Hyperliquid L1 vs Tezos

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.

Tezos is a self‑amending Proof‑of‑Stake Layer‑1 that supports on‑chain governance, letting token holders adopt protocol upgrades without hard forks. Its latest ‘Mumbai’ upgrade activated Smart Rollups, allowing scalable L2s written in Rust and Wasm to inherit Tezos security. Tezos processes ~1 million contract calls daily and is popular for compliant tokenisation of securities in Europe.