币界网报道："A Comprehensive Analysis of Hyperliquid: The Target is Not Uniswap but Binance?" (Author Mario @IOSG) This article comprehensively analyzes the model and development history of the on-chain perpetual contract exchange Hyperliquid. Hyperliquid has developed its own high-performance Layer 1 blockchain and uses an on-chain order book mechanism to provide a trading experience comparable to that of centralized exchanges, attracting a large number of high-risk, high-leverage traders (such as the famous whale James Wynn); its native token $HYPE is used for governance, staking fee reductions, and security validator staking. After encountering a serious black swan event in March 2025, the platform successfully resolved the crisis through centralized governance intervention, triggering controversy over decentralized governance, but did not shake the trust of core users. Instead, it recovered quickly and launched the HyperEVM ecosystem to expand to NFT, DeFi and other fields, further consolidating its market advantage. Read the full text: