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 resonance similar to that of April this year. At such times, the market tends to experience supply-side redundancy, with meme coins in short supply, leading to a divergence where BTC and ETH reach new highs while the meme coins on CEXes languish. These meme coins that have already been listed on CEXes are expected to welcome the "bear market" of BTC reaching $100,000.
Amidst this awkward standoff between BTC and meme coins, the Hyperliquid ecosystem is thriving. In fact, the newly launched memecoin HYENA has already pumped to the point of causing the Hypurr Fun Bot to crash.
Hyper ecosystem sees broad-based gains, with top capital accelerating entry
Just today, HYPE broke through $28. HYPE has embarked on an almost uninterrupted major uptrend since its $6 opening on November 29, smoothly surpassing Layer1s like Fantom and Aptos, reaching a current circulating market cap of around $9 billion and an FDV of $27 billion, directly entering the top 30 in crypto asset market cap.
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, 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 favor 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 consensus in PURR, unparalleled. 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.
PURR's K-line chart
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%.
HFUN's K-line chart
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 opaque listing rules of Hyperliquid and CEXes are different, with Hyperliquid adopting a Dutch auction system. The Dutch auction starts at a price higher than market expectations, and then gradually decreases in price until the first acceptance of 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 is highly likely to be immediately executed, so the starting price will be incentivized to keep rising.
Hyperliquid listing auction history
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 price trend of HYPE, have quadrupled in 10 days, hitting new highs.
Secondly, this auction mechanism will screen out higher quality projects. Project parties will significantly enhance the listing effect in order to recoup the listing cost.
The latest auctioned tokens such as SOVRN and MON are worth noting, as they are not first-launched on Hyperliquid, but already have pools on other chains. SOVRN saw a gain of over 100% after the auction on December 14 at 10am. Likewise, MON also saw a 50% gain after the 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 know?
Dealing the cards: pre-entry preparation
First, before the troops move, the provisions must be ready. If you are a newcomer, you need to register an account and familiarize yourself with Hyperliquid's trading mechanism.
Account registration
After entering the Hyperliquid official website, click the "connect" link to connect your wallet. Then click "Deposit" in the "Portfolio" and switch your wallet to the Arbitrum chain, and deposit USDT/USDC into Hyperliquid. Note that you need to leave a small amount of ETH for GAS.
Trading
After registration and deposit, you can start trading. Hyperliquid's main trading assets are divided into "Perp" (futures) and "Spot" (spot), where spot can be further divided into "Strict" and "All". Strict spot is mainly for blue-chip assets in the Hyper 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.
Token viewing
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 official auction website of Hyperliquid to understand the detailed auction process, and track 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 separated from 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.
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.
Meanwhile, 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
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 in various data between Hyperliquid and CEX.
Source: Velo
Hyperdash: Hyperdash is a trading analysis dashboard. Users can track the addresses with high win rates or profitability on Hyperliquid, which are the smart money on Hyperliquid, through Hyperdash.
Source: Hyperdash
HypurrScan: HypurrScan is the Layer1 block explorer on Hyperliquid, where users can query all the first-hand data related to Hyperliquid.
Source: Hypurrscan
Trading Bot
After doing the research and analysis, we can start!
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 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, and the risks need to be considered when rushing into the onshore.
Source: Hypurr Fun Bot
Hypercopy: Hypercopy is a copy trading robot on Hyperliquid, where users can enter the addresses of Top Traders to copy the trades of the smart money.
Source: Hypercopy
PVP BOT: PVP BOT is a Telegram trading bot in the Hyper ecosystem. After joining the Telegram group, it will synchronize the members' orders in real-time, 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.
Follow the Trend: Subsequent Gameplay in the Hyper Ecosystem
Finally, standing in the present and looking to the future. The spot tokens on Hyperliquid have already skyrocketed, and the current core Hyper series targets such as HYPE, PURR, and HFUN have reached market caps of $8 billion, $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 high-performance trading permissioned chain dedicated to running 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 just the logic of PerpDEX, 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 the EVM and SOL networks. (Note that this project name does not have "per")
- Hyperliquid Names: The Hyperliquid ecosystem domain name project.
- Felix Protocol: The Hyperliquid ecosystem stablecoin project, which can use HYPE and mainstream assets as collateral to borrow feUSD.
- 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 a good job in 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, which is 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 as high as $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.
