Hyperliquid combines the benefits of centralized exchanges without their risks, all provided in an anonymous, decentralized manner.
Put simply, it gives you all the benefits of a centralized exchange as well as a decentralized exchange under one platform. This is the reason I feel Hyperliquid grew to the top 10 altcoins within three years of its launch.
Below is a list of all the features I gathered from different sources and combined with my own usage of the Hyperliquid platform.
1. Fully Decentralized
Hyperliquid is a fully decentralized exchange, meaning it doesn’t require any KYC for its users to onboard. You can simply connect your wallet and start trading.
Decentralization provides good protection from random account freezes, mandated KYCs, and practices that help exchanges steal customer data and sell it to third parties. CEX users like this aspect because it protects them from authority overreach.
2. Fast Execution
The most important aspect of the exchange that I liked during my usage was the speed at which trades were executed. To date, such execution speeds were only possible in centralized exchanges like Binance and Kraken.
3. Self-Custody
With its own layer-1 chain, Hyperliquid offers self-custody in an instant. Further, users can also use their own wallets such as MetaMask, OKX, Coinbase Wallet, etc.
4. Own Layer-1 Chain
DEX-linked Layer-1 chains were rare before Hyperliquid. Even Shiba Inu’s chain, the Shibarium, was a Layer-2 chain.
Layer-1 chains help users take their assets on the blockchain for greater transparency, better control, and efficient trading, which helps them trade with greater confidence.
5. Multi Wallet Support
Hyperliquid DEX provides multi-wallet support as shown in the image below. Users can essentially connect any self-custodial wallet with the DEX or can even use an email-based login, helpful for those who think self-custody takes a lot of effort.
6. Social Recovery
Email-based logins provide a better feature than self-custodial wallets, which is social recovery. Even if you forget your password, you can simply reset it via your email ID. This makes your Hyperliquid account easily recoverable if you lose or forget your password.
Although top self-custody wallets provide this feature, many smaller wallets still don’t have it.
Disclaimer: Information provided on this website is purely educational and does not constitute financial advise under any circumstance. Kindly consult your financial advisor before investing or trading.
