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Hyperliquid Introduces HyperEVM to Enhance DeFi Programmability
The Hyper Foundation, the team behind the decentralized finance (DeFi) protocol Hyperliquid, has launched HyperEVM, aiming to integrate general-purpose programmability into its financial ecosystem. This mainnet release incorporates HyperEVM blocks into Layer 1 execution, leveraging the security of HyperBFT consensus.
It facilitates spot transfers between native and HyperEVM HYPE tokens, with HYPE serving as the native gas token. A system contract, WHYPE, has been deployed to support DeFi applications on the platform. While initial tooling and analytics may require refinement, the foundation is collaborating with developers to enhance these aspects.
Future upgrades are set to enable ERC20 native transfers and precompiles, currently under community review in the testnet phase. Since its HYPE token airdrop in November 2024, Hyperliquid has seen significant growth, with the token’s value rising from $3.90 to approximately $26. In January, the platform reported $51.41 million in revenue and a total value locked (TVL) exceeding $677 million.
HYPE Price Analysis
HYPE has followed a five-wave Elliott Wave structure, peaking near $35 on Dec. 22 before entering a corrective WXY pattern. The descending channel initiated after wave 5 completion leading to a low of $18.80 on Jan 13. The price action has since oscillated within a broadening wedge, indicating consolidation before a breakout.
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