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Hyperliquid
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About
Hyperliquid is a performant exchange with its main bridge on Arbitrum. It uses a custom consensus algorithm called HyperBFT.
Tokens breakdown
Badges
About
Hyperliquid is a performant exchange with its main bridge on Arbitrum. It uses a custom consensus algorithm called HyperBFT.
Why is the project listed in others?
Consequence: projects without a proper proof system fully rely on single entities to safely update the state. A malicious proposer can finalize an invalid state, which can cause loss of funds.
Consequence: projects without a data availability bridge fully rely on single entities (the sequencer) to honestly rely available data roots on Ethereum. A malicious sequencer can collude with the proposer to finalize an unavailable state, which can cause loss of funds.
Learn more about the recategorisation here.
Arbitrum OneFunds can be stolen if
Funds can be frozen if
MEV can be extracted if
| SEQUENCER FAILURE | STATE VALIDATION | DATA AVAILABILITY | EXIT WINDOW | PROPOSER FAILURE | |
| Arbitrum One L2 | Self sequence | Fraud proofs (INT) | Onchain | 10d | Self propose |
| Hyperliquid L3 • Individual | No mechanism | None | External | None | Cannot withdraw |
| Hyperliquid L3 • Combined | No mechanism | None | External | None | Cannot withdraw |
There is no mechanism to have transactions be included if the sequencer is down or censoring.
Currently the system permits invalid state roots. More details in project overview.
Proof construction and state derivation rely fully on data that is ultimately NOT published on Ethereum.
There is no window for users to exit in case of an unwanted regular upgrade since contracts are instantly upgradable.
Only the whitelisted proposers can publish state roots on L1, so in the event of failure the withdrawals are frozen.
Hyperliquid does not use a proof system to validate state transitions on Arbitrum. Withdrawals are externally verified by the permissioned validator set.
Funds can be stolen if the permissioned validator majority signs an invalid withdrawal request (CRITICAL).
Funds can be frozen if the permissioned validator set stops processing withdrawals (CRITICAL).
Arbitrum OneThe system has a centralized operator
Hyperliquid is composed of two sets of permissioned validators: a “hot” validator set and a “cold” validator set. The hot validator set is responsible for initiating withdrawals upon user requests, while cold validators can invalidate them during the 200s challenge period and rotate validator sets after an emergency pause. Both sets are currently composed of 4 validators with equal power. The system accepts a request if signed by 2/3+1 of validator power.
MEV can be extracted if the operator exploits their centralized position and frontruns user transactions.
Funds can be stolen if the permissioned validator majority signs an invalid withdrawal request (CRITICAL).
Funds can be frozen if the permissioned validator set stops processing withdrawals (CRITICAL).
Funds can be frozen if the permissioned lockers maliciously pause the bridge.
Funds can be stolen if the permissioned finalizers don't finalize withdrawals.
Arbitrum One
Single contract containing the logic for the Hyperliquid bridge. It manages deposits, withdrawals, the hot and cold validator sets, as well as the lockers, finalizers, and all the permissioned functions. The current locker threshold is 2 and the minimum validator threshold is 2/3*4.
- Roles:
- coldAddresses: EOA 3, EOA 4, EOA 5, EOA 7
- finalizers: EOA 1, EOA 2, EOA 6, EOA 8, EOA 9
- hotAddresses: EOA 1, EOA 2, EOA 6, EOA 8
- lockers: EOA 1, EOA 2, EOA 6, EOA 8, EOA 9
