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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
📍 Follow Gate_Square, vote and drop your reason.
🎁 4 winners split $100 Futures Voucher! - 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
CandyDrop × Succinct (PROVE) — Trade to share 200,000 PROVE 👉 https://www.gate.com/announcements/article/46469
Futures Lucky Draw Challenge: Guaranteed 1 PROVE Airdrop per User 👉 https://www.gate.com/announcements/article/46491
🎁 Endless creativity · Rewards keep coming — Post to share 300 PROVE!
📅 Event PeriodAugust 12, 2025, 04:00 – August 17, 2025, 16:00 UTC
📌 How to Participate
1.Publish original content on Gate Square related to PROVE or the above activities (minimum 100 words; any format: analysis, tutorial, creativ - 💙 Gate Square #Gate Blue Challenge# 💙
Show your limitless creativity with Gate Blue!
📅 Event Period
August 11 – 20, 2025
🎯 How to Participate
1. Post your original creation (image / video / hand-drawn art / digital work, etc.) on Gate Square, incorporating Gate’s brand blue or the Gate logo.
2. Include the hashtag #Gate Blue Challenge# in your post title or content.
3. Add a short blessing or message for Gate in your content (e.g., “Wishing Gate Exchange continued success — may the blue shine forever!”).
4. Submissions must be original and comply with community guidelines. Plagiarism or re - 🎉 The #CandyDrop Futures Challenge# is live — join now to share a 6 BTC prize pool!
📢 Post your futures trading experience on Gate Square with the event hashtag — $25 × 20 rewards are waiting!
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📅 Event Period: August 1, 2025, 15:00 – August 15, 2025, 19:00 (UTC+8)
👉 Event Link: https://www.gate.com/candy-drop/detail/BTC-98
Dare to trade. Dare to win.
Hyperliquid: The new ruler of the on-chain trading ecosystem with 90% of TVL concentrated in the HLP treasury
Hyperliquid: Next-Generation on-chain Trading Ecosystem
Hyperliquid is an on-chain perpetual contract DEX running on a self-developed Layer 1, offering centralized exchange-level performance while maintaining on-chain transparency. Its native token $HYPE is responsible for network governance, can reduce trading fees after staking, and captures value through buybacks via listing auctions.
The core liquidity of the protocol is the HLP Vault, a hybrid vault that combines market makers and liquidity providers, accounting for over 90% of the TVL. In March 2025, Hyperliquid experienced the $JELLYJELLY manipulation event, which nearly triggered a chain liquidation across the entire vault. This incident exposed the centralization issues in validator governance, but the intervention of the Hyper Foundation ultimately prevented a system collapse.
Despite experiencing a crisis, Hyperliquid has quickly rebounded thanks to the stickiness of whale users and ecological expansion, setting new highs in trading volume, open interest, and $HYPE price. Currently, the platform has launched over 21 new dApps, covering NFT, DeFi tools, and treasury infrastructure, with functionality far exceeding that of perpetual exchanges.
The success of Hyperliquid stems from three main factors:
A truly community-oriented token model, no VC investment, over 70% allocated to the community.
A trading experience at the level of centralized exchanges, but without centralized risks.
Comprehensive product depth, including spot, perpetual, HyperEVM, HLP vault, etc.
The launch of HyperEVM further expands the ecological boundaries, supporting the construction of various DeFi and NFT applications, forming a positive cycle of "new project deployment → increased gas consumption → supporting $HYPE value → attracting more users and developers."
Despite ongoing controversies such as governance centralization, Hyperliquid has become one of the dominant platforms for on-chain trading, ranking seventh in fees across the entire crypto ecosystem over the past 30 days. It is moving towards the goal of creating the "only on-chain trading platform needed", from spot to perpetual, and then to the entire DeFi ecosystem.