How Hyperliquid Hit $330B Volume With Just 11 People

Main meals:

• HyperLeliquid is treated at about 330 billion dollars in the trading volume in July 2025, with a brief RobinHood.

• The CEX -like division chain was designed while maintaining the custody and implementation of ONChain.

• HLP VAlt and Assistance FundBack has coordinated traders, market makers and distinguished symbols in the reinforcement loop.

• The Airdrop has helped great, the integration of the fake portfolio and self -funded operations to attract users and maintain adoption.

A year after the launch of its 1 (L1) layer, hyperliquid became one of the best players in the financing (Defi), and registered around it 319 billion dollars in trading volume In July 2025, significantly, the main team is believed to consist of only 11 people.

This guide is looking for artistic design and operational options that enabled this range.

What is the height of the liquid?

HyperleQuid is a permanent, decentralized exchange built on a 1 custom layer.

Its chain is divided into two tightly connected components: Hypercore, which runs the book Onchain Order, margin, references and clearance; and HyperevmA smart contract for general purposes that interact directly with the exchange of exchange.

Both are believed by Hyperbft, HotSturf Proof of consensus (POS) consensus This imposes the order of one treatment without relying on events systems. Hyperevm was launched on Mainnet on February 18, 2025, adding programming susceptibility about Excination Core.

Do you know? HyperleliQuid achieves the average time of trafficking of only 0.2 seconds (with a delay of up to 99 percent less than 0.9 seconds) and can deal with up to 200,000 transactions per second, which competes with central exchanges for speed.

Month 330 billion dollars: What data show

July was the most powerful month for the liquid branch so far. Data from Deville It shows the platform that is treated about $ 319 billion in permanent trading volume. This prompted permanent notebooks at the level of defense to $ 487 billion-a jacket of 34 % from June.

Meanwhile, industry tracking devices highlighted the number 330.8 billion dollars, including immediate trading as well. The headlines noticed that this means that the excessive liquid is over Robinhood.

In July, Robinhood measures are provided for comparison: $ 209.1 billion in IMSTRial Plus $ 16.8 billion of trading, along with $ 11.9 billion in BITSTAP (aft company), totaling about $ 237.8 billion.

Several outlets have noticed that July was distinguished by the third month in a row, raising Robinhood sizes, which is an amazing result of a team of 11 years only. These are monthly numbers, not cumulative groups. This means that the platform shows a continuous activity of frequency rather than one time height.

Production Engineering

The Hyperleiid scale comes from a carefully divided state machine that operates with one consensus.

Hypercore acts as an Excination engine, with specific central request books, margin accounting, matching and references, all entirely preserved. The documents confirm that it avoids Offchain Order Books. There is a book of all Onsin origins as part of the chain status, with a priority for price time.

Hypervm is an environment of the ETHEREUM (EVM)-on the same Blockchain. Since consensus and data availability with Hyper -Core share, applications can be built around the stock exchange without leaving L1.

Both components depend on Hyperbft, which is a POS consensus inspired by HotSturf that provides an arrangement of a fixed transaction across the entire system. The design aims at low remedial finals while maintaining custody and implementation.

This structure is different from the Model Model Exchange Models (DEX): AMMS (AMMS) Makers (AMMS) Dependence on liquidity baths Or the DEXS DEXS that maintains ONChain orders but matches them outside.

Instead HyperleIIID instead runs the logic of the Exchang Core (request books, matching, margin and references) completely with the continued enabled EVM applications to fire originally.

Operation Form: How 11 people have achieved CEX speed

The organizational design of excessive events is deliberately lean.

Jeff Yan Founder He said that the main team consists of about 11 people, with a selective employment intentionally to maintain speed and cultural cohesion. The focus is on a small coordinated group instead of expanding the number of rapid employees.

The project is fully funded and it has retreated Investment capital. Yan puts this as an alignment of ownership with users and maintaining priorities independent of the investor schedules. This approach also explains the absence of Main central exchange lists The focus remains on technology and the adoption of society.

Implementation follows the narrow feedback ring. When API interruption is suspended on July 29, the request is executed for 37 minutes, the team Exvented stores 1.99 million dollars on the next business day. For the place of Defi, this response speed has emerged as an example of the “ship, repair, owned” mentality.

Yan said on staying meager: “Employing the wrong person is worse than the lack of employment at all.”

Together, selective employment and independence from investment capital and the management of rapid accidents help explain how a small team can work in a central rhythm while maintaining custody and implementation in full.

HLP + Assistance

Protocol mechanisms align the trading activity while providing liquidity.

Holly liquidity provider (HLP) cellar

HLP is a cellar that runs the protocol that makes the market and references on Hypercore. Anyone can deposit the capital, with shareholders ’participation in the loss and losses (PNL) and part of the trading fees. By making the market making infrastructure open and based on the bases, HLP reduces dependence on the joint binary market makers’ deals anywhere else.

Help Fund (Rocks Re -purchase)

According to Defillalama information panels, 93 % of the protocol fees flow to the auxiliary box, which buys and Holocaust noise codesWhile 7 % go to HLP. This creates the feedback loop: higher organic volume financing than larger re -purchases, which reduces the distinctive symbol supply, with a portion of VAULT support.

Financial mechanics

Permanent funding on liquid height is an anti -a counterpart, with no protocol, driven every hour and is directed by 4 % per hour.

The rates combine the fixed interest (0.01 % per eight hours, every hour) with a variable installment of Oracle that collects central exchange rates.

This structure helps maintain permanent prices with the stain. Payments are made through both sides of the book, which enhances risk sharing without including the return of the return.

Distribution and society

The distribution of the distinctive symbol to increase the liquid strongly towards users.

On November 29, 2024, the project launched Airdrop Hype Genesis, which distributed about 310 million symbols of the first participants. This event coincided with the emergence of Tokeen Trading for the first time, enhancing the first society’s approach. Hyperleiid (NoiseIt is used to roam in peak and gas payments.

The momentum accelerated in mid -2015 when the Phantom wallet Integrated duets of liquid effectiveness directly within the application. Analysts and media have noticed a clear boost in flow and adoption.

The VANECK report was attributed to July $ 2.66 billion of trading volume, $ 1.3 million of fees and about 20,900 new users to Phantom Prort. Separate reports were tracked $ 1.8 billion in the directed size during the first 16 days.

On the side of the product, Hypervm went on February 18, 2025, Tamkeen Smart contracts for general purposes And the creation of paths for the governor, regulations and inserts to integrate around the stock exchange. This flexibility encouraged external developers to connect the ecosystem and support a fixed pipeline from new markets.

Do you know? Airdrop distributed from Genesis Hyperlefivix about $ 1.6 billion of noise across 90,000 users, equivalent to 31 % of the total offer. At peak prices, the average air value exceeded 100,000 dollars per user.

Criticism and risk factors

Decentralization and Resistance Group

In early 2025, researchers and presenters raised concerns about the script of the auditor and centralization. The team admitted this issue and said it will make the law open source after its security is enhanced. The team also identified plans to expand the auditor’s participation.

The risk of focus

Hyperliviid market (often estimated at 75 % -80 % of decentralization Data tradingIt presents the challenges of focus. Commentators highlight the benefits of the network’s effects, but they also noticed the regular risks in the event of transformations or shocks in one place.

Operating accidents

API interruption for 37 minutes on July 29, temporarily stopped trading. Excessive liquid paid about $ 2 million to users the next day. While the Swift recovery reinforced his reputation to respond, the event also highlighted the confrontation of traders in exposure during the power outage.

Governance and the implementation of the treasury

Observers sometimes examine how to customize the admission of the protocol managed or through chains, as well as designing re -purchase mechanisms. These operational risk areas are still to see liquid hyperlinks.

Do you know? Excessive liquid depends on the price that was maintained from the auditor. If these leaves are treated, they may lead to premature or inaccurate liquidation. To face this, the excessive liquid limits limit interest levels and prevent more than 1 % orders from the price of Oracle, although the HLP cellar is exempt from those restrictions.

Final ideas: Why excessive liquid expands when others stopped

Four factors help explain the extreme liquid growth.

First, the design of the first series of implementation: Hypercore deals with the onchain matching and margin, while HYPEREVM provides the ability to compatible, both arranged under excessive excessive. Together, this setting is provided near the time of the CEX level transmission while maintaining the fully custody and the Onchain state.

Second, the alignment of incentives through the re -purchases funded from the fees (via auxiliary box) created and created an open HLP cellar, a receptor liquidity with the expansion of trading volume.

Third, keeping the Core Lean team, which includes about 11 contributors, reduces administrative public expenditures and keeps the product courses quickly.

Fourth, the advantages of the distribution (most notably the integration of Walet Wallet) reduced friction on the plane and expanded arrival during a favorable cycle of ONChain derivatives.

For those who evaluate the long -term durability, several observation points are highlighted:

• Whether the decentralization in the auditor and the symbol is open sources as promised

• The speed of the markets, Central limit orders activity And third -party applications revolve around Hyperevm

• Whether revenues and size are still flexible as competitors begin to adopt similar models.

This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.