The Hyperliquid Ecosystem: Tokens, Apps & Community
Explore the Hyperliquid L1 ecosystem beyond HYPE. Discover native tokens like PURR and JEFF, HIP token standards, builder codes, and third-party applications.
Key takeaways
- The Hyperliquid ecosystem spans HyperCore (the native trading engine for perps, spot, and vaults) and HyperEVM, an EVM-compatible layer for general-purpose smart contracts.
- Beyond the HYPE gas and governance token, native tokens include PURR, the first meme token launched via HIP-1 and airdropped to early users, plus community tokens like JEFF.
- HIP-1 is Hyperliquid's fungible token standard, comparable to ERC-20, while HIP-2 defines how initial liquidity is bootstrapped for new token launches.
- Builder codes let frontends like Dexly earn a share of protocol trading fees by volume, funding features such as copy trading without charging users any extra fee.
The Hyperliquid L1 Ecosystem
Hyperliquid is more than a DEX — it's a purpose-built L1 blockchain optimized for financial applications. The ecosystem consists of several interconnected layers:
HyperCore
The native trading engine — order book, matching, settlement, and margin system. Handles perpetuals, spot, and vaults natively on the L1.
HyperEVM
An EVM-compatible layer for general-purpose smart contracts. Enables DeFi composability alongside the core trading system.
Native Tokens
HYPE (governance/gas), plus ecosystem tokens like PURR and JEFF launched via HIP token standards.
Third-Party Frontends
Platforms like Dexly that provide custom trading interfaces, analytics, and features built on top of Hyperliquid.
For details on the HYPE token (gas fees, governance, staking), see our dedicated Governance & HYPE guide.
Native Tokens Beyond HYPE
The Hyperliquid ecosystem has a vibrant community of native tokens beyond HYPE:
PURR
The first meme token launched via HIP-1 on Hyperliquid. PURR became a cultural icon for the community, representing the playful, community-driven spirit of the ecosystem. It was airdropped to early Hyperliquid users.
JEFF
A community token that gained organic traction through Hyperliquid's native launch mechanisms. JEFF represents the grassroots builder culture within the ecosystem.
Growing Token Ecosystem
New tokens are continuously launched via HIP-1, creating a diverse and expanding spot market. Each token trades natively on Hyperliquid with the same sub-second settlement as HYPE.
Do Your Own Research
HIP-1 & HIP-2 Token Standards
Hyperliquid has its own token improvement proposals (HIPs) that define how assets work on the L1:
HIP-1: Fungible Tokens
The standard for creating and managing fungible tokens on Hyperliquid L1. Defines token creation, transfers, balances, and spot market listing. Think of it as Hyperliquid's equivalent of ERC-20.
HIP-2: Liquidity Provision
Defines how initial liquidity is bootstrapped for new HIP-1 tokens. Provides a mechanism for fair token launches with transparent on-chain price discovery from day one.
Trade the ecosystem on Dexly
Builder Codes & Incentives
Builder codes are Hyperliquid's mechanism for incentivizing third-party development without adding fees for users.
- What They Are: A unique identifier that links trades to the frontend that facilitated them. When you trade through Dexly, a builder code attributes the trade to our interface.
- Revenue Sharing: A portion of the protocol's trading fee revenue is distributed to builders based on the volume their interfaces generate.
- No Extra Cost: Builder fees come from the protocol's existing fee pool — users pay the same fees regardless of which frontend they use.
- Open Ecosystem: Any developer can apply for a builder code and start earning by building a quality interface on Hyperliquid.
Why This Matters
Third-Party Apps & Integrations
The Hyperliquid ecosystem includes a growing number of applications beyond trading:
- Trading Frontends: Multiple interfaces (including Dexly) provide custom trading experiences — from professional terminals to simplified mobile-first apps.
- Analytics Platforms: Dashboards and tools that track volumes, open interest, vault performance, and trader activity on-chain.
- Bots & Automation: The Hyperliquid API enables custom trading bots, arbitrage strategies, and automated portfolio management.
- Portfolio Trackers: Tools that aggregate your Hyperliquid positions, PnL, and history alongside other chains.
Explore the Ecosystem
Start exploring Hyperliquid's native tokens and ecosystem through Dexly's optimized trading interface.
Trade the ecosystem on Dexly
Perps, spot, copy & prediction markets in one fast, non-custodial app. Get Dexly on iOS & Android and start in seconds.
Keep Learning
Risk Warning: Trading perpetual futures involves significant risk of loss. Only trade with capital you can afford to lose. Dexly is a non-custodial interface; you are responsible for your own funds and trading decisions.
Frequently Asked Questions
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