Hyperliquid combines CEX and DeFi to create a derivatives trading market built on the Hyperliquid L1 native chain, using an order book trading model. Its key selling points are low latency and high throughput. Currently, the platform supports contract trading, spot trading, and pre-launch trading. The user experience is similar to that of a CEX. The protocol's mainnet token has not yet been released, but there is a high level of airdrop interest in the market, and the recent development trend is positive, indicating the project has significant growth potential.