Hyperliquid Ecosystem: From Perp DEX to Emerging Crypto Ecosystem

In a short period since the launch of HyperEVM – Hyperliquid’s EVM-compatible blockchain – the project’s ecosystem has expanded rapidly, now covering nearly all major sectors of Web3: from NFTs and GameFi to DeFi, AI, and Liquid Staking.

With its impressive growth momentum and an active builder community, Hyperliquid is gradually reshaping how users interact with blockchain technology.

What is HyperEVM?

HyperEVM is an Ethereum-compatible smart contract execution environment developed on top of Hyperliquid – a decentralized perpetual DEX that operates without a traditional order book.

Unlike conventional EVM blockchains, HyperEVM was redesigned from the ground up to optimize scalability, reduce block times, and support parallel execution. These enhancements make it particularly well-suited for high-throughput applications such as real-time DeFi, artificial intelligence (AI), and dynamic on-chain data systems.

Read more: Hyperliquid Price Prediction: Potential HYPE Price Movement

A Multidimensional Ecosystem: From DeFi to AI

HyperEVM has demonstrated an impressive pace of ecosystem expansion just months after its mainnet launch in February 2025.

Unlike many new blockchains that typically begin with a handful of experimental apps, HyperEVM has already attracted over 100 projects spanning core sectors of Web3, including DeFi, NFTs, Liquid Staking, GameFi, AI, Derivatives, and data infrastructure layers.

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This trajectory signals that Hyperliquid’s strategy goes far beyond evolving from a successful derivatives trading platform. It aims to architect a diverse, multidimensional ecosystem that touches every corner of Web3.

The breadth and depth of projects building on HyperEVM reflect a well-planned approach – one that doesn’t rely on just a few flagship apps but instead spreads risk and fosters growth across multiple verticals.

Lending & Borrowing – Redefining On-Chain Capital Efficiency

The lending ecosystem on HyperEVM is rapidly expanding, with diverse approaches ranging from traditional models to novel decentralized mechanisms.

• Projects like FelixProtocol and PrimeFi follow a conventional lending structure but are optimized for UX and processing speed, offering a smooth experience for both borrowers and lenders.
• Meanwhile, Hyperlend and HyperYield focus on maximizing user returns through automated strategies like auto-compounding and cyclical interest reinvestment.
• Timeswap stands out with its oracle-free, fully decentralized lending model, allowing users to lend and borrow at fixed interest rates without liquidation – a truly trustless lending solution.
• Satoshi Protocol, on the other hand, implements a collateralized stablecoin model with automated liquidation, similar to MakerDAO or Liquity.

This diversity in design and operation signals that HyperEVM is steadily attracting stable liquidity while catering to a wide range of users, from conservative investors to adventurous DeFi participants.

For more: Hyperliquid Ecosystem Overview and Investment Thesis

Liquid Staking – The Foundation for Security and Flexibility

Liquid staking is a priority sector for bootstrapping validator security and enabling capital reuse.

• Cluster and HyperFlash may offer LSDs with native incentives for use in perps or vaults.

• Solv Protocol and Tenderize bring cross-chain LSD infra with proven reputation.

• LoopedHYPE suggests recursive strategies akin to Lido’s stETH on Ethereum.

The quality of staking derivatives (oracle design, depeg risk, slashing insurance) will impact their adoption in downstream DeFi.

DEX & Derivatives – The Next Generation of Decentralized Trading

HyperEVM’s core DEX layer is still in its early innings but already exhibits diversity:

• HyperSwap appears to be the flagship AMM, offering base-layer swap functionality tailored to Hyperliquid’s finality and gas efficiency.

• Sunder Finance and Valantis may offer advanced features like routing, dynamic fee models, or aggregation.

• Insilico and Laminar are likely to explore novel DEX primitives such as intent-based swaps or batch auctions.

Notably, Spectra and D2 Finance are bringing derivatives to HyperEVM, enabling users to trade options and futures with a CeFi-like user experience.

In fast-paced chains, DEXs must adapt to latency-sensitive strategies. HyperEVM offers the right substrate, but liquidity depth and LP incentives will be key to displacing incumbents like Uniswap or Aerodrome.

For more: Hyperliquid vs. dYdX, Aevo, GMX: Into the Future of Derivatives

AI + DePIN – Where Data Meets Intelligence

Projects like Beats AI, Farm Fun, and Sentient apply AI to market analysis, yield farming, and sentiment tracking.

HCR Bot and HyperLauncher offer automation tools for token launches and protocol management.

These initiatives demonstrate HyperEVM’s long-term vision, evolving from a smart contract platform into a hub for real-time data infrastructure and AI-powered systems.

Bridges, Stablecoins, and Oracles – The Backbone of Interoperability

The presence of trusted bridges like Wormhole, Across, and deBridge signals that Hyperliquid is not only EVM-compatible, but deeply integrated into the broader multichain fabric.

• HyBridge and Gasyard likely serve as internal or Hyper-native messaging/bridging layers.

• Nitro might be focused on low-latency bridging or intent relays.

Cross-chain order flow and liquidity sourcing are foundational to the thesis of Hyperliquid as an “Everything Exchange.”

Both Redstone and Pyth offer low-latency, decentralized data feeds — essential for perps, options, and vault rebalancing.

• Pyth’s pull-based oracle fits perfectly with Hyperliquid’s architecture.

• Redstone enables custom feeds, empowering niche DeFi instruments.

For more: Hyperliquid Deep Dive: Understand HYPE and HLP Model

NFT – A New Creative Wave

With projects like Octis, Drip Trade, Jelly Cat, and NFTs2Me, the NFT scene on HyperEVM is growing organically, driven by low gas fees and high minting throughput.

The standout collection Wealthy Hypio Babies has captured community attention for its unique design and rich lore.

GameFi & Meme – Fun-Driven Community Engagement

Hyperliquid embraces community and entertainment through:

• Meme tokens like Autist, Frudo, Catbal, and Rugman, which gain traction via humor and viral appeal.
• GameFi platforms including Hyperverse, Mon, Sovrun, and Moon HL, which bring diverse gaming experiences to blockchain users.

Like Solana, HyperEVM may use meme + game culture as a funnel to convert casual users into liquidity providers or traders.

AI: Autonomous Agents & Automation Layer

AI x DeFi is an experimental but promising sector. Examples might include:

• Beats AI: Trading agent or yield optimizer

• HyperFly and Sentient: Agentic layer for auto-trading, prediction markets, or dynamic vaults

• HyperLauncher: Infrastructure for AI x DeFi dApps

Chains with low latency and fast finality are best positioned to serve autonomous agents. HyperEVM could become the base layer for AI-native financial applications.

What’s Next for Hyperliquid?

A closer look reveals that Hyperliquid is pursuing a vision akin to becoming a “Solana on EVM”, delivering ultra-fast and seamless user experiences while remaining fully compatible with the Ethereum environment.

Instead of building a new Layer 1 blockchain, Hyperliquid leverages its high-performance architecture and custom design to create an EVM environment that excels in speed, latency, and scalability.

Originally launched as a high-performance perpetual DEX, Hyperliquid has since evolved into the foundation for an entire ecosystem, now powering over 100 dApps across key sectors such as DeFi, NFTs, GameFi, AI, and on-chain data infrastructure.

Conclusion

Hyperliquid is no longer just a decentralized exchange. With HyperEVM, the project is building a multidimensional blockchain environment – a space where DeFi, AI, GameFi, and community come together. If this growth trajectory continues, Hyperliquid could well become one of the most critical layers powering the next generation of dApps in Web3.

Read more: Why Hyperliquid Doesn’t Need to List on Binance