Part 3/14:
Hyperlquid sets itself apart with a fully on-chain, vertically integrated architecture. It built its own Layer 1 blockchain—completely controlling every facet from consensus algorithms to order matching and liquidation systems. This wholistic approach, featuring HyperCore (for execution) and HyperEVM (a virtual Ethereum environment), ensures ultra-fast processing speeds of up to 200,000 orders per second at sub-0.2 seconds latency, surpassing many centralized exchanges. All operations—from trade matching to settlement—occur on-chain transparency, enabling perfect visibility of transactions, which bolsters trust but also presents risks like front-running.