WOO X Research: The biggest Airdrop in 2024, what other currencies can participate in the Hyperliquid ecosystem?

What exactly did Hyperliquid do right to achieve a win-win situation for Airdrops, coin prices, and products? What potential currencies in the ecosystem are worth exploring?

Author: WOO

Background: Hyperliquid becomes the dominant player in Perp Dex.

On November 29th, Token Airdrop was distributed on the decentralized derivative exchange Hyperliquid. I originally thought it was just about earning points through wash trading and exchanging them for Token Airdrop, but it turned out to be different from before.

After Token Hype went online, it pumped from $2 to $12 within a week, reaching an all-time high of 6 times. The current market capitalization has reached $4 billion, and FDV has reached $12 billion, close to one-tenth of Solana’s.

In terms of Airdrop, according to the Hype data dashboard created by ASXN, the average user can receive 2881 $HYPE Tokens, calculated at $12 per token, with an average Airdrop value of over $34,000 per person.

In terms of product, even though Token has been distributed, Airdrop activity has ended, TVL has reached 1.6 billion US dollars, it is still the leader in all decentralized derivative exchange, and the volume is also increasing day by day, reaching a new high of 8 billion US dollars in a single day!

What exactly Hyperliquid has done to achieve a win-win situation for Airdrop, token price, and product, and what potential tokens in the ecosystem are worth exploring, let WOO X Research take everyone to find out.

Reference: DefiLlama

Why can Hyperliquid break through the encirclement?

In the crypto world, Perp Dex is not a new narrative. From the original DYDX to GMX, which later competed with Vault, Hyperliquid has surpassed them all. What did Hyperliquid do right to stand out?

Meeting today’s market aesthetic: Hyperliquid did not seek VC financing, and founder Jeff even considered it a ‘stain’ to let VCs hold 50% of the Token shares early on. He believes that most projects take shortcuts: first obtaining investment from market makers, and then attracting volume through reward tokenization, but he believes that this model cannot continue. Jeff’s philosophy is in line with the current trend of investors turning to meme coins: fundamentally disliking VC coins, users are not willing to engage in institutional dumb buying. Finally, there’s a ‘legitimate project’ that doesn’t rely on VCs, but is more Crypto Native and operates from the bottom up, naturally winning market favor.

User experience: Hyperliquid is currently deployed on Arbitrum. To trade on it, simply deposit Stable Coins (USDT, USDC, USDC.e) directly on Arbitrum, and you can start trading without any Gas Fee. Deposits and withdrawals are simple. In addition, HLP allows users to not only act as traders but also as market makers. Although LP counterparty format is already the mainstream in Perp Dex, HLP allows users to freely choose market-making strategies and even follow others’ trades, making it more flexible in design.

Valuation Pricing Mismatch: Hyperliquid is currently seen as a Perp Dex, but their ambition goes beyond that. Their vision is to become a foundational platform that carries out various Decentralized Finance and Derivatives protocols, in other words, to create their own chain. Currently, Hyperliquid EVM is live on the testnet, but integration with other L1 states is not yet complete. In terms of market pricing, the valuation cap of Perp Dex and public chains are completely different. Clearly, the latter has greater growth potential, and the clever aspect of Hyperliquid is that it does not simply position itself as a Perp Dex, but as a public chain, thereby creating a higher valuation space for the market.

Another reason for the $HYPE pump is that it cannot be bought on other exchanges and can only be traded on Hyperliquid, hence it is also jokingly referred to as “stand alone coin”.

And according to the Hyperliquid dashboard produced by ASXN, the current demand for buying $HYPE Token is far higher than selling. From the chart below, it can be seen that there are still many users purchasing HYPE through the TWAP (Time Weighted Average Price) method, with a total purchase of up to $5.6 million, while the selling amount is only $1.25 million.

Besides $HYPE big pump, which ecological coins in Hyperliquid are worth our follow?

Reference:

Related concept Token find ALPHA

Strict, including a total of only 11 coins, all of which are conceptually related to Hyperliquid.

The following is the introduction of the selected currencies by WOO X Research:

Reference: app.hyperliquid.xy

PURR

Purr’s image is a cute cat, the official mascot of Htperliquid, and also the official certified meme token, which can be regarded as a leveraged version of $HYPE Token, and each transaction will destroy Purr, currently about 0.33% of the total amount has been destroyed.

Current price: 0.3

Market Cap：181M

24-hour volume: 25M

Narrative perspective: official memes, Token burning, Airdrop expectations

Reference: @Hyperintern

HFun

Hypurr.fun is a Telegram trading bot that allows direct trading of Hyperliquid-related Tokens, as well as features like coin sniping and token deployment. Among them, 30% of the token HFun is allocated to $PURR holders, 30% is allocated to the token creator, and 40% is used for liquidity.

Recently, they also launched their own AI Agent - Schizo, positioned for use in issue coin.

Current price: 39.5

Market Cap：39M

24-hour volume: 1.6M

Narrative perspective: Trading, launch coin, sniper robot

Reference:

Jeff

The concept of Meme coin was founded by Jeff, the founder of Hyperliquid, but it was not created by himself, but was independently established by community members.

Current price: 23.3

Market Cap: 23.3M

24-hour volume: 1.7M

Narrative perspective: Founder meme

Reference: @JHyperliquid