HRC is Hosting Its First Meetup in Seoul The Hyperliquid Research Collective (HRC), co-founded by @FourPillarsFP and @GLC_Research, was built to meet the growing demand for rigorous, deep-dive coverage of the Hyperliquid ecosystem. HRC has published 60+ reports including an Annual Report, and ecosystem analysis, helping investors globally understand Hyperliquid's financial performance, on-chain growth, and ecosystem with clarity and transparency. Now we're going offline.

Hyperliquid Annual Report 2025 Today, we're excited to release Hyperliquid's 2025 Annual Report. What Hyperliquid, the core team, and hundreds of contributors have built this year is largely unprecedented in financial history. This report is our attempt to capture that extraordinary year with the rigor it deserves. A few months ago, we created HRC because we felt a clear need to reduce information asymmetry and lower entry barriers for new participants through independent research. We hope this report helps do exactly that. For us, it is a privilege to be part of this ecosystem and to have produced this work. Months of research, data work, debate, and collaboration across Four Pillars, GLC, and all our contributors went into every page. It means a lot to share it today, so please, let us know what you think and how we can improve the reporting going forward. Enjoy the read. Some excerpts below, with the link to the full PDF. Hyperliquid.