Key Notes

Key Notes:

The initial mainnet release of HyperEVM now supports spot transfers between native HYPE and HyperEVM HYPE.Future updates will enable ERC-20 transfers.

The Hyper Foundation has announced the official launch of the Hyperliquid EVM or HyperEVM as a welcome upgrade to the ecosystem of Hyperliquid, a well-known decentralized finance (DeFi) protocol.

According to the organization, this initiative is a major step towards its plans to bring an all-around programmability to the Hyperliquid network. The official statement reads:

“This is a major step toward the vision of housing all finance by bringing general-purpose programmability to Hyperliquid’s performant financial system.”

With HyperEVM, Hyperliquid will now be able to integrate Ethereum Virtual Machine into its Layer 1 blockchain. This means that developers are also able to run Ethereum-compatible smart contracts, albeit with an improved level of performance.

Revealing more about the upgrade, the Hyper Foundation says that the initial mainnet release will still contain blocks from the Layer 1 execution. Essentially, this transfers the full security of the HyperBFT consensus, making the network more secure and reliable.

Interestingly, this launch allows for spot transfers between native spot HYPE HYPE $24.86 24h volatility: 0.3% Market cap: $8.30 B Vol. 24h: $97.48 M and HyperEVM HYPE. HYPE functions as the native gas token for transactions on HyperEVM.

Notably, Hyperliquid appears to be committed to continuous growth and progress. For context, the company previously introduced staking for the HYPE token on the mainnet, marking a significant milestone for the platform. Also, in late November 2024, Hyperliquid launched an airdrop, distributing 310 million HYPE tokens, or 31% of the total supply, to its community.

Notably, in its official announcement, the firm noted that the project has rolled out a bug bounty program. Basically, the program will reward reports on issues that could cause outages or errors on nodes or API servers.

However, the team made it clear that only qualifying reports related to the mainnet will be eligible for the bounty.

Meanwhile, the foundation also disclosed that it is still gathering feedback on ERC-20 native transfers and precompiles on the testnet, with plans to introduce these features in a future update.

In January, the decentralized perpetual trading platform and Layer 1 chain reached a trading volume of $197.88 billion for its perpetual swap trading. This far surpassed Jupiter’s $36.28 billion and Synfutures’ $16.21 billion.

According to CoinMarketCap data at the time of writing, HYPE is currently priced at $23.99, down by 7.04% in the last 24 hours, with a market capitalization of $8.29B. It is ranked 20th among the largest cryptocurrencies globally.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.

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