What is Hyper EVM? A Comprehensive Guide to Its Features and Benefits

DeFi, short for Decentralized Finance, has become a major part of crypto life. Its product, perpetual futures trading, offers traders deep liquidity and advanced trading mechanisms. However, the perps space was largely controlled by centralized exchanges until the launch of Hyperliquid.

Hyperliquid's layer-1 blockchain has a vision of a fully onchain open financial system. It hosts a crypto trading exchange with a CeFi-like experience for a transparent end-user experience. Now that Hyperliquid has built one of the largest venues by trading volume for perp and spot trading, the Hyper Foundation is building a general-purpose Ethereum virtual machine to open up a world of possibilities for on-chain financial applications.

Understanding Hyper EVM

Hyper EVM is a general-purpose Ethereum Virtual Machine integrated into the Hyperliquid ecosystem. This setup offers essential functionality for application development, making Hyper EVM a big player in the blockchain space. But what makes it special?

Hyper EVM allows developers to build applications and issue both fungible and non-fungible tokens while being compatible with existing blockchain technologies. Developers can use their current knowledge and tools to build on Hyper EVM, so the transition is smoother and faster.

Hyper EVM is a platform for decentralized application development, to attract a wide range of developers to innovate in the blockchain space.

Hyper EVM Features

Let’s read about the features of Hyper EVM

Compatible with Existing EVM Applications

HyperEVM is compatible with existing Ethereum infrastructure. So developers can move their applications with minimal changes, an attractive option for those familiar with Ethereum.

When HyperEVM goes live on the mainnet, developers will build the dApps of the future. Currently, the HyperEVM testnet allows developers to build Ethereum-compatible applications in the Hyperliquid ecosystem. This means you can use existing tools and frameworks, reducing the learning curve and speeding up development.

High Performance and Low Gas Fees

Hyper EVM optimizes transaction processing, so block times are faster and gas fees are lower than traditional EVMs. This is critical in a space where speed can make or break the user experience.

Hyper EVM is faster than Ethereum, which often faces congestion and high fees. So, it’s a great option for developers to build more accessible and practical dApps for everyone.

Hyper EVM Architecture

Hyper EVM is designed to speed up transactions and scalability, using a Dual-block architecture that allows parallel EVM execution and interoperability with Hyperliquid L1.

HyperBFT Proof of Stake Consensus

The HyperBFT consensus mechanism which is part of the Hyperliquid Layer 1 supports Hyper EVM’s functionality. This proof-of-stake model selects validators based on their stake, improving both security and transaction validation efficiency.

The security model uses a multi-layer defense with validator sets to prevent unauthorized access and asset manipulation. This robust framework ensures transactions are safe and reliable.

Native Components and System Contracts

These are used to execute smart contracts and manage resource allocation within Hyper EVM, to make everything work smoothly and efficiently behind the scenes.

For Developers and Users

Hyper EVM has many benefits for both developers and users. Unlike RustVM, which is closed to public developers, Hyper EVM is open to all developers building on it, so it’s a more inclusive and innovative environment.

Better Trading Experience

Integration with Hyperliquid’s order books allows smart contracts on Hyper EVM to access deep liquidity without intermediaries, enabling robust liquidity and fast trading and transactions.

The native components of Hyper EVM include spot and perpetual order books, which enable low-fee trading. These features speed up transactions and efficiency, improving the overall trading experience.

Lower Development Cost

Hyper EVM reduces the financial burden for developers compared to traditional platforms. Developers can deploy EVM contracts on Hyper EVM with minimal code changes, so migration of existing applications will be smoother.

Hyper EVM automates many processes so developers don’t have to worry about infrastructure. This means they can focus more on building than maintaining, lowering development costs.

More Value

Projects built on Hyper EVM can leverage higher liquidity and lower fees to attract more users. Higher liquidity and visibility within the Hyperliquid ecosystem increase the commercial value of the project.

Hyper EVM’s scalability allows projects to reach a bigger audience and engage more users. This cohesive trading ecosystem is very beneficial, so Hyper EVM is a great developer platform.

Hyperliquid Ecosystem Projects

The Hyperliquid ecosystem encompasses various projects across various sectors, including DeFi, AI, NFTs, Launchpad, and memes. Let's delve into a selection of projects poised to make an impact with the launch of HyperEVM.

DeFi: Abracadabra, Cluster, Felix Protocol, Hyperlend, Rage Trade, deBridge

AI: Beats AI, Liquina, Sentiient, Aura

GameFi: Drip Trade, Mon, Sovrun

Meme: BOZO, CATBAL, PIP, RUG, YEETI

Roadmap and Future Developments

The mainnet launch of HyperEVM will be a big milestone for the Hyperliquid ecosystem, so everything will be live, and developers can deploy their applications.

Token standards are a different game on HyperEVM, as creating a HIP-1 token on Hyperliquid is more expensive than creating ERC-20 tokens because of the auction mechanism. However, enhancements to HIP-1 and HIP-2 token standards will provide more functionality and interoperability.

These enhancements will make token creation and management more efficient, so developers and users will have a more robust and versatile platform for tokenized assets.

Speculations also tell that with the mainnet launch of HyperEVM, we can also witness the launch of Hypurr NFT, which was kept optional for the Hype airdrop holders. The Hyper Foundation was behind the hype token launch or the genesis distribution event that occurred in November of last year.

How to bridge USDC to Hyperliquid?

Now that you know all about Hyper EVM, it’s a great time to learn how to access its first product, Hyperliquid. deBridge provides an instant bridging solution to help you bridge any asset on any chain to USDC on the Arbitrum network.

Let’s see how you can bridge USDC to your Hyperliquid account with low fees:

1. Visit https://app.debridge.finance 
2. Select the source chain and asset you’d like to bridge. Here, we will select Ethereum as the source chain and ETH as the asset.
3. Next, select the destination chain and asset you’d like to receive. Here, we will select Hyperliquid (arbitrum network) and it will automatically select USDC on the target chain.
4. Connect your EVM wallet as the source and destination.
5. Enter the quantity and review the transaction details.
6. Confirm trade and sign the ensuing transactions to receive native arbitrum USDC in your Hyperliquid account.