Hyperliquid is a decentralized exchange (DEX) platform that has made some users millionaires through a single airdrop. It was launched in 2022 to provide cryptocurrency traders with decentralized trading options that rival centralized platforms in performance. The platform operates entirely on-chain and has developed its own blockchain, Hyperliquid L1, to support trading applications. Hyperliquid offers spot trading and perpetual contracts with leverage up to 50x, appealing to experienced traders. Unlike many DEXs, Hyperliquid provides a sophisticated interface similar to Binance, ensuring transparency by recording all trades on the blockchain and making the order book publicly accessible. This transparency helps users verify market depth and liquidity, which is often obscured on centralized platforms. Hyperliquid requires minimal registration, needing only an email or crypto wallet, and supports USDC deposits from the Arbitrum blockchain. The platform's proprietary blockchain can theoretically handle up to 200,000 transactions per second, minimizing latency issues that could lead to trading losses. However, the current centralization of its validators poses security risks, which the team plans to address by expanding the validator network. Hyperliquid also features 'Volts,' allowing users to copy trades from others, sharing profits and losses proportionally. The platform's native cryptocurrency, HYPE, is used for blockchain operations, with over 70% of tokens allocated to the community through airdrops and rewards. The token's value surged from $3 to over $30 following a significant airdrop. Despite concerns about centralization and security, Hyperliquid aims to enhance decentralized trading by offering high performance and user-friendly experiences.