Hyperliquid L1 vs TON

Hyperliquid is a performance‑tuned Layer‑1 that employs HyperBFT consensus—an optimised HotStuff variant—to finalise blocks in 400 ms. Its on‑chain order book matches > 100k orders per second without gas, made possible by an in‑memory state machine replicated across 32 validators. Launched in April 2024, the chain settles $4‑6 billion daily volume in perpetual futures and supports CosmWasm smart contracts for third‑party dApps.

The Open Network (TON) is a sharded Layer‑1 originally designed by Telegram, featuring dynamic workchains and instant cross‑shard consensus through the Vertical Blockchain mechanism. The TON Storage and TON DNS services extend functionality beyond payments, whereas the Tap‑to‑Transfer feature has onboarded millions of Telegram users. A 2025 governance vote approved jetton fee burns to make TON mildly deflationary.