Evolution of Onchain Decentralized Exchange and Consensus Mechanism

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The chapter traces the journey of transitioning from centralized exchanges to creating an onchain decentralized exchange that can scale to compete with centralized exchanges, discussing the project evolution, community involvement, and empowering users to build products on the platform, while maintaining everything on chain. It also explores the evolution of the consensus mechanism used by Hyperliquid's Onchain Perp DEX, optimizing it for speed and the vision of running finance fully on chain.

In this episode, Jeff Yan, Co-founder of Hyperliquid, joins to discuss Hyperliquid’s journey and growth thus far. He provides insights into how they developed the HyperBFT consensus algorithm, Hyperliquid’s Vault System, and their plans to decentralize the Hyperliquid L1. Jeff also gives his thoughts on competing with Centralized Exchanges, and what’s in store for Hyperliquid in the future.

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Wormhole is a decentralized interoperability platform powering multi-chain applications and bridges. It provides developers with access to liquidity and users on over 30 leading blockchain networks, enabling use cases in DeFi, data queries, and governance. The platform is trusted by teams like Uniswap and Circle and, to date, the platform has facilitated the transfer of over 35 billion dollars through over 850 million cross-chain messages.

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Pear is an innovative pair-trading exchange built on top of SYMMIO. Users can trade trending narratives with one click, from bluechip narratives such as long BTC, short ETH, right through to WIF vs BONK. SYMMIO’s intent-centric architecture enables deep liquidity, sourced off-chain and brought on-chain, and combined with Pear, have democratized access to complex trading strategies typically reserved for institutional traders.

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Timestamps:

(0:00) Introduction

(1:50) Hyperliquid Overview

(6:05) Competing with Centralized Exchanges

(7:51) Hyperliquid's Vault System & Bridging Experience

(13:59) The Hyperliquid L1

(19:11) Building the HyperBFT Consensus Algorithm

(21:26) Wormhole Ad

(22:04) Pear Ad

(22:30) Products Built on Top of the Hyperliquid L1

(32:30) Decentralizing the L1

(38:19) Bootstrapping Hyperliquid

(42:10) Consolidating Users on One Chain

(45:36) Future Plans for Hyperliquid

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Carolina, and our guests may hold positions in the companies, funds, or projects discussed.