Gliquid vs KittenSwap

Gliquid

Gliquid is a next-generation decentralized exchange (DEX) aggregator and automated market maker (AMM) built natively on HyperEVM, the EVM-compatible smart contract layer of the Hyperliquid blockchain. Positioned as the "Odos of HyperEVM," Gliquid combines intelligent liquidity routing across all major HyperEVM DEXes with its own proprietary V4 AMM pool architecture, offering users optimal swap pricing, minimal slippage, and hyper-efficient liquidity provision in a single integrated platform. HOW IT WORKS Gliquid operates on two interconnected layers. The aggregation layer scans available liquidity across HyperEVM's fragmented DEX landscape — including KittenSwap, HyperSwap, Laminar, Hybra, Valantis, and others — routing each swap through the most efficient path or splitting orders across multiple venues to minimize price impact. The second layer is Gliquid's own V4 AMM, which provides native liquidity pools built on an advanced concentrated liquidity architecture inspired by Uniswap V4's singleton and hook framework. This allows liquidity providers to deploy capital in targeted price ranges, increasing capital efficiency relative to legacy constant-product AMMs. The routing engine evaluates liquidity depth, gas costs, and real-time slippage across all integrated protocols simultaneously. Multi-hop routes and split order execution are computed in real-time and packaged into a single atomic transaction — meaning users receive best execution without multiple approvals or fragmented fills. Gliquid's V4 AMM pools serve as both a destination for routed trades and a standalone liquidity hub for new token launches and ecosystem pairs. KEY FEATURES - DEX Aggregation: Real-time smart routing across 10+ HyperEVM DEXes, aggregating fragmented liquidity into single-transaction optimal swaps - V4 AMM Architecture: Next-generation pool design supporting concentrated liquidity positions, hook-based customization, and composable pool logic - Points & Airdrop System: Gliquid has publicly confirmed an upcoming token airdrop, with a points accumulation system rewarding users for swap volume, liquidity provision, and consistent platform engagement - Capital Efficiency: V4 pool design allows liquidity providers to concentrate capital in active trading ranges, earning disproportionately higher fees relative to passive full-range deposits - Multi-DEX Integration: Functions as a routing layer consumed by other HyperEVM aggregators and applications, embedding Gliquid liquidity into the broader ecosystem TEAM AND BACKING Gliquid's team has operated with a degree of pseudonymity common to early-stage DeFi projects, with no public lead founder name confirmed at the time of writing. The project is independently developed and bootstrapped, with no publicly disclosed venture capital rounds or institutional backers. Community engagement occurs primarily through the project's Twitter/X presence and the official interface at gliquid.xyz. Given the confirmed airdrop and active protocol development, the team appears to be a small, focused group of experienced DeFi engineers. No formal funding disclosures have been made. TRACTION AND METRICS Gliquid launched in 2025 as part of the initial wave of HyperEVM protocols. Specific TVL and cumulative volume figures are not publicly disclosed in real-time dashboards as of this writing, but the protocol has achieved sufficient integration traction to be included in HyperBloom's DEX aggregator list alongside KittenSwap, HyperSwap, Laminar, Hybra, and others — indicating meaningful on-chain liquidity depth. The confirmed airdrop has driven significant organic user acquisition, as airdrop-eligible activity requires genuine interaction with the protocol's swap and liquidity provision features. In airdrops.io's September 2025 Hyperliquid ecosystem tier list, Gliquid was ranked B-tier, described as the leading DEX aggregator on HyperEVM with a confirmed airdrop — a notable distinction given the crowded competitive field of liquidity applications on the chain. COMPETITIVE POSITION Gliquid operates in the most competitive segment of the HyperEVM DeFi stack: DEX infrastructure. Its direct competitors are LiquidSwap (liqd.ag), HyperBloom, and Laminar, all of which offer aggregation services across overlapping DEX sources. Gliquid's differentiation lies in the combination of aggregation with its own native V4 AMM pools — meaning it simultaneously sources and generates liquidity. This dual-sided positioning is similar to the role 1inch plays on Ethereum by acting as both aggregator and liquidity provider. Against HyperSwap and KittenSwap, which are pure AMMs without aggregation, Gliquid competes for liquidity provider (LP) capital while also cannibalizing their volume flows through superior swap routing. The V4 architecture represents a technical leap over Uniswap V2 and V3 forks that dominate the current HyperEVM DEX landscape, potentially positioning Gliquid's pools as the preferred venue for sophisticated LPs. HYPERLIQUID INTEGRATION Gliquid is a HyperEVM-native protocol with no HyperCore presence. It interfaces with HyperEVM's EVM execution layer for all contract logic — AMM pool management, routing contracts, and fee distribution. Users bridge HYPE and other assets from HyperCore to HyperEVM to interact with Gliquid. The protocol is positioned to benefit significantly from Hyperliquid's HIP-3 upgrade, which is expected to accelerate HyperEVM adoption by driving broader ecosystem activity. Gliquid's role as an infrastructure aggregator means that any new DEX or token launched on HyperEVM becomes a potential routing source, expanding its addressable liquidity without requiring direct protocol changes. The confirmed airdrop also creates strong alignment between Gliquid's growth trajectory and broader HyperEVM ecosystem expansion metrics — the more users bridge to HyperEVM to farm the Hyperliquid ecosystem, the more volume flows through Gliquid's aggregator. RISKS AND CONSIDERATIONS Gliquid faces three primary risk vectors. First, the V4 AMM is technically ambitious — hooks and custom pool logic introduce smart contract complexity that must be thoroughly audited; any exploit or critical bug in the pool architecture could result in LP losses and permanent TVL damage. Second, the aggregation market on HyperEVM is crowded: LiquidSwap, HyperBloom, and Laminar all compete for the same routing volume, and Gliquid's dominance is not guaranteed. Third, the airdrop-driven user base presents retention risk — without a compelling post-TGE use case, activity may drop sharply after token distribution. The team's pseudonymity, while common in DeFi, means there is limited accountability in the event of a technical failure or strategic pivot. No formal audits have been publicly confirmed. Potential users should treat Gliquid's smart contracts as experimental until audits are published.

KittenSwap

KittenSwap is a community-owned decentralized exchange (DEX) built on HyperEVM that implements the ve(3,3) tokenomics model, positioning itself as the liquidity coordination layer for the Hyperliquid ecosystem. Self-described as a "metadex," KittenSwap aims to be not just a trading venue but a protocol that directs liquidity across the HyperEVM ecosystem by incentivizing liquidity providers through gauge voting and token emissions. The project launched in December 2024 and competes primarily against HyperSwap for DEX dominance on Hyperliquid's EVM-compatible layer. How It Works KittenSwap's technical architecture is built on Algebra Integral, a modular AMM framework that separates an immutable Core contract from a customizable Plugin layer. Algebra Integral powers over 50 DEXes with more than $150 billion in cumulative trading volume, providing battle-tested infrastructure that KittenSwap builds its HyperEVM-specific features on top of. The framework enables concentrated liquidity (CL) pools—where liquidity providers specify price ranges for their capital rather than providing liquidity across the full price curve—dramatically improving capital efficiency compared to traditional constant-product AMMs. At the economic layer, KittenSwap implements the ve(3,3) model, a tokenomics design originally popularized by Velodrome on Optimism and Aerodrome on Base. The system works as follows: KITTEN is the protocol's native token, emitted as liquidity incentives. Users who wish to participate in governance and earn fees lock KITTEN tokens in exchange for veKITTEN (vote-escrowed KITTEN), with longer lock periods conferring proportionally more veKITTEN. veKITTEN holders vote on which liquidity pools receive KITTEN emissions during each weekly epoch. Protocols and liquidity providers who want emissions directed to their pools must either acquire veKITTEN themselves or incentivize existing veKITTEN holders with external bribes. In return, veKITTEN voters earn 100% of the trading fees generated by the pools they vote for during that epoch. This design creates a flywheel: protocols needing deep liquidity compete to attract veKITTEN votes by offering bribes, which incentivizes users to lock KITTEN for longer periods, reducing circulating supply and creating scarcity pressure, which increases the attractiveness of KITTEN as a yield-bearing asset. KittenSwap supports both stable AMM pools optimized for pegged assets and volatile AMM pools for general token pairs, in addition to concentrated liquidity positions. Key Features - ve(3,3) Governance and Incentives: veKITTEN staking aligns liquidity incentives with protocol governance, enabling token holders to direct emissions each weekly epoch and earn fees from the pools they vote for. - Algebra Integral Architecture: Modular AMM design with concentrated liquidity support and a plugin system for future feature expansion without compromising core contract security. - Dual Pool Types: Support for both stable and volatile liquidity pools, accommodating pegged-asset trading alongside general token pairs with different pricing curves. - Bribe Marketplace: Protocols can post external incentives to attract veKITTEN votes toward their liquidity pools, creating a market-driven liquidity allocation mechanism. - DEX Aggregator Integration: KittenSwap is integrated into HyperEVM DEX aggregators such as LiquidSwap, routing trades through its pools alongside HyperSwap and Laminar for best-price execution. Team and Backing KittenSwap presents as a community-owned project, consistent with its positioning as the community-owned metadex. The founding team has not been publicly identified by name, maintaining pseudonymity. The project launched via a community-focused model without a disclosed institutional venture funding round, relying instead on a Token Generation Event and community participation for initial capitalization. The Twitter account (@KittenswapHype) was created in December 2024, aligning with the protocol's launch period. Delphi Digital published research coverage on KittenSwap in May 2025, suggesting institutional attention from crypto research firms even if not direct investment. Traction and Metrics KittenSwap launched in December 2024 as HyperEVM was in its early growth phase. By late March 2025, the protocol had recorded approximately $4.28 million in TVL and $2.72 million in trading volume. As context, the broader HyperEVM ecosystem had grown to approximately $900 million in total TVL by May 2025, with weekly DEX volume approaching $1 billion across all protocols. KittenSwap's position within this growing market has been as a challenger to HyperSwap, the larger and more Uniswap v2/v3-aligned DEX on HyperEVM. The KITTEN token has a total supply of 1.34 billion tokens with approximately 348 million in circulation as of early reporting. Competitive Position HyperSwap is KittenSwap's primary direct competitor on HyperEVM, and the two represent different philosophical approaches to DEX design. HyperSwap is based on Uniswap v2 and v3 architecture—familiar, proven, and widely integrated. KittenSwap adopts the Velodrome/Aerodrome model—more complex ve(3,3) governance but designed to be the liquidity backbone for the entire ecosystem rather than just a trading venue. In the broader DeFi context, the ve(3,3) model has been most successful when deployed early in a new ecosystem—Velodrome on Optimism, Aerodrome on Base—as it becomes the default liquidity layer for protocols launching on that chain. KittenSwap is pursuing the same playbook on HyperEVM, but with the disadvantage that HyperSwap launched earlier and captured initial TVL. The competitive outcome between the Uniswap-style and ve(3,3)-style DEX will likely depend on whether protocols choose to use KittenSwap's bribe marketplace to incentivize their liquidity. If HyperEVM produces a diverse set of new tokens and protocols needing deep, incentivized liquidity—as Optimism and Base did—KittenSwap's model is well-suited. If liquidity remains concentrated in a few large pools, HyperSwap's simpler model may suffice. Hyperliquid Integration KittenSwap is natively deployed on HyperEVM, Hyperliquid's EVM-compatible execution environment. It trades on HyperEVM's blockspace using the chain's native gas token and is fully integrated with HyperEVM's asset universe, including HYPE and other Hyperliquid-native tokens. The protocol's concentrated liquidity pools and ve(3,3) emission mechanics operate entirely within the HyperEVM environment. As HyperEVM grows and more protocols deploy there, KittenSwap's bribe marketplace becomes more relevant, as each new protocol needs to bootstrap liquidity for its native token. Risks and Considerations The ve(3,3) model is more operationally complex than standard AMM DEXes, creating a steeper learning curve for users and a more fragile flywheel that depends on continuous protocol participation. If KITTEN token value declines significantly, the economics of vote-locking deteriorate and veKITTEN governance becomes less competitive, potentially accelerating liquidity migration to simpler venues. The community-owned positioning, while aligning with decentralization values, also means the project lacks identified leadership accountable for development roadmap execution. HyperSwap's earlier launch and Uniswap brand recognition pose sustained competitive pressure. Additionally, KittenSwap's success is correlated with whether HyperEVM achieves broad developer and user adoption, a macro risk factor beyond the protocol's control.

Choose Gliquid if you...

• ✓Want a decentralized exchanges solution on HyperEVM
• ✓Need features like AMM and V4
• ✓Need: V4 AMM DEX on HyperEVM — $170M+ trading volume

Choose KittenSwap if you...

• ✓Want a decentralized exchanges solution on HyperEVM
• ✓Need features like ve(3,3) and community
• ✓Need: ve(3,3) community-owned MetaDEX on HyperEVM — ~$32M TVL