Frudo

Hyperliquid = HyperCore + HyperEVM. One piece of user feedback since HyperEVM’s alpha launch was to more intuitively communicate how the HyperEVM fits into the larger context of Hyperliquid. To this effect, the native pieces of the Hyperliquid execution state have been organized under one umbrella term: HyperCore. HyperCore consists of performant native components: order book perp and spot DEX, staking, oracles, multi-sig, etc. HyperEVM is a general purpose world-computer, allowing builders to deploy code that interacts with both HyperEVM and HyperCore. Together, they form one global, composable state on Hyperliquid, secured by the state-of-the-art HyperBFT consensus algorithm. Importantly, any interaction across the Core/EVM boundary is part of execution itself. There is one unified state, with no need for bridging, proofs, or trusted signers. HyperEVM offers builders a familiar interface to plug into the most powerful permissionless financial system in crypto. Let's walk through some concrete examples. A project XYZ deploys an ERC20 contract on the HyperEVM using standard EVM tooling. They deploy a corresponding spot asset XYZ permissionlessly in the HyperCore ticker auction. Once the XYZ HyperCore token and HyperEVM contract are linked, users can seamlessly transfer their XYZ balance to HyperCore for order book trading. Two key improvements compared to CEX listings: 1) The entire process is permissionless. No behind-the-scenes negotiations for preferential treatment. Hyperliquid is a neutral platform for finance. 2) There is no bridging risk between HyperCore and HyperEVM. On the other hand, CEXs need to manage deposits and withdrawals through wallets that could be hacked. HyperCore and HyperEVM are one unified state. Trading and building on the same chain is a 10x product improvement over CEXs. Let's go further. A lending protocol sets up a pool contract that accepts XYZ as collateral and lends out another token ABC to the borrower. To determine the liquidation threshold, the lending smart contract can read XYZ/ABC prices directly from the HyperCore order books using a "read precompile." For a Solidity developer, this is as simple as calling a built-in function. Suppose the borrower's position requires liquidation. The lending smart contract can send orders directly swapping XYZ and ABC on the HyperCore order books using a "write precompile." Again, this is a simple built-in function in Solidity. In a few lines of code, the lending protocol has implemented protocolized liquidations similar to how perps function on HyperCore. A theme of the HyperEVM is to abstract away the deep liquidity on HyperCore as a building block for arbitrary user applications. As these interactions become available on mainnet HyperEVM, I look forward to seeing the innovative ways that builders leverage these primitives to reinvent finance. These examples only scratch the surface of what is possible. Hyperliquid.