Hyperliquid, a decentralized exchange, has been awarded the Decrypt 2025 Best Project Award. The platform, founded by Jeff Yan following the collapse of FTX, has achieved over $2.73 trillion in trading volume this year. It has attracted users with its high-leverage perpetual contracts and a permissionless trading model. Despite concerns regarding its 40x leverage and the extent of its decentralization, Hyperliquid has successfully lowered trading barriers and increased decentralized exchange (DEX) adoption. This trend may indicate a shift in trader sentiment as reflected in the fear and greed index, with traders increasingly seeking innovative trading tools.