Author: Nanzi
Last Saturday, the Token Farm born on Hypurr Fun surged to a market value of $20 million after being listed on the Hyperliquid spot market. As HYPE maintains a "bulldozer-like" upward trend, the success of Farm has attracted many users to focus on the Hypurr Fun ecosystem. As an order book-style DEX, the token listing on Hyperliquid is different from the permissionless form of Raydium and others. How does the Hypurr platform, similar to pump.fun, integrate with it? What are the specific rules and trading process behind it? Odaily will sort out and interpret it in this article.
Essential Basic Knowledge: Hyperliquid Spot Token Listing Auction
According to the official documentation, HIP 1 is a capped (FT) Token standard, which is the form of most Tokens in Hyperliquid. The Dev of HIP 1 Tokens can define multiple parameters, the most critical of which include the maximum supply, initial supply, and Dev retention amount.
The Hyperliquid token listing process is a continuous 31-hour Dutch auction, during which the Token deployment fee will linearly decrease from the initial price to $10,000 USDC, until a Token is bid and listed on the Hyperliquid spot market. If the last auction fails, the initial price will be restored to $10,000 USDC, otherwise the starting price of the next auction will be twice the previous price.
For example, the winner of the latest auction at the time of writing was MON, with a winning bid of $487,936, so the starting price of the next auction will be $975,873, and will continue to decline over time.
Pump in the Hyperliquid Ecosystem
In response to the Hyperliquid token listing auction mechanism, Hypurr Fun was born, which is essentially a "crowdfunding" platform where participating users invest funds and then compete for spot listing opportunities (called Spot Deployment in Hyperliquid terminology) on Hyperliquid.
Token Information Query Platform
Through the web version, you can query Hypurr Token information and trading status, including project introduction, Token price, market capitalization, trading volume and other basic information.
You can also get new Tokens through the Telegram channel, the path is Hypurr official bot→Prelaunch market channel→Launch Alert sub-channel, through Telegram you can know more timely which new Tokens have been added, without having to refresh the web page to get the information.
In addition, there is Hyperliquid News on the X platform, which also provides relevant information, but it is uncertain whether it is officially supported, so it is recommended to only use it to obtain information and not to conduct any trading operations through this account.
Trading Methods
Currently, Hypurr Fun only supports purchasing through the Telegram Bot, after entering the Bot, a pop-up message will provide the wallet address, and you can also get more information through the Wallet module, currently only supporting recharging from Hyperliquid L1 or Arbitrum, and only supporting the deposit of native USDC (not USDC.e).
Purchasing Tokens is quite peculiar, the most common way is to jump from the web version to the Token channel, and then you can jump to the Trade interface through the pinned message (the author has not yet found a way to directly search for Tokens from Telegram).
Another way is to purchase through the "/launches" (can be sorted by trading volume or price) or "/chat" on the Telegram homepage, the former is an official data filtering tool, just click to select the purchase quantity. The latter is a public chat channel, where you can find popular Tokens, and also jump to the transaction interface by clicking.
Personal Perspective: Frontier Period and Upward Period
Based on the author's subjective experience, Hypurr is currently in the early stage and is still in a continuous upward trend, so there may be many "gold mining" opportunities.
The tools are clearly very imperfect and cannot be compared at all with other mature pump-type ecosystems. In addition, the information is also incomplete at the moment, for example, the specific rules for spot token listing (the first picture in this article) are very difficult to find, although many KOLs have mentioned this listing rule, no one has listed the specific source of information, and the author has only seen an image.
In terms of heat, Farm set the highest record of $180,000 for the token listing fee at the time, and then SOVRN set a record of $260,000 yesterday, and today MON directly broke through to $480,000, showing that the heat is becoming increasingly high.
