Last Saturday, the token Farm, born from Hypurr Fun, saw its market cap soar to 20 million USD after being listed on the Hyperliquid spot market. As HYPE maintains a 'bulldozer' style of growth, Farm's success has attracted many users' attention to the Hypurr Fun ecosystem. As an order book DEX, Hyperliquid's listing differs from permissionless forms like Raydium; how does the pump-like platform Hypurr integrate with it? What are the specific rules and transaction processes behind it? Odaily will clarify and interpret these in this article.
Essential Knowledge: Hyperliquid Spot Token Auction
According to official documentation, HIP 1 is a token standard with a supply cap (FT) and is the form of most tokens in Hyperliquid. Within HIP 1 tokens, developers can define multiple parameters, the most critical of which include maximum supply, initial supply, and developer retention amount.
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The listing process for Hyperliquid involves a Dutch auction lasting 31 hours, during which the token deployment cost will linearly decrease from the initial price to 10,000 USDC (USD Coin) until a token is auctioned off and listed 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 instance, as of the last auction mentioned in this article, the winner was MON, with a winning bid of 487,936 USD, meaning the starting price for the next auction will be 975,873 USD and will continue to decrease over time.
The Pump of the Hyperliquid Ecosystem
In response to the Hyperliquid token auction mechanism, Hypurr Fun was born. This protocol essentially establishes a 'crowdfunding' platform where participating users invest funds and then compete for spots to list tokens on Hyperliquid (referred to as Spot Deployment in Hyperliquid terminology).
Token Information Query Platform
Through the web version, users can query Hypurr token information and trading conditions, including project introductions, token prices, market cap, trading volume, and other basic information.
New tokens can also be acquired through the Telegram channel, following the path: Hypurr official bot → Prelaunch market channel → Launch Alert sub-channel. This allows users to be informed of new tokens more instantaneously without refreshing the webpage.
Additionally, the Hyperliquid News account on the X platform also provides related information, but it is uncertain whether it is an officially supported account, so it is recommended to obtain information from there without conducting any trading operations through that account.
Trading Method
Currently, Hypurr Fun only supports purchases through the Telegram Bot. Upon entering the Bot, a pop-up message will provide the wallet address, and more information can be obtained through the Wallet module. Currently, only transfers from Hyperliquid L1 or Arbitrum for funding are supported, and it's important to note that only native USDC is supported (USDC.e is not supported).
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The process of purchasing tokens is somewhat unique; the most common way is to jump from the web version to the token channel, then navigate to the Trade interface through pinned messages (the author has not yet discovered a way to directly search for tokens from Telegram).
Image Source: Odaily Planet Daily
Another way to purchase is through the Telegram homepage using '/launches' (which can sort by trading volume or price) or '/chat'. The former is an official data filtering tool, allowing users to click and directly choose the purchase amount. The latter is a public chat channel where popular tokens can be discovered, and trading can also be done through a click-to-jump method.
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Personal Opinion: Primitive and Rising Period
Based on the author's subjective experience, Hypurr is still in its early stages and is on the rise, which may present more 'gold mining' opportunities.
The tools available are noticeably very incomplete, and cannot be compared to other mature pump-type ecosystems. Additionally, the information currently available is also lacking; for example, the rules for spot token listing (shown in the first image of this article) are very difficult to find in specific locations and information. Although multiple KOLs have mentioned the listing rules, no one has listed specific sources of information, and currently, only one image is visible.
In terms of popularity, Farm set the record for the highest listing fee at 180,000 USD at the time, while $SOVRN set a record of 260,000 USD yesterday, and as of today's article, MON has directly surpassed 480,000 USD, indicating an increasing level of interest.
[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Invest at your own risk.
This article is republished with permission from: (Foresight News)
Original Author: Nan Zhi, Odaily Planet Daily
The article 'Farm Token Market Value Soars! Introduction to Hypurr Fun Platform: Is the Next Wave of Profit Coming?' was first published in 'Crypto City'
