Written by: WOO
On November 29, the decentralized derivatives exchange Hyperliquid carried out an airdrop of $HYPE tokens. I originally thought it was just a simple way to increase trading volume to earn points and redeem token airdrops, but I didn’t expect that everything would be different from before.
After the token Hype was launched, it rose from US$2 to US$12 in one week, a 6-fold increase. The current market value is as high as US$4 billion, and the FDV has reached 12 billion, which is close to one-tenth of Solana.
In terms of airdrops, according to the Hype data dashboard produced by ASXN, each user can get an average of 2,881 $HYPE tokens. Calculated at $12 per token, the average airdrop value per person is more than $34,000.
In terms of products, even though tokens have been issued and the airdrop activity has ended, the TVL has reached 1.6 billion US dollars, and it is still the leader of all decentralized derivatives exchanges. The trading volume has also been rising day by day and has continuously set new highs, reaching the level of 8 billion US dollars per day!
What exactly did Hyperliquid do right to create a win-win situation for airdrops, coin prices, and products? What potential coins are worth exploring in the ecosystem? Let WOO X Research take you to find out.
Reference: DefiLlama
Why was Hyperliquid able to break through the siege?
Perp Dex is no longer a new narrative in the cryptocurrency circle. From the initial DYDX to the later GMX with Vault as its counterpart, all were outshined by Hyperliquid. What did Hyperliquid do right to stand out?
In line with the current market aesthetics: Hyperliquid did not seek VC financing, and founder Jeff even believed that it would be a "stain" if VCs held 50% of the token shares in the early stage. He believes that most projects take shortcuts: first obtain investment from market makers, and then attract trading volume through incentive programs, but he believes that this model cannot be sustained. Jeff's philosophy is exactly the same as the investors who turned to meme coins in this cycle: they essentially hate VC coins, and users are unwilling to take over for institutions. And now there is finally a "serious project" that does not rely on VC, but is more Crypto Native, and operates from the bottom up, which will naturally win the market's favor.
User experience: Hyperliquid is currently installed on Arbitrum. To trade in it, you only need to deposit stablecoins (USDT, USDC, USDC.e) directly on Arbitrum. After the deposit, you can perform operations. No Gas Fee is required for transactions, and deposits and withdrawals are simple. In addition, HLP allows users to not only play the role of traders, but also act as market makers. Although the LP counterparty form is the current mainstream Perp Dex melody, HLP allows users to freely choose market making strategies and even follow orders, which is more flexible in design.
Valuation pricing misalignment: Hyperliquid is currently regarded as Perp Dex, but their ambition is not limited to this. The vision is to become a basic platform for carrying financial activities, on which various DeFi and derivatives protocols can be built, that is, to build their own chain. Currently, Hyperliquid EVM has been launched on the test line, but the integration with other L1 states has not yet been completed. In market pricing, the valuation ceiling of Perp Dex and public chains is completely different. Obviously, the latter has a higher growth space, and Hyperliquid is smart not to simply position itself as Perp Dex, but as a public chain, so that the market has a higher valuation space for the period.
Another reason for the rise in $HYPE is that it cannot be bought on other exchanges and can only be traded on Hyperliquid, so it is also jokingly called a "stand-alone coin."
The Hyperliquid data dashboard produced by ASXN shows that the current demand for buying $HYPE tokens is much higher than selling. From the figure below, we can see that there are still many users who purchase HYPE through TWAP (time-sharing authorization), with a total purchase of up to US$5.6 million and a sales of only US$1.25 million.
In addition to the surge in $HYPE, what other ecological currencies in Hyperliquid are worthy of our attention?
Reference: https://data.asxn.xyz/dashboard/hype
Related concept tokens look for Alpha
How to select the coins that are strongly related to Hyperliquid from the vast sea of coins? We can refer to the coins in Spot -> Strict. There are only 11 coins in total, including $HYPE, and all of them are related to Hyperliquid.
The following is an introduction to the relevant currencies selected by WOO X Research:
Reference: app.hyperliquid.xy
PURR
Purr is an adorable cat and is the official mascot of Htperliquid. It is also an officially certified meme coin. It can be regarded as a leveraged token of $HYPE. Purr will be destroyed in every transaction, and currently about 0.33% of the total amount is destroyed.
Current coin price: 0.3
Market value: 181M
24-hour trading volume: 25M
Narrative angles: official memes, token destruction, and airdrop expectations
Reference: @Hyperintern
HFun
Hypurr.fun is a Telegram trading robot that can directly trade Hyperliquid-related tokens, and also includes functions such as new coin sniping and token deployment. Among them, 30% of the HFun token is allocated to $PURR holders, 30% is allocated to the creator of the token, and 40% is used as liquidity.
Recently, they also launched their own AI Agent - Schizo, which is positioned for currency issuance.
Current coin price: 39.5
Market value: 39M
24-hour trading volume: 1.6M
Narrative angles: trading, issuing coins, sniping robots
Reference: https://dexscreener.com/hyperliquid/0x929bdfee96b790d3ff9a6cb31e96147e
Jeff
The concept of Memecoin comes from Jeff, the founder of Hyperliquid, but it was not created by him, but was independently established by community members.
Current coin price: 23.3
Market value: 23.3M
24-hour trading volume: 1.7M
Narrative Perspective: Founder Meme
Reference: @JHyperliquid
