@qimingxing
Post-airdrop (Nov 2024), Hyperliquid's governance evolved into a hybrid model: HYPE holders/stakers vote on major decisions (e.g., 2025 token burn approved by 85% validators), while protocol upgrades via HIPs are reviewed by core builders on technical merit, bypassing full DAO votes.
This avoids common DAO inefficiencies—low participation, whale dominance, prolonged debates—enabling faster iterations. Hyperliquid maintained rapid development, high performance, and growth momentum into 2025-2026, with efficient upgrades enhancing competitiveness in perp DEX space without sacrificing key community input.
Overall positive impact: boosts protocol agility while progressing decentralization.
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