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Project X stands as the leading decentralized exchange on HyperEVM, built to redefine how liquidity moves through the Hyperliquid ecosystem. It merges efficient trading infrastructure with thoughtful incentive design and an interface that prioritizes clarity.
The last few weeks have been particularly staggering for them as they’ve hit ATHs across all relevant protocol metrics. Having processed more than $15B in trading volume and $18m+ in fees, it has had days with over $300m 24h volume, cementing itself as the leader.
Quick Q&A with Lamboland from Project X
Q: Could you walk us through your early journey in crypto, how you first got into the space, when you discovered Hyperliquid, and what sparked the idea for Project X? What were some of the toughest challenges in building a DEX from scratch, and how did you find and align a team that truly shared your vision?
A: Hyperliquid is the most exciting crypto project I have seen since Bitcoin. Hyperliquid quite literally took Bob and I out of “builder retirement” because the opportunity we saw of being early here was massive.
Specifically in April 2025, we realized that building the core infrastructure for HyperEVM was the best risk-reward opportunity in all of crypto. We have always believed that our HyperEVM DEX is just the foundation for something bigger. It allowed us to bootstrap our treasury, build our core team, and create a passionate community.
The biggest challenge we had early on was building out our technical team. Bob and I are growth people and traders at heart, so we had to recruit engineers. Every full-time person who works at Project X has done at least 100 hours of part-time work to ensure that it is the right fit. We now have one of the best technical teams in crypto. I believe the opportunity we were pursuing and the momentum we had on Twitter was enough to convince amazing engineers to work at Project X part-time and eventually transition into full-time roles as we loved working together.
Q: Project X is entirely self-funded, aligning strongly with Hyperliquid’s no-VC, community-first ethos. What motivated that decision, and how does it influence your independence, execution speed, and relationship with the community?
A: Bob and I want to create the project we wish existed. Hyperliquid clearly paved the way and showed the world what is possible. However, it is very surprising to us that more teams aren’t acting in a Hyperliquid-inspired way. This is clearly what the market wants.
We knew we didn’t have to raise funding because our DEX would make money on day one. We actively said no to VCs and angel investors early on, despite it making our early journey harder. I believe building is much simpler when you only have to focus on your product and community.
Q: As one of the leading DEXs on HyperEVM, how do you plan to stand out in terms of user experience, liquidity depth, and incentive design compared to other builders in the ecosystem?
A: We want to make DeFi an enjoyable and rewarding experience for everyone. I personally do not enjoy crypto apps that feel like “finance.” They tend to be complicated and boring, and it’s impossible to onboard regular people to these apps.
I am very proud to say that Project X has onboarded many new people to LPing for the first time ever. We plan to continue making progress here and broadening the appeal of DeFi.
Q: What are the next milestones for Project X beyond the DEX phase, and how do you see both Project X and Hyperliquid evolving together in the coming years?
A: The biggest thing I am looking forward to for Project X is Phase 3. We aren’t public about our plans, but we are devoting nearly 100% of our energy to building it out.
Outside of that, I am very much looking forward to helping HyperEVM grow. I believe there are many amazing upcoming events and catalysts for HyperEVM, and I can’t wait to experience them with our community.
I think Hyperliquid has many amazing things going for it, and we are very grateful for the opportunity to build here. The thing we are personally most interested in is seeing how the incentive structure Hyperliquid has for builders evolves over time. I believe Hyperliquid is only a couple of small improvements away from unlocking its next level of growth.
Q: You and Bob pulled off one of crypto’s most memorable marketing runs. How did you capture that mindshare, and how does your belief that emotion drives great marketing shape Project X’s approach?
A: We have built a reputation over the years in crypto, which certainly helped. But in terms of strategy, I am very much a believer in creating as much desire as possible for what you are building.
Many teams make the mistake of trying to educate and convert people before even getting them to desire their product. I personally have a very strong belief and confidence in the massive opportunity we are pursuing, therefore it is easy for me to share that energy on the timeline.
Q: What are your thoughts on native markets and USDH, and can we expect to see USDH pools on Project X soon?
A: USDH pools are currently live on Project X. I’m not totally read up on Native Markets; however, I believe the incentives for USDH make sense and it is +EV for the Hyperliquid ecosystem to support it.
In terms of making USDH the #1 stablecoin on Project X, it would need an aggressive marketing campaign from both Native Markets and Project X. We are very much open to doing this; it’s just a matter of them letting us know when it's go time.
Q: What are some complementary products or features you’d love to see other builders create around Project X?
A: I have actually been very happy with the builders in our ecosystem. We have @aaalexhl who created Whiskr, an amazing tool that gives you more information on your PRJX pools. Also @olamidde_ who created probably the best Dune dashboard I have ever seen, and it’s for Project X.
There is nothing specific we want from builders in our ecosystem at the moment, although I do wish we can do a better job of supporting builders in our ecosystem in the future. There is a lot we could do here with tools and incentives…It’s just hard to do everything we want as we’re a small team and need to prioritize.
Those interested in exploring the protocol or connecting with the team can visit the following:
Prjx Twitter: https://x.com/prjx_hl
Prjx Website: https://www.prjx.com/
Docs: https://prjxdocs.notion.site/