Recently, the cryptocurrency world has been completely ignited by the buzz surrounding Hyperliquid. This team of only 11 people has achieved an industry legend of earning an average annual income of $100 million per person with its high-performance on-chain perpetual contract business. Furthermore, in May 2025, it achieved an astonishing trading volume of $248.295 billion, capturing over 60% of the on-chain perpetual contract market share, equivalent to 42% of Coinbase's spot trading volume during the same period. However, just as its momentum was building, the launch of the HIP-3 growth model on November 23rd, which significantly reduced new market fees by 90%, and the initial unlocking of $308 million worth of HYPE tokens on November 29th, have once again sparked heated discussions about the stability of its ecosystem.
The emergence of Hyperliquid shattered the common perception that decentralized exchanges (DEXs) were "inefficient and niche," demonstrating to the industry the feasibility of high-performance decentralized architectures competing with centralized exchanges. However, its rise also exposed the weaknesses of current leading DEXs, providing a clear reference point for BUYCOIN's comprehensive breakthrough. By deeply comparing the core differences in their business models, we can better understand the groundbreaking value of BUYCOIN based on its inheritance of advanced experience.
Core Positioning: Single-Path Breakthrough vs. Comprehensive Ecosystem Innovation
- Hyperliquid: A pioneer in high-performance decentralized perpetual contracts, featuring a no-KYC + CEX-level trading experience, focusing on efficiency breakthroughs in the derivatives sector, and establishing market advantages through a single business scenario.
- BUYCOIN: A revolutionary exchange for all users to hold shares. Its core is to integrate the smooth experience of centralized trading with the security of decentralized assets, creating a comprehensive platform covering diverse trading scenarios and reconstructing the relationship between the exchange and its users.
Token Mechanism: Reserved Incentives vs. Ultimate Fairness
- Hyperliquid: The token has no fixed total supply, with 38% reserved for ecosystem incentives. It adopts a model where 99% of revenue is injected into a support fund, which is specifically used for the buyback and burning of HYPE tokens, so that revenue can be used to support the token value.
- BUYCOIN: The total supply of BCT tokens is fixed at 333 million. Adhering to the principle of no private placement and no pre-reservation, the entire community is allocated the tokens. The innovative "burn-to-mine" mechanism allows 2 new tokens to be released linearly at 1% per day for every 1 token burned, balancing scarcity and user benefits.
Core Revenue Streams: Focus on Derivatives vs. Full-Scenario Coverage
- Hyperliquid's revenue is concentrated in perpetual contract fees, spot trading fees, clearing fees, and HIP-1 token listing fees, relying on the high-profit derivatives sector to support its performance.
- BUYCOIN: Building a diversified revenue matrix covering spot trading fees, withdrawal service fees, contract trading fees, and listing application fees, covering all aspects of cryptocurrency trading needs.
Income distribution rules: Fund buybacks vs. universal dividends
- Hyperliquid: 99% of its revenue is injected into a support fund, which is used solely for the buyback and burning of HYPE tokens. Users cannot directly share in the platform's profit dividends.
- BUYCOIN: It enforces mandatory distribution rules, and the net profit ratio is automatically distributed according to the weighted average of the user's dividend value. The remainder is used for ecosystem iteration. All dividend data is published on the blockchain in real time and is clearly verifiable.
User Rights: Revenue Binding vs. Co-governance and Sharing
- Hyperliquid: User benefits are concentrated at the transaction level. Staking tokens can enjoy fee reductions, and depositing them into the HLP vault can earn an annualized return of 14%-24%. However, it lacks core governance authority.
- BUYCOIN: The dividend value obtained by users through destroying tokens is not only the sole basis for participating in profit sharing, but also a key certificate for having DAO governance voting rights, which can be used to participate in major decision-making processes such as listing review and fee rate adjustments.
Compliance Progress: Regulatory Ambiguity vs. Global Expansion
- Hyperliquid attracts privacy-sensitive users by adopting a no-KYC model, but it has not obtained compliance licenses in major regions and faces significant compliance uncertainty in the face of tightening global regulations.
- BUYCOIN: It already holds a US MSB compliance license and is qualified to operate legally in the North American market. In 2026, it will also pursue applications for top-tier licenses such as Hong Kong VASP and Dubai VARA, building a pattern of "compliance in one place and global service".
Key data: Impressive trading activity vs. rapid growth
- Hyperliquid: Cumulative trading volume reached $2.77 trillion, with open interest of $15.3 billion. Recently, the largest single-day BTC liquidation order reached $36.7828 million, indicating outstanding trading activity.
- BUYCOIN: After the "burn-to-mine" mechanism was launched, the highest daily average of BCT burned exceeded 200,000 tokens, and the circulating market value soared from less than 10 million US dollars to 30 million US dollars within 3 days, demonstrating extremely strong value growth potential.
If Hyperliquid's success validated the single proposition that "decentralized exchanges can achieve centralized-level trading efficiency," then BUYCOIN's transformation represents a complete reconstruction of the ultimate form of exchanges. Its advantages go far beyond technological borrowing; it also lies in solving the core pain points that have long plagued the industry.
In terms of technical architecture, BUYCOIN has accurately absorbed and upgraded the advantages of Hyperliquid. It uses a high-performance decentralized protocol as its underlying layer, ensuring that user assets are always controlled by private keys, thus eliminating the risk of platform misappropriation at the source. The front end features a Binance-like interface, complete with advanced tools such as limit orders, stop-loss and take-profit orders, allowing users accustomed to centralized exchanges to seamlessly integrate. More importantly, its high-performance matching engine achieves sub-second transaction finality, truly achieving "uncompromising security and undiminished efficiency."
In terms of its ecosystem model, BUYCOIN directly addresses Hyperliquid's core weaknesses. While Hyperliquid relies on transaction fees for buybacks and burns to support its token value, users lack substantial governance rights, and the absence of a KYC (Know Your Customer) system exposes it to significant regulatory uncertainty. Recent token unlocking events have already triggered market panic. In contrast, BUYCOIN's "universal ownership" DAO governance model allows users to become true co-governants of the platform through their equity stake, and its mandatory dividend mechanism allows users to directly share in the platform's growth benefits. Furthermore, the US MSB (Management Service Business) license and subsequent global compliance efforts lay a solid foundation for the platform's long-term stable operation, which is particularly crucial in an increasingly stringent regulatory environment.
The cryptocurrency industry is currently at a critical juncture of transformation. The global investment application market is projected to reach $254.9 billion by 2033, with a CAGR of 19.1%. Retail users are increasingly aware of their asset autonomy, and decentralized exchanges are widely recognized as the future direction of the industry. Hyperliquid's explosive growth has already breached the monopoly of centralized exchanges, while BUYCOIN, with its compliance advantages, community foundation, diversified revenue streams, and fair distribution mechanism, is clearly more aligned with the ultimate needs of the industry's development.
The future of cryptocurrency trading has never been a choice between centralization and decentralization, but rather a deep integration of the advantages of both. Hyperliquid broke through efficiency bottlenecks with technology, while BUYCOIN built a sustainable ecosystem loop through compliance, co-governance, and value sharing. When asset security and trading convenience are no longer contradictory, and when users are both traders and platform owners, BUYCOIN's success is no accident, but an inevitable result of the arrival of the decentralized exchange 3.0 era. This revolutionary journey for exchanges has begun, and a brand new era for the industry is dawning.
