Comprehensive Analysis of Hyperliquid: Is the Target Not Uniswap but Binance? 》(Author Mario @ IOSG) This article comprehensively analyzes the model and development process of Hyperliquid, an on chain perpetual contract exchange. Hyperliquid's self-developed high-performance Layer 1 blockchain adopts an on chain order book mechanism, providing a trading experience comparable to 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 experiencing a serious black swan event in March 2025, the platform successfully resolved the crisis through centralized governance intervention, triggering controversy over decentralized governance. However, it did not shake the trust of core users, but quickly recovered and launched the HyperEVM ecosystem to expand to NFT, DeFi and other fields, further consolidating market advantages. read the whole passage: https://www. (wublock123.com)/index.php? m=content&c=index&a=show&catid=47&id=44725