Summary
Ketju does not approve the Hyperliquid Bridge: validators have run closed-source node software since early 2025, so nobody outside can check the code that secures the bridge. That is a standing feature of the system, and we do not expect it to change soon. It stops us from verifying what is running, however the validator set's decentralization develops. The bridge locks USDC on Arbitrum and mints it 1:1 as collateral on HyperCore, Hyperliquid's own consensus chain. The same validator quorum of roughly two-thirds of stake secures both the bridge and the exchange. The bridge uses no Ethereum fraud proofs or ZK proofs, and its security depends on the exchange it serves. Hyperliquid's documentation states that the tracked legacy Arbitrum bridge now holds less than 10% of USDC supply on HyperCore. The TVL in our survey may therefore track a shrinking minority route.
Review triggers
- Validator node software becomes open source or is independently and reproducibly verified against deployed binaries
- Foundation-affiliated validator stake falls below 50% of the total and stays below that level for 90 days
- USDC withdrawal timing and dispute mechanics for the bridge are independently confirmed and pass a stressed withdrawal test at the proposed size
- A new independent audit of the current bridge code is published, replacing the 2023 Zellic reports
- Any confirmed exploit of the bridge contract itself, as distinct from an exchange market-mechanics event
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- Arbitrum
- Reviewed
- Last confirmed