Article source: Odaily Planet Daily
Original | Odaily Planet Daily
Author | Nan Zhi
Last Saturday, the token Farm, born from Hypurr Fun, surged to a market value of $20 million after being listed on the Hyperliquid spot market. As HYPE maintains a 'bulldozer' style of increase, Farm's success has attracted many users’ attention to the Hypurr Fun ecosystem. As an order book DEX, Hyperliquid's listing differs from the permissionless forms of Raydium. How does the pump.fun-like Hypurr combine with it? What are the specific rules and trading processes behind it? Odaily will clarify and interpret this in this article.
Essential knowledge: Hyperliquid spot token listing auction
According to official documentation, HIP1 is a token standard with a supply limit (FT) and is the form of most tokens in Hyperliquid. In HIP1 tokens, the Dev can define multiple parameters, with the most critical ones including maximum supply, initial supply, and Dev retention amount.
The listing process on Hyperliquid involves a continuous 31-hour Dutch auction. During this period, the token deployment fee will linearly decrease from the initial price to $10,000 stablecoin (USDC) until a token is auctioned and goes live on the Hyperliquid spot market. If the last auction fails, the initial price will revert to $10,000 stablecoin; otherwise, the starting price of the auction will be double the last price.
For example, as of the last auction at the time of publication, the winner was MON, with a bid price of $487,936, so the starting price for the next auction will be $975,873 and will continue to decrease over time.
Pump of the Hyperliquid ecosystem
In response to Hyperliquid's listing auction mechanism, Hypurr Fun was born. This protocol effectively establishes a 'crowdfunding' platform where participating users invest funds and compete for spots to list tokens on Hyperliquid (the term in Hyperliquid is Spot Deployment).
Token information query platform
Through the web version, you can query Hypurr token information and trading conditions, including project introduction, token price, market value, trading volume, and other basic information.
You can also obtain new tokens through the Telegram channel, following the path: Hypurr official bot → Prelaunch market channel → Launch Alert sub-channel. Through Telegram, you can more real-time know which new tokens have been added without refreshing the webpage.
In addition, there is an account called Hyperliquid News on the X platform that provides related information, but it is uncertain whether it is officially supported. Therefore, it is recommended to obtain information only from it and not to conduct any transactions through this account.
Trading methods
Currently, Hypurr Fun only supports purchases through the Telegram Bot. After entering the Bot, a pop-up message will provide the wallet address. More information can also be obtained through the Wallet module. Currently, it only supports deposits from Hyperliquid L1 or Arbitrum, and it is important to note that only native USDC deposits are supported (USDC.e is not supported).
The method of purchasing tokens is quite unique. The most common way is to jump to the token channel from the web version and then switch to the Trade interface through the pinned message (the author has not yet discovered a method to search for tokens directly from Telegram).
Another way to purchase is through the Telegram homepage's '/launches' (which can sort by trading volume or price) or the '/chat' option. The former is an official data filtering tool where you can directly select the purchase quantity. The latter is a public chat channel where popular tokens can be discovered, and transactions can also be made by clicking on links.
Personal opinion: Primitive period and rising period
Based on the author's subjective experience, Hypurr is still in its early stages and is continuously rising, so there may be many 'gold digging' opportunities.
In terms of tools, it is obviously very imperfect compared to other mature pump-type ecosystems. In addition, the information aspect is currently incomplete; for example, the rules for listing spot tokens (the first image in this article) are very difficult to find specific locations and information. Although several KOLs have mentioned these listing rules, no one has provided specific sources of information, and currently, only one image has been seen.
In terms of popularity, Farm set the highest record for listing fees at $180,000 at the time, while SOVRN set a record of $260,000 yesterday. Today, when this article is published, MON has directly surpassed $480,000, indicating that the popularity is increasing.
