Written by: Ray's New World
With the successive listing of high FDV projects such as Magic Eden and Movement on top-tier international exchanges, the market's listing pace has seen a similar resonance as in April this year. At such times, the market often experiences supply-side redundancy, with altcoins in short supply, leading to a divergence where BTC and ETH reach new highs while the altcoins on CEXes languish, and these altcoins that have already been listed on CEXes are expected to welcome the "bear market" of BTC reaching $100,000.
Image from the internet
In this awkward moment when BTC and altcoins are facing off, the Hyperliquid ecosystem is thriving. Even the memecoin HYENA launched yesterday has already pumped to the point of crashing the Hypurr Fun Bot.
Hyper ecosystem sees across-the-board gains, with top capital accelerating its entry
Just today, HYPE broke through $28. HYPE has embarked on an almost uninterrupted uptrend since its $6 opening on November 29, smoothly surpassing Layer1s like Fantom and Aptos, reaching a current circulating market cap of about $9 billion and an FDV of $27 billion, directly entering the top 30 in crypto asset market cap.
Source: CoinGecko
The epic airdrop of HYPE is the biggest turning point for the Hyperliquid ecosystem. Prior to the TGE, while Hyperliquid also had a strong wealth creation effect, there was little discussion about the Hyper ecosystem in the Chinese community, and most people still simply classified Hyperliquid as a PerpDEX like dYdX; but after the airdrop was completed, the market was attracted by the rise of HYPE as a "single-chain coin", and Hyperliquid had already transformed from a PerpDEX to a high-performance trading public chain in the public eye. This is also the reason why Hyperliquid's valuation ceiling has been constantly rising (from DEX valuation logic to public chain valuation logic).
In addition, the blue-chip assets and newly listed tokens on Hyperliquid have also attracted the attention of top market capital.
Blue-chip assets hit new highs
Although the Hyperliquid ecosystem as a whole has ushered in a spring of liquidity recently, the assets that have outperformed the average are still some of the leading assets in the Hyper ecosystem, in addition to HYPE, there are also targets such as PURR, HFUN and JEFF.
PURR
PURR is the memecoin airdropped to early users of Hyperliquid, and has now become the strongest meme in the PURR consensus. PURR is also seen as the official mascot of Hyperliquid. It has risen by more than 200% since December 11, with a market cap of $370 million.
K-line chart of PURR
HFUN
Hypurr Fun is the fastest Telegram trading bot on Hyperliquid, and HFUN is the platform token of Hypurr Fun. It has been discovered in value since December 5, and has since hit new highs, with a 10-day gain of up to 1500%.
K-line chart of HFUN
Meanwhile, according to blogger Arthur's on-chain tracking, GCR has respectively purchased $HYPE at $10, $PURR at $0.30, $JEFF at $19, and $HFUN at $39.
Astonishing listing effect
The listing rules of Hyperliquid and CEX are inscrutable, with Hyperliquid adopting a Dutch auction system. The Dutch auction starts at a price higher than market expectations, and then the price is gradually lowered until the first person accepts the price, at which point the transaction is completed. Projects compete for the right to list on Hyperliquid through auctions. This Dutch auction listing mechanism has many benefits.
Firstly, it will continuously raise the auction price of the Ticker. For example, after SOLV was auctioned off for $128,000, the next auction will start at a price higher than $128,000. Because if the starting price is lower than the previous price, it will most likely be immediately transacted, so the starting price will be incentivized to keep rising.
History of Hyperliquid listing auctions
This is indeed the case, as after the $128,000 auction for SOLV, there have been subsequent auctions for FARM at $180,000 and the recent record-breaking $480,000 auction for MON. The auction prices, like the trajectory of HYPE's market value, have quadrupled in 10 days, hitting new highs.
Secondly, this auction mechanism will screen out higher quality projects. Projects need to recoup the listing cost, so the listing effect will be significantly enhanced.
The latest auctioned tokens like SOVRN and MON are worth noting, as they are not first-launched on Hyperliquid, but already have pools on other chains. SOVRN saw over 100% gains after its auction on December 14 at 10am. Likewise, MON saw a 50% surge after its auction on December 15 at 2pm.
SOVRN and MON both saw significant gains after their auctions
The market's buying power is rushing in, so how can we get a seat at the table?
To stay at the table, what do you need to understand?
Dealing the cards: Preparation before entering
First, before the troops move, the provisions must be ready. If you are a complete newcomer, you need to register an account and familiarize yourself with Hyperliquid's trading mechanism.
Register an account
After entering the Hyperliquid official website, click the "connect" link to connect your wallet. Then click "Deposit" in the "Portfolio" section and switch your wallet to the Arbitrum chain, then deposit USDT/USDC into Hyperliquid. Note that you need to keep a small amount of ETH for GAS.
Conduct transactions
After registration and deposit, you can start trading. Hyperliquid's main trading assets are divided into "Perp" (futures) and "Spot" (spot), and the spot can be further divided into "Strict" and "All", with the Strict type spot being the blue-chip assets in the Hyperliquid ecosystem, such as PURR, JEFF, HFUN, CATBAL, etc. It is worth noting that GCR has also purchased these core assets.
GCR address purchasing Hyper ecosystem blue-chip assets
If you are Degen enough, you can also participate in Hyperliquid's HLP. HLP allows all users to participate by depositing USDC to provide liquidity for all assets listed on the exchange. Participants can earn a portion of the trading fee revenue, as well as profits from HLP market making strategies.
Check tokens
In addition to the already skyrocketing blue-chip assets, one of the great wealth creation myths of Hyperliquid comes from its listing effect. Readers can check the detailed auction process on Hyperliquid's official auction website, and follow the latest auction dynamics through the Hyperliquid blockchain explorer introduced later.
Bidding: How to participate efficiently
Secondly, to do a job well, one must first sharpen one's tools. Just as playing Sol meme cannot be done without GMGN, we also need a series of tools to unlock the various gameplay of the Hyperliquid ecosystem.
Analysis and research
Efficient research and analysis is indispensable before participating in the Hyperliquid ecosystem for trading.
(1) ASXN: ASXN is a data dashboard for the Hyperliquid ecosystem, similar to Dune in Hyperliquid. You can use ASXN to query relevant data, such as the Ticker and price of recently auctioned tokens, trading volume share, etc. The Hyperliquid data dashboard will appear in the bottom left corner of the website.
At the same time, the official Twitter account of ASXN @asxn_r will also constantly update some key data about the Hyperliquid ecosystem. If you don't want to dig up the information directly using ASXN, you can also follow their official Twitter. I personally think the UI of ASXN is very good and comfortable to use.
Source: ASXN
(2) Velo: Velo is also a data visualization dashboard website, but it can be used to query other data, and is not a vertical Hyperliquid-related data website. The author often uses it to compare the differences between Hyperliquid and CEX data.
Source: Velo
(3) Hyperdash: Hyperdash is a trading analysis dashboard. Users can track trading addresses with high win rates or profitability on Hyperliquid, i.e. the smart money on Hyperliquid, through Hyperdash.
Source: Hyperdash
(4) HypurrScan: HypurrScan is the Layer1 block explorer on Hyperliquid, where users can query all first-hand data related to Hyperliquid.
Source: Hypurrscan
Trading Bot
After doing the research and analysis, we can start!
(1) Hypurr Fun Bot: Hypurr Fun Bot is a Bot specifically for trading in the Hyperliquid ecosystem. There are onshore and offshore tokens on Hyperliquid. The tokens we can currently trade directly on Hyperliquid are offshore tokens, and the listing of offshore tokens requires bidding. Many tokens that have not been directly listed on Hyperliquid can be traded through the onshore. Users only need to deposit USDC in their Hyper account to the Bot, and the usage is similar to the pump series bots.
However, it should be noted that the auction price of the offshore tokens on Hyperliquid is now outrageous, with the recent auction reaching as high as $480,000. The difficulty of subsequent listing of onshore tokens will increase sharply, and the risks need to be considered when rushing into the onshore.
Source: Hypurr Fun Bot
(2) Hypercopy: Hypercopy is a copy trading robot on Hyperliquid, where users can enter the addresses of Top Traders to select the smart money to follow.
Source: Hypercopy
(3) PVP BOT: PVP BOT is a Telegram trading bot in the Hyper ecosystem, which will synchronize the members' orders in real-time after joining the Telegram group, and users can engage in PVP battles within the group.
Information Dynamics
Hyperliquid News: If you want to keep up with the latest Hyperliquid information, such as the latest auction prices, timely understanding of the listing information, and quickly tracking the ecosystem dynamics, following @HyperliquidNews is your best choice. This Twitter channel will promptly push any information related to the Hyperliquid ecosystem, which can be understood as the Blockbeats of Hyper!
Follow the Trend: The Subsequent Gameplay of the Hyper Ecosystem
Finally, standing in the present and looking to the future. The spot tokens on Hyperliquid have already soared, and the current core Hyper series targets such as HYPE, PURR, and HFUN have reached market caps of $8 billion, nearly $400 million, and $250 million, respectively. If you feel that the risk-reward ratio is relatively limited even when considering the Layer1 valuation, we can focus on the body of the fish instead of the head.
The opportunity in the body of Hyperliquid lies in the upcoming launch of "HyperEVM". Hyperliquid's technical architecture is very unique, with its stack consisting of Hyperliquid L1 and HyperEVM (EVM) two chains. These two chains exist in the same consensus mechanism (HyperBFT) but run in independent execution environments. Hyperliquid L1 is a dedicated chain for running high-performance trading components such as perpetual contracts and spot order books. All high-TPS native components can be implemented through L1. HyperEVM is an EVM-compatible chain that can support Ethereum's common tools and allow developers to deploy smart contracts. The smart contracts deployed on HyperEVM can directly access the perpetual contracts and spot trading on L1, but the specific launch time has not yet been determined.
Hyperliquid technical architecture diagram, image from the internet
After the launch of HyperEVM, Hyperliquid will no longer be the current PerpDEX logic, but an "application + trading platform". At that time, various EVM applications and ecosystems will flourish, and new financial gameplay around perp and HLP will continue to emerge. Here are some ecosystem projects summarized by the author:
- HyperSwap: The native DEX of Hyperliquid EVM, which has already launched the testnet.
- Kinetiq: An LSD project that provides liquidity staking support for Hyperliquid.
- HyperLendX: The first lending platform on Hyperliquid, which has already launched the testnet.
- Keiko Finance: A permissionless lending protocol with dynamic interest rates and liquidation ratios.
- HyBridge: A cross-chain application of HyperLiquid, which can quickly and seamlessly bridge EVM and SOL networks. (Note that this project name does not have "per")
- Hyperliquid Names: The domain name project of the Hyperliquid ecosystem.
- Felix Protocol: A stablecoin project in the Hyperliquid ecosystem, which can borrow feUSD by collateralizing HYPE and mainstream assets.
- Vegas GamebleFi: The first GamebleFi project that combines practicality and gameplay using a fair proof system.
Due to the limited length of the article, readers can refer to the more detailed Hyperliquid tool and ecosystem panorama map below for further research.
Hyperliquid ecosystem panorama map, image from the internet
Beyond the FOMO, how to do risk control?
Although the Hyperliquid ecosystem is developing rapidly and is "catching up with SUI and surpassing SOL", Hyperliquid also has some potential risks. For example, the centralization risk, i.e. the so-called "machine room chain". According to ASXN data, Hyperliquid currently has 76 validators, but only 23 are active, and the sequencer is also relatively centralized, but this problem will be gradually improved in the future. At the same time, HYPE has low circulation and high FDV. The current circulating market cap of HYPE has reached around $9 billion, while the FDV has reached around $27 billion.
Nevertheless, rather than rushing to buy the newly launched tokens, it's better to give yourself a chance to embrace the new ecosystem.
