Hyperliquid DEX crypto exchange review — Everything you need to know

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Hyperliquid DEX is a crypto exchange platform. If we follow the platform’s docs Hyperliquid is a performant blockchain that offers liquidity to exchange coins, user applications, and trading activity.

In fact, Hyperliquid is a decentralized exchange (DEX) built on its own Layer-1 blockchain. Layer 1 means the platform developed its own blockchain and is not built on any other blockchain network. The platform advertises itself as offering a high-speed and low-free trading experience.

As a standalone blockchain network, Hyperliquid has its own native token, HYPE, which has several functions on the network:

• Governance – HYPE holders participate in decision-making processes that shape the platform’s future.
• Staking – Users can stake their HYPE tokens to contribute to network security and earn rewards in return.
• Transaction fees – HYPE is used to pay fees when exchanging one coin for another. Users can trade on the platform without holding HYPE, fees will be paid in USDC.

Overall, the platform is another DEX that aims to build a user base and offers crypto trading and exchanging experience.

Hyperliquid DEX Overview of the website

The website is similar to other DeFi DEX interfaces where users collect wallets and can buy and sell various coins. There are more than 50 different pairs offered at the moment and the platform is young and operates in a test mode.

The platform utilizes a custom consensus mechanism called HyperBFT which allows sub-second block times and high throughput, which supports a fully on-chain order book system.

Overall, the website offers details about the project and is very responsive which is impressive for the new platform, and not many DEX offer the same responsiveness.

Hyperliquid DEX Accounts Reviewed

The platform does not have account types. Traders connect wallets and then can buy and sell various cryptos using HYPE and other coins. This infrastructure ensures that every trade and order is recorded transparently on the blockchain and combines the efficiency of centralized exchanges with the transparency of decentralized platforms.

Deposit and withdrawal options at Hyperliquid DEX

There are no deposits or withdrawals with Hyperliquid. Users have to connect their wallets to use coins in their wallets to initialize transactions and buy and sell various coins.

At the moment, Hyperliquid accepts WalletConnect, OKX Wallet, and Coinbase Wallet. Users can save their wallet in the default wallet to connect instantly and initialize transactions.

Hyperliquid DEX Assets — What can you trade?

The platform only offers access to cryptocurrencies, including BTC, ETH, and many more altcoins. As a decentralized exchange platform, Hyperliquid does not allow users to access other asset classes, which is natural for crypto DEX.

Trading platforms of Hyperliquid DEX

The platform has a built-in trading platform that offers a TradingView-like platform which is incorporated into the DEX’s main website.

Education at Hyperliquid DEX

Traders need to know what DEX is and how to use it as there are no educational resources offered. However, there are docs and every other info provided to traders to read and understand how Hyperliquid operates.

Hyperliquid DEX Customer Support

Hyperliquid tries to develop a community-driven approach by distributing its tokens where a significant portion is allocated for community rewards and airdrops. With this approach, users are integral to the platform’s growth and governance.

As a result, there is no direct live chat or email support available. However, there is a community channel where everyone can post and ask questions and developers also post their opinions and updates.

Hyperliquid DEX Extra features

For developers, Hyperliquid offers the HyperEVM which is a general-purpose smart contract platform that allows for the creation of decentralized applications (dApps) within the ecosystem. This integration is aimed at providing builders with the tools to leverage Hyperliquid’s financial platform and liquidity for innovative applications. Hyperliquid’s main goal here is to offer a unified platform that synergizes liquidity, user applications, and trading activities. This system has fully on-chain open financial system attributes.

Is Hyperliquid DEX your broker? Final verdict

Hyperliquid DEX is a decentralized Layer 1 exchange built on its own blockchain network, offering a high-speed, low-fee trading experience. The DEX offers a responsive website where it details all information and also offers docs for developers to contribute to the platform’s development. With its full on-chain order book, native token (HYPE), and community-driven website, Hyperliquid blends decentralized with efficient trading execution. The platform lacks traditional account types and only accepts cryptos but it provides a robust trading environment for crypto trading. The platform is still in its testing phase and might not always work properly. Overall, Hyperliquid DEX seems like a platform with a great future.

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FAQs on Hyperliquid DEX

Is Hyperliquid DEX regulated?

No, the platform is a decentralized exchange launched on its native Layer 1 blockchain platform, allowing traders to buy and sell cryptos.

Can you withdraw from Hyperliquid DEX?

Yes, traders can trade and then their coins are directly saved on their wallets, meaning traders are almost always in control of their coins.