Hyperliquid, a layer-1 blockchain platform, has rolled out HyperEVM, its general-purpose Ethereum Virtual Machine (EVM), and a very lucrative bug bounty program with up to $1 million for security vulnerabilities.
HyperEVM: Embedded in Layer-1
On Feb. 18, the Hyper Foundation launched HyperEVM, a significant update focused on enhancing interoperability. HyperEVM is secured directly by Hyperliquid’s layer-1 consensus protocol, differing from other implementations of the EVM that operate as independent chains. The direct incorporation allows for frictionless interaction between the EVM and native blockchain elements.
Hyperliquid’s HYPE token is fully fungible with the gas token on the EVM. This enables users to trade project tokens with extremely low fees on the native spot order book while utilizing the same assets in EVM-based applications.
Up to $1 Million in Bug Bounty Rewards
For added security, Hyperliquid launched a bug bounty initiative with rewards ranging from less than 10,000 USDC to nearly 1 million USDC. The severity of each vulnerability found will set the reward according to the impact potential and exploit likelihood.
The platform set the rule that any vulnerability that can cause outages or logical bugs in its nodes or API servers qualifies for bounties. On the testnet, priority one is security vulnerabilities in HyperEVM’s interaction with Hyperliquid core infrastructure. Reports that are not sufficiently detailed or include unrealistic user behavior will not be accepted.
HYPE Token Holds Steady
In spite of the release of HyperEVM, Hyperliquid’s HYPE token continued to trade sideways at approximately $26 with a market cap of $8.6 billion and a 24-hour trading volume of over $200 million, based on CoinGecko.
In the meantime, Hyperliquid’s total value locked (TVL) has shot up to $677 million this February, representing a 300% growth since December 2024, according to DefiLlama.
Hyperliquid’s Rise in DeFi
Hyperliquid took center stage after it carried out one of the largest airdrops in DeFi history, airdropping 28% of its total token supply. The airdrop was valued at over $7 billion at current market prices.
With the combination of HyperEVM and an aggressive security program, Hyperliquid is set to make a name for itself in the blockchain ecosystem while offering enhanced security and efficiency.
