Beginner’s Guide for Hyperliquid in crypto 2024
Learn how to use Trust Wallet's smooth swap functionality to exchange HYPE tokens and explore the Hyperliquid ecosystem. Study up on governance and tokenomics.
With its creative use of blockchain technology and trading, Hyperliquid is creating a stir in the decentralized finance (DeFi) space. With its special combination of speed, transparency, and user-friendly features, this high-performance Layer 1 blockchain seeks to completely transform how we interact with digital assets.
This article will help you understand the fundamentals of cryptocurrency while interacting with this innovative platform by going over the Hyperliquid ecosystem, its native HYPE coin, and how to get started with Trust Wallet.
What is Hyperliquid?
A state-of-the-art decentralized exchange (DEX), Hyperliquid is based on its own Layer 1 blockchain. It’s made to provide traders the best of both worlds: decentralized platforms’ transparency and centralized exchanges’ efficiency.
With block times of less than a second and a throughput of up to 100,000 orders per second, Hyperliquid is notable for its speedy transaction processing.
The platform’s primary goal is to offer a smooth trading experience for perpetual futures contracts, which are gaining popularity in the cryptocurrency community.
Without truly holding the underlying assets, traders can speculate on the price of cryptocurrencies thanks to perpetual futures contracts.
The HYPE Token: Powering the Hyperliquid Ecosystem
As the lifeblood of the Hyperliquid ecosystem, the HYPE token performs crucial tasks that propel user engagement and platform operations.
Being the native cryptocurrency, HYPE grants its holders governance rights, allowing them to actively influence the platform’s future by taking part in important decision-making procedures.
Additionally, the token acts as the main payment method for fees, enabling smooth transactions throughout its network.
Through its staking system, which allows users to lock up their tokens to contribute to the stability of the network and receive incentives in exchange, HYPE also plays a crucial role in user incentive and network security.
Use Cases for HYPE Token
Within the Hyperliquid ecosystem, the HYPE token fulfills a number of crucial roles:
- Discounts on Trading Fees: You can take advantage of lower trading fees when you use HYPE tokens. For frequent users, this increases the cost-effectiveness of trading.
- Staking incentives: You can gradually accrue more incentives by staking your HYPE tokens. Instead of selling their tokens right away, staking encourages users to keep them.
- Participation in Governance: As previously stated, you have a say in governance decisions if you own HYPE tokens. This enables you to shape the platform’s future according to your preferences.
Governance on Hyperliquid
A crucial component of Hyperliquid’s decentralized structure is governance. The ability of HYPE token holders to suggest and vote on protocol modifications guarantees that the platform develops in accordance with community preferences.
A key component of many DeFi projects, this democratic method of decision-making aids in coordinating user preferences with platform advancement.
Getting Started with Hyperliquid
Are you prepared to begin using Hyperliquid? Here is a detailed tutorial to help you get started with Trust Wallet:
- Get the Trust Wallet here:Installing Trust Wallet as a browser extension or on your mobile device is the first step.
- Swap USDC: In order to trade on Hyperliquid, you must have USDC on the Arbitrum network. USDC can be purchased or moved to your Trust Wallet.
- Link to Hyperliquid: In order to link your Trust Wallet, go to its website. Either the desktop or mobile app can be used for this.
- Start Trading: After connecting, you may use the Hyperliquid site to deposit your USDC and begin trading.
How to Swap to USDC on the Arbitrum Network Using Trust Wallet
- On your phone, launch the Trust Wallet app.
- On the lower left corner of your screen, select “Swap.”
- Select USDC as your token on the BNB Smart Chain after changing the “From” network to BNB Smart Chain.
- Choose USDC.e as your token and switch the “To” network to Arbitrum.
- Enter how much USDC you want to exchange.
