Written by: Ray's New World
With Magic Eden, Movement and other high FDV projects listed on international first-tier exchanges, the market's coin listing rhythm has resonated with that in April this year. Often at this time, the market will have supply-side redundancy, and the supply of altcoins will be insufficient to meet demand, resulting in the divergence phenomenon that Ethereum's price continues to rise while the altcoins in CEX are sluggish. These altcoins that have been listed on CEX are expected to usher in a "bear market" of 100,000 US dollars for Ethereum.
The picture comes from the Internet
At this awkward moment when BTC and altcoins are staring at each other, the Hyperliquid ecosystem is doing very well. Even the newly launched memecoin HYENA has pulled up the price to the point where the Hypurr Fun Bot crashed.
Hyper ecosystem generally rises, and top funds accelerate entry
Just today, HYPE broke through $28. Since opening at $6 on November 29, HYPE has been on a major upward trend with almost no pullback, and has smoothly surpassed Layer1 such as Fantom and Aptos, reaching a current market capitalization of about $9 billion and a FDV of $27 billion, directly breaking into the top 30 of crypto asset 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-creating effect, there was little discussion about the Hyper ecosystem in the Chinese community, and most people still simply classified Hyperliquid as a PerpDEX like dYdX; but after the airdrop, the market was attracted by the rise of HYPE's "stand-alone coin", and Hyperliquid had already achieved the transformation from PerpDEX to a high-performance trading public chain in the public eye. This is also the reason why the valuation ceiling of Hyperliquid continues to rise (from DEX valuation logic to public chain valuation logic).
In addition, the blue-chip assets and newly launched coins on Hyperliquid have also been favored by the market's top funds.
Blue chip assets hit new highs
Although Hyperliquid as a whole has ushered in a liquidity spring recently, some leading assets in the Hyper ecosystem have seen increases that exceed the average, including PURR, HFUN, JEFF and other targets in addition to HYPE.
PURR
PURR is a memecoin that Hyperliquid airdropped to early users. It has now become the meme with the strongest PURR consensus. PURR is also regarded as the official mascot of Hyperliquid. Since December 11, it has risen by more than 200%, and its market value has reached 370 million.
PURR's chart
HFUN
Hypurr Fun is the fastest Telegram trading robot on Hyperliquid, and HFUN is the platform token of Hypurr Fun. It was discovered after December 5th, and then it continued to rise, with a 1500% increase in 10 days.
HFUN's chart
At the same time, according to blogger Arthur’s on-chain tracking, GCR bought $HYPE at $10, $PURR at $0.30, $JEFF at $19, and $HFUN at $39.
The astonishing effect of listing
Hyperliquid and CEX have different rules for listing coins. Hyperliquid uses the Dutch auction rules. The starting price of a Dutch auction will start at a price higher than the market expectation, and then the price will be continuously reduced and the transaction will be completed at the first price accepted. Project parties compete for the right to list coins on Hyperliquid through auctions. This Dutch auction listing mechanism has many advantages.
One is that the auction price of Ticker will be continuously raised. For example, after SOLV is sold at $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, it is likely to be sold immediately, so it will encourage the starting price to continue to rise.
Hyperliquid Coin Auction History
This is indeed the case. After SOLV was sold for $128,000, FARM was sold for $180,000, and MON was sold for $480,000 recently. The auction price and HYPE's market value trend have quadrupled in 10 days, reaching new highs.
Secondly, such an auction mechanism will screen out higher-quality projects. In order to recover the listing costs, the listing effect will be significantly enhanced.
The latest auctioned tokens such as SOVRN and MON are not worth noting. These tokens are not first launched on Hyperliquid, but have pools on other chains. SOVRN rose by more than 100% after the auction was completed at 10:00 on December 14. Coincidentally, MON also rose by 50% after the auction was completed at 14:00 on December 15.
SOVRN and MON both saw significant increases after the auction
The purchasing power of the market is rushing in, so how do we get to the table?
What tactics should you know to stay at the table?
Licensing: Preparation before entering the venue
First of all, if you are new to Hyperliquid, you need to register an account and familiarize yourself with the trading mechanism of Hyperliquid.
Register an account
After entering the Hyperliquid official website, click "connect" to link your wallet. Then click "Deposit" in "Portfolio" and switch your wallet to the Arbitrum chain, and then deposit the USDT/USDC in your wallet into Hyperliquid. Note that you need to keep a small amount of ETH for GAS.
Make a trade
After registration and deposit, you can start trading. Hyperliquid's main trading assets are divided into "Perp" (contract) and "Spot" (spot), among which spot can choose "Strict" and "All". Strict type spot is mostly blue chip assets in the Hyperliquid ecosystem, such as PURR, JEFF, HFUN, CATBAL, etc. It is worth noting that GCR also purchased these core assets.
GCR address purchases of Hyper ecosystem blue chip assets
If you have enough Degen, you can also participate in Hyperliquid's HLP. HLP allows all users to participate and provide liquidity for all assets listed on the exchange by depositing USDC. Participants can obtain part of the transaction fee income and make profits through HLP market making strategies.
View Tokens
In addition to the blue-chip assets that have skyrocketed, one of Hyperliquid's wealth-making myths comes from its coin listing effect. Readers can learn about the detailed auction process through Hyperliquid's official auction website, and follow the latest coin listing auction dynamics through the Hyperliquid blockchain browser introduced later.
Bidding: How to participate efficiently
Secondly, if you want to do your work well, you must first sharpen your tools. Just as playing Sol meme is inseparable from GMGN, we also need a series of tools to unlock the various ways to play in the Hyperliquid ecosystem.
Analysis and investment research
Before participating in transactions in the Hyperliquid ecosystem, efficient investment research and analysis is essential.
ASXN: ASXN is a data dashboard for the Hyperliquid ecosystem, similar to Dune in Hyperliquid. You can use ASXN to query relevant data, such as the latest auction token Ticker and price, trading volume share, and other information. After clicking on the website, a collection of Hyperliquid's data dashboards will appear in the lower left corner.
At the same time, ASXN's official Twitter account @asxn_r will also constantly update some key data about the Hyperliquid ecosystem. If you don't want to use ASXN directly to dig out information, you can also follow their official Twitter account. I personally think that ASXN's UI is very well made and it is very smooth and comfortable to use.
Image source: ASXN
Velo: Velo is also a data visualization dashboard website, but it can be used to query other data, not a vertical Hyperliquid-related data website. I often use it to compare the differences between Hyperliquid and CEX data.
Image source: Velo
Hyperdash: Hyperdash is a trading analysis dashboard. Users can use Hyperdash to track the transaction addresses with higher winning rates or returns in Hyperliquid, that is, the smart money on Hyperliquid.
Image source: Hyperdash
HypurrScan: HypurrScan is a Layer1 block explorer on Hyperliquid. Users can query all first-hand data related to Hyperliquid through this browsing area.
Image source: Hypurrscan
Trading Bot
After completing the investment research and analysis, we can start rushing!
Hypurr Fun Bot: Hypurr Fun Bot is a bot specifically used for trading in the Hyperliquid ecosystem. The Hyperliquid ecosystem is also divided into internal and external markets. The tokens that we can currently trade directly on Hyperliquid are external markets, and the listing of external market tokens requires auctions to compete for the right to list. Many tokens that are not directly listed on Hyperliquid can be traded through the internal market. Users only need to recharge the USDC in the Hyper account into the Bot, and the usage method is similar to the pump series bot.
However, it should be noted that the current auction price of Hyperliquid is ridiculously high, with the most recent auction reaching as high as $480,000. The difficulty of listing tokens on the domestic exchange will increase dramatically, so you need to consider the risks when rushing to the domestic exchange.
Image source: Hypurr Fun Bot
Hypercopy: Hypercopy is a copy trading robot in Hyperliquid. Users can enter the addresses of Top Traders to choose to copy specific smart money.
Image source: Hypercopy
PVP BOT: PVP BOT is a Telegram trading robot of Hyper ecosystem. After entering the Telegram group, it will synchronize the orders of members in real time and can conduct pvp battles within the group.
Information Dynamics
Hyperliquid News: If you want to keep up with the latest Hyperliquid information, such as the latest auction prices, timely listing information, and rapid tracking of ecosystem trends, following @HyperliquidNews is your best choice. This Twitter channel will push any information about the Hyperliquid ecosystem in a timely manner, which can be understood as Hyper's Blockbeats!
Following the Card: Subsequent Play of Hyper Ecosystem
Finally, let’s focus on the present and look to the future. The spot prices on Hyperliquid have already soared. Currently, the market value of the core Hyper series targets such as HYPE has reached 8 billion, PURR has reached nearly 400 million, and HFUN has reached 250 million. If you think that the profit and loss ratio of entering the market now will be relatively limited even according to the valuation of Layer1, we can eat the fish body instead of the fish head.
Hyperliquid's chance to catch fish also lies in the subsequent launch of "HyperEVM". Hyperliquid's technical architecture is very unique. Its stack consists of two chains, Hyperliquid L1 and HyperEVM (EVM). These two chains exist as a unified state under the same consensus mechanism (HyperBFT), but run in independent execution environments. Among them, Hyperliquid L1 is a high-performance transaction permission chain specifically designed to run perpetual contracts and spot order books. All high-TPS native components can be implemented through L1. HyperEVM is an EVM-compatible chain that supports Ethereum's common tools and supports developers to deploy smart contracts. Smart contracts deployed on HyperEVM can directly access perpetual contracts and spot on L1, etc. The specific launch time has not yet been determined.
Hyperliquid technical architecture diagram, picture from the Internet
When HyperEVM is launched, Hyperliquid will no longer be the current PerpDEX logic, but "application + trading platform". By then, various EVM applications and ecosystems will flourish, and newer financial gameplays around perp and HLP will continue to emerge. The following are some of the ecological projects summarized by the author:
- HyperSwap: It is a DEX native to Hyperliquid EVM and has now launched a testnet.
- Kinetiq: An LSD project that provides liquidity staking support for Hyperliquid.
- HyperLendX: This project is the first lending platform on Hyperliquid and has now launched a testnet.
- Keiko Finance: A permissionless lending protocol with dynamic interest rates and liquidation ratios.
- HyBridge: is a cross-chain application of HyperLiquid that can quickly and seamlessly bridge the EVM and SOL networks. (Note that there is no "per" in this project name)
- Hyperliquid Names: Hyperliquid ecosystem domain name project.
- Felix Protocol: A stablecoin project in the Hyperliquid ecosystem that allows users to borrow feUSD using HYPE and mainstream assets as collateral.
- Vegas GamebleFi: The first GamebleFi project to combine utility and gameplay using a proof-of-fairness system.
Due to the limited length of the article, readers can refer to the more detailed Hyperliquid tools and ecosystem panorama below for more in-depth research.
Hyperliquid ecosystem panorama, picture from the Internet
Apart from FOMO, how can we do risk control?
Although the Hyperliquid ecosystem is developing in full swing and is speeding up to achieve "catching up with SUI and surpassing SOL", Hyperliquid also has some potential risks. For example, the risk of centralization, which is often called "computer room chain". According to ASXN data, there are currently 76 validators in Hyperliquid, but only 23 are active, and the sorter is also relatively centralized, but this problem will gradually improve in the future. At the same time, HYPE has low circulation and high FDV. At present, the circulating market value of HYPE has reached about 9 billion US dollars, and the FDV has reached about 27 billion US dollars.
Nevertheless, instead of taking over the currencies that are launched one after another, it is better to give yourself a chance to embrace the new ecology.
