Online copycats are languishing, and Hyper’s ecological landscape is unique. This article originates from an article written by Ray's New World, organized and compiled by Block Beats. (Preliminary summary: Analysis of this year’s most successful airdrop: How did Hyperliquid’s “product first, token later” detonate the market?) (Background supplement: A 180% surge in one week, and what did the on-chain perpetual contract exchange Hyperliquid do right?) As high-FDV projects such as Magic Eden and Movement were successively launched on major international exchanges, the market's currency listing rhythm showed a resonance similar to that in April this year. Often at this time, the market will have redundancy on the supply side, and the supply of copycats will exceed demand, leading to the phenomenon that the big pie Ether is reaching new highs while the copycats in CEX are languishing. These copycats that have been on CEX are expected to usher in a big boom. The "bear market" where the pie is worth $100,000. The picture comes from the Internet. At this embarrassing time when BTC and copycats are looking at each other, the Hyperliquid ecosystem has a unique scenery. Even yesterday’s newly launched memecoin HYENA has pulled the market to such an extent that it crashed the Hypurr Fun Bot. Hyper ecology is generally rising, and top funds are accelerating to enter the market. Just today, HYPE exceeded 28 US dollars. HYPE has gone out of the main rise with almost no retracement since it opened at US$6 on November 29, and has smoothly surpassed Layer 1 such as Fantom and Aptos, reaching the current circulating market value of approximately US$9 billion and FDV of US$27 billion, directly Breaking into the top 30 crypto assets by market capitalization. Image source: CoinGecko HYPE’s epic airdrop is the biggest turning point for the Hyperliquid ecosystem. Before TGE, although Hyperliquid also had a strong wealth creation effect, there was little discussion about the Hyper ecology in the Chinese area. Most people still simply classified Hyperliquid into PerpDEX such as dYdX; but after the airdrop was completed, the market was in HYPE" Attracted by the rise of "stand-alone currency", Hyperliquid has already realized the transformation from PerpDEX to a high-performance trading public chain in the public eye. This is also the reason why Hyperliquid’s valuation ceiling continues to increase (from DEX valuation logic to public chain valuation logic). In addition, the blue-chip assets and new coins launched on Hyperliquid have also been favored by top funds in the market. Blue-chip assets have repeatedly hit new highs. Although Hyperliquid as a whole has ushered in a liquidity spring recently, some of the leading assets in the Hyper ecosystem have experienced higher-than-average increases. In addition to HYPE, there are also underlying assets such as PURR, HFUN and JEFF. PURR PURR is a memecoin airdropped by Hyperliquid to early adopters. Now it has become one of the meme with the strongest consensus on PURR. PURR is also considered the official mascot of Hyperliquid. The increase has exceeded 200% since December 11, and the market value has reached 370 million. Chart of PURR HFUN Hypurr Fun is the fastest telegram trading bot on Hyperliquid and HFUN is the platform token of Hypurr Fun. The value was discovered after December 5th, and then it reached new highs, with an increase of 1500% in 10 days. HFUN's chart At the same time, according to blogger Arthur's on-chain tracking, GCR purchased $HYPE at $10, $PURR at $0.30, $JEFF at $19 and $39. Bought $HFUN. The eye-popping currency listing effect is different from CEX’s confusing currency listing rules. Hyperliquid uses Dutch auction rules. A Dutch auction starts with a higher price than the market expects, then lowers the price and sells at the first price that is accepted. The project team competes for the right to list the currency on Hyperliquid through an auction. This Dutch auction currency listing mechanism has many benefits. One is that the auction price of Ticker will continue to increase. For example, after SOLV is sold 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, there is a high probability that the auction will be completed immediately, which will encourage the starting price to continue to rise. Hyperliquid Listing Auction History This is indeed the case. After SOLV was sold at US$128,000, FARM was subsequently sold at an auction price of US$180,000, and MON was recently sold at a sky-high price of US$480,000. The auction price followed the same trend as HYPE's market value, quadrupling in 10 days, reaching new highs. Secondly, this auction mechanism will screen out higher quality projects. In order for the project team to recover the cost of currency listing, the currency listing effect will be significantly enhanced. The latest auction tokens such as SOVRN and MON are worth noting that these tokens were not first launched on Hyperliquid, but have pools on other chains. SOVRN increased by more than 100% after completing the auction at 10:00 on December 14. Coincidentally, MON also experienced a 50% increase after completing the coin auction at 14:00 on December 15. SOVRN and MON both experienced significant increases after the auction. The purchasing power of the market is rushing into the game, so how should we get on the poker table? What tricks should you know to stay at the poker table? Dealing cards: Preparations before entering the battlefield. First of all, before the soldiers and horses are moved, the food and grass go first. If you are still new to Hyperliquid, you need to register an account and become familiar with Hyperliquid’s trading mechanism. Register an account. Enter the Hyperliquid official website and click "connect" to connect the wallet. Then click "Deposit" in "Portfolio" and switch the wallet to the Arbitrum chain, and then deposit the USDT/USDC in the wallet into Hyperliquid. Note that you need to leave a small amount of ETH for GAS. Make a transaction After registering and depositing funds, you can start trading. Hyperliquid's main trading assets are divided into "Perp" (contract) and "Spot" (spot). For spot, you can choose "Strict" and "All". The Strict type of spot is mostly blue-chip assets in the Hyperliquid ecosystem, such as PURR, JEFF, HFUN, CATBAL, etc. It's worth noting that GCR also purchased these core assets. GCR address purchase of Hyper ecological blue-chip assets. If you are Degen enough, you can also participate in Hyperliquid's HLP. HLP allows all...