The 2025-2026 cycle has proven one thesis: specialization wins.
While general-purpose Layer 2s fight for attention
Hyperliquid has dominated by doing one thing perfectly perpetual futures trading.
The App-Chain Advantage
Hyperliquid is not a dApp on Arbitrum or Optimism; it is its own optimized Layer 1 blockchain built specifically for an order book exchange.
This means it doesn't share block space with NFT mints or memecoin swaps.
The entire chain is dedicated to matching orders instantly with zero gas fees for traders.
This architectural decision allows it to offer a user experience that rivals CEXs, something general-purpose chains have struggled to achieve.
The Value Flywheel
The $HYPE token is a masterclass in value accrual. Unlike many governance tokens that offer little utility
HYPE is directly tied to the exchange's massive revenue.
A portion of trading fees is used to buy back and burn $HYPE, creating continuous deflationary pressure as volume grows.
Summary
Hyperliquid is the blueprint for the future of DeFi and it proves that building a dedicated chain for a specific use case yields better performance
And better tokenomics than launching on a crowded general-purpose L2.
Do you believe app-chains like Hyperliquid will eventually render general L2s obsolete?