This is our independent Project X (PRJX) Review (2026). Can a Uniswap v4 fork become the dominant DEX on Hyperliquid's EVM? Is the "0% fee" model sustainable, or is it a race-to-the-bottom that burns out? And should you trust a community-run DEX with no traditional backing?
Summary of this Project X review: Project X is the #1 DEX on HyperEVM — and it got there by doing two things right: forking Uniswap v4's battle-tested code and eliminating trading fees entirely. With 50ms finality (thanks to HyperEVM's infrastructure), two completed audits (Zellic and Spearbit), and organic community growth without VC token allocations, PRJX has become the default swap destination for Hyperliquid's expanding EVM ecosystem.
But the Hyperliquid ecosystem is still young, which means limited liquidity compared to established chains. The "community-run" label is appealing but also means uncertain governance. And while the PRJX token powers the points system and LP rewards, the tokenomics are straightforward — no complex utility beyond basic DEX incentives.
For Hyperliquid users who want to swap HyperEVM tokens without leaving the ecosystem? Project X is the obvious choice. For traders who prioritize liquidity depth and established track records, the Hyperliquid perps platform itself or bridging to Ethereum/Arbitrum for swaps may be preferable.
Project X Review - Introduction
Project X launched in early 2025 as HyperEVM's answer to the "we need a swap DEX" problem. Hyperliquid built an incredible perps platform, but the EVM-compatible layer needed spot trading infrastructure. Project X filled that gap by deploying a modified Uniswap v4 fork optimized for HyperEVM's 50ms block times.
Key Facts:
- Launched: Early 2025
- Chain(s): HyperEVM (Hyperliquid's EVM layer)
- Type: AMM DEX (Uniswap v4 fork)
- Trading Fees: 0%
- Governance Token: PRJX
- Status: #1 DEX on HyperEVM by volume and TVL
- Audits: Zellic (December 2024), Spearbit (March 2025)
The "community-run" distinction matters: no venture capital allocation, no team tokens at launch (they earn through the same mechanisms as other participants), and governance that's genuinely open to PRJX holders.
Project X Review - How It Works
After testing Project X ourselves, we found it inherits Uniswap v4's architecture with modifications for HyperEVM:
Key Features
- Uniswap v4 Fork: Battle-tested AMM logic with hooks system for custom functionality
- 50ms Finality: HyperEVM's consensus layer delivers near-instant transaction confirmation
- Zero Trading Fees: Protocol takes no swap fees — LPs earn from spread only
- Liquidity Provision: Standard AMM LP model — deposit pairs, earn from swap flow
- Portfolio Management: Built-in tools to track positions across the ecosystem
- Points System: Traders and LPs earn points that may convert to future rewards
The Uniswap v4 foundation provides confidence in the core mechanics. The zero-fee twist makes Project X the cheapest option for HyperEVM swaps — if you're already in the ecosystem.
Project X Review - Fees
Project X's fee structure is aggressive:
| Fee Type | Project X | Uniswap | Hyperliquid Spot |
|---|---|---|---|
| Swap Fee | 0% | 0.30% | N/A |
| LP Fee | 0% | 0.30% | N/A |
| Protocol Fee | 0% | 0-0.25% | 0.01% |
| Gas Cost | ~$0.001 | ~$2-10 | $0 |
Cost Comparison:
On a $10,000 token swap:
- Project X: $0 fee + ~$0.001 gas = ~$0.001 total
- Uniswap v3 (Ethereum): $30 fee + $5 gas = ~$35 total
- Uniswap v3 (Arbitrum): $30 fee + $0.10 gas = ~$30 total
We verified these numbers firsthand — they're dramatic, but there's a catch: you need to bridge assets to HyperEVM first, and liquidity is shallower than established chains. The real question is whether the ecosystem has what you want to trade.
Project X Review - Security
Project X has invested in security appropriate for a newer protocol:
Audits
| Auditor | Date | Result |
|---|---|---|
| Zellic | December 2024 | No critical issues |
| Spearbit | March 2025 | No critical issues |
Security Considerations
- Two audits: Both from reputable firms with clean results
- Uniswap v4 base: Core logic is battle-tested across DeFi
- HyperEVM security: Inherits Hyperliquid's consensus layer security
- Young protocol: Only ~12 months of production operation
Our Security Assessment: 7.5/10 — Two clean audits from reputable firms plus the Uniswap v4 foundation provide reasonable confidence. The main risk is the young ecosystem — HyperEVM itself is new, and Project X hasn't faced the stress-testing that Ethereum protocols have.
Project X Review - Pros & Cons
✅ Pros
- 0% trading fees: Cheapest swaps in DeFi — period
- 50ms finality: Near-instant transaction confirmation on HyperEVM
- Uniswap v4 foundation: Battle-tested AMM logic
- Two audits: Zellic and Spearbit with clean results
- Community-run: No VC allocations or insider token grabs
- #1 on HyperEVM: Default DEX for the ecosystem
❌ Cons
- Limited liquidity: HyperEVM ecosystem is young — fewer tokens, shallower pools
- Bridging required: Must bridge assets from other chains to use
- Ecosystem risk: Dependent on Hyperliquid's success
- Unknown sustainability: 0% fees mean LPs earn from spread only — will they stay?
- Young protocol: ~12 months of operation vs years for competitors
Project X Review - Alternatives
Project X vs Hyperliquid Spot
Hyperliquid's main platform focuses on perps, not spot swaps. Project X fills the spot trading gap on HyperEVM. They're complementary rather than competitive — use Hyperliquid for perps, Project X for spot swaps within the ecosystem.
Project X vs Uniswap
Uniswap has infinitely more liquidity and token variety on Ethereum/L2s. Project X has zero fees and HyperEVM-native convenience. For most traders, Uniswap is still the default. For Hyperliquid ecosystem participants, Project X avoids bridging.
Project X vs Other HyperEVM DEXs
Project X is currently #1 — competitors exist but haven't matched its traction. If you're on HyperEVM, Project X is the default choice.
Best Alternative: For general swaps with maximum liquidity: stay on Ethereum/Arbitrum with Uniswap. For Hyperliquid ecosystem trading: Project X is the clear winner.
Project X Review - Who Should Use It
✅ Use Project X if:
- You're already in the Hyperliquid ecosystem
- You want to swap HyperEVM tokens without bridging out
- You value zero trading fees over deep liquidity
- You believe in Hyperliquid's long-term ecosystem growth
- You want to participate in PRJX points/rewards programs
❌ Skip Project X if:
- You need deep liquidity for large orders
- You're not already using Hyperliquid
- You prefer established protocols with years of track record
- You want to trade tokens that aren't on HyperEVM yet
- The bridging friction isn't worth the fee savings
Verdict: Should You Use Project X?
Our Rating: 7.3/10
| Category | Score |
|---|---|
| Fees | 10/10 |
| Security | 7.5/10 |
| Features | 7.0/10 |
| Liquidity | 5.5/10 |
| Ecosystem | 7.0/10 |
Bottom line: Project X is the right DEX at the right time for the Hyperliquid ecosystem. Zero fees, clean audits, Uniswap v4 foundation, and organic community growth are all legitimate positives. But it's an ecosystem play — the value proposition depends entirely on whether Hyperliquid's EVM layer succeeds. If you're bullish on Hyperliquid, Project X is essential infrastructure. If you're not already in the ecosystem, the limited liquidity and bridging friction make it hard to justify over established alternatives.
For Hyperliquid believers: this is your DEX. For everyone else: watch and wait.
Sources & Verification
Data in this review verified from:
- DeFiLlama - Project X (TVL, volume data)
- Project X Official Website
- DeFiLlama - HyperEVM Chain Data
- Messari - Project X Profile
Last verified: February 2026
Frequently Asked Questions
Is Project X safe?
Project X has been audited by Zellic and Spearbit with no critical issues. The Uniswap v4 foundation provides battle-tested core logic. It's reasonably secure, though the HyperEVM ecosystem is still young.
What are Project X fees?
Zero. No swap fees, no protocol fees. You only pay HyperEVM gas (~$0.001). LPs earn from spread rather than explicit fees.
What is PRJX token?
PRJX is Project X's governance and utility token. It powers the points system, LP incentives, and community governance. There were no VC allocations at launch.
How do I get tokens on HyperEVM?
Bridge assets from Ethereum or other chains to HyperEVM. Hyperliquid provides bridging infrastructure. Once bridged, you can swap on Project X.
Is Project X better than Uniswap?
For fees: yes (0% vs 0.30%). For liquidity and token variety: no. Use Project X if you're in the Hyperliquid ecosystem; use Uniswap for everything else.
What is HyperEVM?
HyperEVM is Hyperliquid's EVM-compatible layer that runs parallel to its main perps chain. It enables Ethereum-style smart contracts (like Project X) while benefiting from Hyperliquid's 50ms finality.