Hyperliquid (HYPE) is the native token of a purpose-built Layer 1 blockchain designed to operate as a fully on-chain financial exchange. Unlike most decentralized exchanges that run as applications on general-purpose blockchains, Hyperliquid is the blockchain itself, engineered from the ground up to deliver centralized-exchange-grade performance while preserving on-chain transparency and self-custody. The protocol combines a high-performance consensus layer, a native trading engine, and an Ethereum-compatible smart contract environment into a single integrated system.