Find a market gap, and then act immediately.
Written by: PerpetualCow.hl
Compiled by: Luffy, Foresight News
This is my entrepreneurial story. A month ago, I came to the X platform as an anonymous user. At that time, I had no money, no followers, no connections, and no funds.
Building a successful business from scratch is an extremely risky endeavor, but I did it. Now, I want to share my success story and show you that you can do it too.
My Entrepreneurial Starting Point
My initial reason for registering this account stemmed from the sharp drop in the price of HYPE tokens, which I had heavily invested in, and all my savings were tied up in it.
I think I can at least open an account on the X platform, write down my views and investment logic on HYPE, and demonstrate to everyone why this cryptocurrency is severely undervalued, hoping to boost its price.
So I wrote an in-depth analysis article and published it on this newly registered account, hoping to reach a wider audience. To my surprise, the article went viral.
If you're not involved in the cryptocurrency field, you may not have heard of the Hyperliquid platform, but that's okay, it's not the focus of this article.
But I have always believed from the beginning that this ecosystem holds enormous potential.
I started thinking about what else I could do besides posting positive messages to contribute to the growth of HYPE's trading volume and market capitalization, thereby promoting token buybacks and increasing its market attention and influence.
First failed attempt
I've decided to develop a product on the Hyperliquid platform to generate more trading volume and revenue. This will not only encourage the platform to increase its buyback efforts for HYPE tokens, but also enhance the token's visibility and market consensus.
At the time, the Hyperliquid ecosystem was already quite mature, and developers had created many impressive financial tools, such as Ventuals, a platform that allowed trading in unlisted company stocks, and trade.xyz, a tool that provided leveraged trading in stock futures.
But one thing has been overlooked: forex trading pairs. As one of the largest derivatives in traditional financial markets, it's astonishing that no one has yet ported it to the Hyperliquid platform.
Let me first give you some background information. Hyperliquid is a permissionless exchange where anyone can issue their own trading products.
The daily trading volume in the foreign exchange market reaches a staggering $7.5 trillion, a full ten times the size of the global stock market combined. Drawing on my experience in the traditional derivatives industry, I keenly recognized the immense opportunities within this market.
I'm sure other developers have no idea how big this market is. If I can launch forex trading pairs on Hyperliquid first, I can make a fortune just from commission revenue sharing.
I simply can't believe that such a great opportunity has remained unclaimed.
I knew I had to act immediately and quickly, because it wouldn't be long before other developers discovered this hidden opportunity.
I swallowed 20 milligrams of immediate-release Adderall (a central nervous system stimulant), ordered several bottles of Red Bull on a food delivery platform, and then got to work on development.
I coded all night long, and by the next morning, the prototype of the product was complete.
I registered the domain name Hyperfx.xyz and even prepared 500,000 HYPE tokens, worth approximately $15 million, as payment for the platform's deployment fees.
I feel that my moment is finally coming.
However, I made a fatal mistake.
Before the effects of the stimulant wore off and I became drowsy, I followed standard procedure, deployed the product to the test network, and then went to sleep.
This is the most serious mistake I have ever made in my life.
I had no idea that anyone would be closely monitoring my new deployment on the testnet. When I woke up, I found that news of my deployment of a forex trading pair on the testnet had already spread throughout Hyperliquid's private developer community.
The entire Hyperliquid ecosystem was in an uproar. Everyone knew that a new developer was going to launch forex trading pairs on the platform. Only then did everyone belatedly realize that such a large gap existed in the market. Before me, no one had actually thought of creating forex trading pairs.
The news quickly reached trade.xyz. The company reacted swiftly, immediately securing the Japanese Yen to US Dollar (JPYUSD) trading pair and announcing that it would be the first to launch a forex trading product on Hyperliquid.
It's worth noting that trade.xyz's platform has a daily trading volume of billions of dollars, and the funds behind its trading pairs amount to hundreds of millions.
I know very well that I am powerless to compete with such a giant.
What's the point of being a second-rate forex trading service provider on the Hyperliquid platform?
One wrong step, and the whole game is lost. I ruined my promising future with my own hands.
Rather than launching a similar competing product on the market and diluting the platform's liquidity, it's better to simply abandon this project. After all, contributing to the Hyperliquid ecosystem is my original intention.
Sure enough, soon after, trade.xyz officially launched the EUR/USD trading pair.
I was trembling with rage; the anger was indescribable. If I hadn't been overwhelmed by despair, I would have smashed the computer to pieces. I never knew I could be so blinded by anger.
But I was mostly angry with myself. How could I have made such a basic mistake, handing over the fruits of my labor like this?
This is basic common sense in the startup world, yet I still managed to fail miserably. This time, I lost completely, and may even have missed the opportunity to earn $1 billion in fees over the next few years.
One foolish mistake killed my entire plan before it even began. I could hardly believe my eyes. I've made plenty of mistakes before, but never have I seen anything as absurd and ridiculous as this.
I swear to myself that from this day forward, I will never again deploy any product on a public testnet.
The frustration, coupled with the lethargy that followed the wear off of the Adderall effect, plunged me into severe acute depression. I became a dejected ox.
Until one day, I finally couldn't take it anymore...
I must pull myself together.
I started racking my brains, thinking of other possibilities. Since no one could think of forex trading pairs, there must be other overlooked opportunities.
Although I have suffered a setback, I will never give up. I am determined to find a new breakthrough.
After all, the financial system is so vast that I'm sure I can find some unknown market gap. But this time, I will never repeat the same mistake.
I've noticed a serious problem in the Hyperliquid ecosystem: a few top developers are copying each other, which is quite short-sighted and will only lead to a severe diversion of liquidity on the platform.
For example, trading pairs for popular stocks such as Tesla (TSLA) and Nvidia (NVDA) are repeatedly deployed by multiple developers.
No one is willing to innovate; everyone is copying and launching products that are largely the same. Of course, this approach can bring in some sales volume and revenue, but it is ultimately not a long-term solution.
My Road to Success: My Moment of Triumph
At this point, I noticed that the needs of the Monero (XMR) community had been severely neglected for a long time. Because Monero's anonymous transaction features angered regulators, the token has been delisted by the vast majority of exchanges.
Even so, Monero remains firmly among the top 20 cryptocurrencies by market capitalization, boasting a market cap of nearly $10 billion and a large, loyal community. The market urgently needs a platform to meet the trading needs of Monero users.
This is practically the perfect target for Hyperliquid. After all, that's the very reason why a permissionless decentralized exchange exists.
Let me give you a brief background: Before I launched wagyu.xyz, it was incredibly difficult for ordinary people to buy Monero.
You can only complete the transaction through some dubious instant exchange websites, paying fees of up to 1% or more; or you can only turn to centralized exchanges, but these platforms often freeze your account directly because of your deposits or withdrawals of Monero.
Currently, most centralized exchanges have delisted Monero. Even Binance, the world's largest cryptocurrency exchange, announced the delisting of Monero last year, and other exchanges have followed suit.
I recognized its potential and created wagyu.xyz to make Monero trading simpler than ever before. Users can exchange any token (ETH, BTC, SOL, USDC) for my issued XMR1 tokens simply by depositing them on the Hyperliquid platform.
Once you hold XMR1 on the Hyperliquid platform, you can easily withdraw it to your Monero wallet with a single click via wagyu.xyz.
I created a short demo video explaining the entire process. This video quickly went viral, causing a huge stir in the Monero community.
Video link: https://x.com/PerpetualCow/status/2002112238044483642
My product is more convenient and easier to use than any similar tool on the market. After all, excellent products always win in the market.
Genuine Monero tokens are a treasure trove for users. The Monero community is ecstatic; they've never seen such a user-friendly tool that completely solves their trading pain points. In comparison, previous alternatives were utterly terrible.
Since then, Wagyu has enjoyed rapid growth. Within just two weeks of its launch, the platform's withdrawals exceeded $10 million, bringing over $20 million in new transaction volume to the Hyperliquid platform.
Since the platform launched, we have finally given more investors who previously had no access to Monero the opportunity to buy this token. When people can buy Monero without any worries and store it in cold wallets without fear of their accounts being frozen, the market will naturally see a continuous influx of buyers.
Today, users can easily buy or sell Monero in the millions of dollars using a time-weighted average price algorithm and securely deposit the tokens into their own wallets. The platform's order book liquidity is already very high, and it will only improve as the platform goes live; after all, we've only been running for two weeks.
Valued at $50 million in two weeks
In just two weeks since its launch, the Wagyu platform has generated $200,000 in revenue, with an annualized revenue of $5.2 million.
I launched a small funding round targeting members of the Hyperliquid community and friends I've made during the startup process. The company was valued at $50 million, corresponding to a P/E ratio of 10. The funding round was quickly snapped up, clearly demonstrating that many people recognized the project's enormous potential.
However, my steps will not stop here. The success of Monero is just the first step in my strategic plan.
I plan to develop wagyu.xyz into one of the top developer platforms in the Hyperliquid ecosystem and launch an incentive system to encourage users to provide liquidity and generate trading volume for the platform.
My goal is to develop Wagyu into a platform that can compete with other leading projects in the Hyperliquid ecosystem. We will focus on developing high-quality products that users truly need, are willing to trade, and hold.
Entrepreneurial Insights
This story teaches us a lesson: once you have an idea, just go and do it.
Go find the gaps in the market. There are still so many unmet needs in this world, waiting for you to discover and fulfill them.
We are in a golden age of entrepreneurship, and success is within reach. Don't follow the trend and make those cookie-cutter AI products; instead, create truly demanding, hardcore products.
