币界网报道：Hyperliquid, a decentralized perpetual exchange built on its own Layer 1 blockchain, has seen its native token HL surge 66% this month, with analysts eyeing a potential 50% upside toward the $2.50 target. The platform distinguishes itself by offering a fully on-chain order book and matching engine, processing over $1 billion in daily trading volume with sub-10ms latency. Unlike typical decentralized exchanges that rely on automated market makers, Hyperliquid provides centralized exchange-like performance while maintaining self-custody of assets. The protocol has gained traction among high-frequency traders and arbitrageurs, with its open interest recently surpassing $100 million. Key features include permissionless listing of new markets, zero gas fees for trading, and an innovative insurance fund model that redistributes liquidation penalties to HL stakers. The token's recent price appreciation follows the platform's integration with several major wallets and the expansion of its supported asset list to include trending altcoins. Market observers attribute Hyperliquid's growth to increasing demand for decentralized derivatives platforms that can match CEX performance, particularly after several centralized exchange failures eroded trust in custodial models. The project's team, which includes former Jane Street and Jump Trading quant researchers, has emphasized their focus on building infrastructure capable of handling institutional-scale trading volumes while preserving decentralization principles.