Looking back at the year, Hyperliquid has delivered a solid performance. The platform operates in a fully self-sufficient manner—all protocol fees are returned to the community, without relying on any external funding.

The product iterations over the past year have been quite intensive. The platform launched its own EVM-compatible chain and introduced more spot assets through the Unit bridge. The validator set became fully permissionless, and traders can enjoy tiered fee discounts. Upgrades to the staking system allow developers to deploy applications without barriers. Additionally, a series of features have been launched, including Native Markets, USDH governance, permissionless perpetual contracts deployment, and native USDC integration. The portfolio margin feature has also entered the testing phase.

Growth on the data side is even more impressive. 24-hour trading volume skyrocketed from $15 billion to $32 billion; open interest in perpetual contracts expanded from $4 billion to $16 billion; total locked assets increased from $2 billion to $6 billion. 24-hour protocol revenue jumped from $3.5 million to $20 million. The user base surged from 300,000 to 1.4 million—nearly a fivefold increase in just one year.

Behind these numbers is a comprehensive upgrade in trading depth, risk management, and user base.