. The solid basis of the platform has been helped by the price structure, which awards profit to liquidity providers and a fund managed by the community.
Hyperliquid received a lot of attention after his huge billion dollar AirDrop, one of the largest in the crypto history. The attraction of the platform on traders is stimulated by the fact that it aims to offer a CEX-like trading experience, except that it is a Dex.
The Assistance Fund is one of the most striking features that is absent with many Dex’s. In the case of security infringements or when the liquidity is to be stimulated, the fund, that always grow as the reimbursements rise, must be a safety net.
A recent K33 research report revealed that Hyperliquid had 55% of the 7-day trade volume for eternal DEXs. In addition, the open interest on the platform rose to 47% of the levels of OKX and 13% of the Binance.
