Hyperliquid has rapidly gained traction by catering to non-compliant trading demands and high-leverage professional users. The platform's success is attributed to its small team's efficient execution, strong product capabilities, and open ecosystem, including innovations like HyperEVM and the Hip series updates. This approach has attracted significant partners such as Phantom, MetaMask, and Circle, boosting its trading volume and reputation. However, the platform faces future challenges, including compliance risks and increased system complexity, which may raise the entry barrier for new users. Additionally, the stability of its high-performance architecture will be tested as it expands globally.