Original | Odaily Planet Daily
Author | Nan Zhi
Last Saturday, the token Farm, born out of Hypurr Fun, surged to a market cap of $20 million after being listed on the Hyperliquid spot market. While HYPE maintained a 'bulldozer' style increase, the success of Farm attracted many users' attention to the Hypurr Fun ecosystem. As an order book-based DEX, Hyperliquid's token listing is different from the permissionless form of platforms like Raydium. How does Hypurr, a pump.fun-like platform, integrate 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 cap (FT) and is the form of most tokens in Hyperliquid. In HIP1 tokens, the developer can define multiple parameters, among which the most critical include maximum supply, initial supply, and developer retention quantity.
The token listing process on Hyperliquid is a Dutch auction that lasts for 31 hours, during which the deployment fee of the token will linearly decrease from the initial price to 10,000 USDC until a token is bid for and goes live on the Hyperliquid spot market. If the last auction fails, the initial price will revert to 10,000 USDC; otherwise, the starting price of the auction will be double the last price.
For example, as of the last auction mentioned in this article, the winner was MON, with a winning bid of $487,936. Therefore, the starting price for the next auction will be $975,873, and it will continue to decrease over time.
The Pump of the Hyperliquid ecosystem
In response to Hyperliquid's token listing auction mechanism, Hypurr Fun was born. This protocol essentially establishes a 'crowdfunding' platform where participating users invest funds and then compete for the spot token listing quota on Hyperliquid (referred to as Spot Deployment in Hyperliquid's terminology).
Token Information Query Platform
Through the web version, you can query Hypurr token information and trading status, including project summaries, token prices, market capitalization, trading volumes, and other basic information.
You can also obtain new tokens through the Telegram channel, with the path being Hypurr's official bot → Prelaunch market channel → Launch Alert sub-channel. Through Telegram, you can be more up-to-date on which new tokens have been added without needing to refresh the webpage.
Additionally, there is an account on platform X called Hyperliquid News that provides relevant information, but it is uncertain whether it is an officially supported account, so it is recommended to only obtain information from it and not conduct any trading operations through the account.
Trading Methods
Currently, Hypurr Fun only supports purchases through the Telegram Bot. After entering the Bot, a pop-up message will provide a wallet address, and more information can be obtained through the Wallet module. Currently, only transfers from Hyperliquid L1 or Arbitrum for recharge are supported, and it should be noted that only native USDC deposits are supported (USDC.e is not supported).
Purchasing tokens is quite unique. The most common method is to switch from the web version to the token channel, and then through the pinned message, you can navigate to the Trade interface (the author has not found a way to search for tokens directly from Telegram).
Another way to purchase is through the Telegram homepage's '/launches' (which can sort by optional trading volume or price) or '/chat'. The former is an official data filtering tool where you can directly select the purchase quantity after clicking. The latter is a public chat channel where you can discover popular tokens, and trades can similarly be executed by clicking.
Personal Opinion: Primitive Period and Rising Period
From the author's subjective experience, Hypurr is still in its early stages and is continuously rising, so there may be many 'gold mining' opportunities.
The tools aspect is noticeably very inadequate, and cannot be compared to other mature pump-type ecosystems. In addition, the information aspect is currently also incomplete, for example, the rules for spot token listings (the first image in this article) are very difficult to find specific locations and information for, although several KOLs have mentioned these listing rules, no one has listed specific information sources, and currently only a single image has been seen.
In terms of popularity, Farm set the highest record for listing fees at $180,000 at that time, while SOVRN set a record of $260,000 yesterday, and today when this article is published, MON directly broke through to $480,000, showing that popularity is increasingly rising.
