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Chain dossier
sink ownerHyperliquid
$HYPEBorn on
Killer · Built the sink before the chain
Grades by trunk
Apps5/5Apps: 5 out of 5
Demand4/5Demand: 4 out of 5
Liquidity4/5Liquidity: 4 out of 5
Supply3/5Supply: 3 out of 5
Tiles lit (6)
Wonder owned
trading & speculationThe Casino →Verdict
Skipped the tree, and is now walking it backwards. The only chain that earned the right to.
Receipts
- ~70% of on-chain perpetual futures volumeconfidence highsource: hl-perp-share ↗verified 2026-07-12
- 30-day perp volume >$180Bconfidence highsource: hl-30d-volume ↗verified 2026-07-12
- #1 chain by protocol feesconfidence highsource: hl-fees-1 ↗verified 2026-07-12
- ~$16.1B market cap, ~#10confidence highsource: hl-mcap ↗verified 2026-07-12
- Zero VC; 31% airdropped to ~94,000 usersconfidence highsource: hl-airdrop ↗verified 2026-07-12
- Kinetiq holds 82.5% LST share with $610M TVL — composability still thinconfidence moderatesource: kinetiq-share ↗verified 2026-07-12
cite thisverified 2026-07-12
“Hyperliquid” — The Ecosystem Tech Tree (v1.0). https://pareen.xyz/eco-techtree/chain/hyperliquid. Last verified 2026-07-12.