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 is in short supply, resulting in a divergence phenomenon in which Ethereum's price is rising 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 for Ethereum.

Image from Chabusi community members

At this awkward moment when BTC and altcoins are staring at each other, the Hyperliquid ecosystem is unique. Even the newly launched memecoin HYENA yesterday has pulled up to the point where 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 "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, blue-chip assets and new coins on Hyperliquid have also been favored by the market's top funds.

Blue-chip assets hit new highs

Although Hyperliquid has recently ushered in a liquidity boom, some leading assets in the Hyper ecosystem have seen an increase that exceeds the average, including PURR, HFUN, and JEFF in addition to HYPE.

PURR

PURR is a memecoin that Hyperliquid airdropped to early users. It has now become the strongest meme in PURR consensus. PURR is also regarded as the official mascot of Hyperliquid. Since December 11, it has risen by more than 200%, with a market value of 370 million.

PURR's K-line 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 reach new highs, with a 1500% increase in 10 days.

HFUN K-line chart

At the same time, according to the on-chain tracking of blogger Arthur, GCR bought $HYPE at $10, $PURR at $0.30, $JEFF at $19, and $HFUN at $39.

Dazzling listing effect

Hyperliquid and CEX have different rules for listing coins. Hyperliquid uses the rules of Dutch auctions. The starting price of a Dutch auction will start at a price higher than the market expectation, and then continue to reduce the price and trade at the first price accepted. Projects compete for the right to list on Hyperliquid through auctions. This Dutch auction listing mechanism has many advantages.

One is that the auction price of the ticker will continue to increase. For example, after SOLV is sold at $128,000, the next auction will start at a price higher than $128,000. Because if the 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 the market value of HYPE have quadrupled in 10 days, reaching new highs.

Secondly, such an auction mechanism will screen out higher-quality projects. In order to recover the cost of listing, the listing effect will be significantly enhanced.

For the latest auctioned tokens such as SOVRN and MON, it is worth noting that these tokens are not first launched on Hyperliquid, but have pools on other chains. After SOVRN completed the auction at 10:00 on December 14, the increase was more than 100%. Coincidentally, MON also saw a 50% increase 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 on the table?

What gameplay should you know to stay on the table?

Dealing: Preparations before entering

First, the troops have not moved, but the food and grass have gone first. If you are still a newbie who is new to Hyperliquid, you need to register an account and familiarize yourself with the trading mechanism of Hyperliquid.

Register an account

Go to the Hyperliquid official website and click "connect" to link your wallet. Then click "Deposit" in "Portfolio" and switch your wallet to the Arbitrum chain, then deposit the USDT/USDC in your wallet into Hyperliquid. Note that you need to keep a small amount of ETH for GAS.

Trade

You can trade after registering and depositing. 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 purchase of Hyper ecological 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, as well as 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 listing effect. Readers can learn about the detailed auction process through Hyperliquid's official auction website, and follow the latest listing auction dynamics through the Hyperliquid blockchain browser introduced later.

Bid: 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 Research

Before participating in the Hyperliquid ecosystem for trading, efficient investment research analysis is essential.

(1) 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 data dashboards will appear in the lower left corner.

At the same time, ASXN's official Twitter account @asxn_r will also continuously 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. The author personally thinks that ASXN's UI is very well made and it is also very smooth and comfortable to use.

Image source: ASXN

（2）Velo：Velo is also a data visualization dashboard website, but it can be used to query other data. It is not a vertical Hyperliquid-related data website. The author often uses it to compare the differences between Hyperliquid and CEX data.

Image source: Velo

（3）Hyperdash：Hyperdash is a trading analysis dashboard. Users can use Hyperdash to track transaction addresses with higher winning rates or returns in Hyperliquid, which is the smart money on Hyperliquid.

Image source: Hyperdash

(4) HypurrScan: HypurrScan is a Layer1 block browser on Hyperliquid. Users can query all first-hand data related to Hyperliquid through this browsing area.

Source: Hypurrscan

Trading Bot

After doing the investment research and analysis, we can start rushing!

(1) Hypurr Fun Bot: Hypurr Fun Bot is a Bot specifically used for Hyperliquid ecosystem transactions. 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 USDC in their Hyper accounts to the Bot, and the usage method is similar to the pump series bot.

However, it should be noted that the auction price of Hyperliquid's external market is ridiculously high now, and the most recent auction has reached 480,000 US dollars. The difficulty of listing internal market tokens will increase sharply in the future, and risks need to be considered when rushing to the internal market.

Image source: Hypurr Fun Bot

(2) Hypercopy: Hypercopy is a copy trading robot in Hyperliquid. Users can enter the address of Top Traders to choose to copy specific smart money.

Image source: Hypercopy

（3）PVP BOT：PVP BOT is a Telegram trading robot of Hyper ecosystem. After entering the Telegram group, it will synchronize the orders of other members in real time, and can conduct PVP battles within the group.

Information Dynamics

Hyperliquid News: If you want to follow the latest Hyperliquid information, such as the latest auction prices, timely information on the listing of coins, and rapid tracking of ecological 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!

Follow the card: The subsequent gameplay of the Hyper ecosystem

Finally, based on the present, look to the future. The spot on Hyperliquid has already soared. At present, the market value of the core package of Hyper series targets such as HYPE has reached 8 billion, PURR has reached nearly 400 million, and HFUN has also reached 250 million. If you think that the profit and loss ratio of running into the market now will be relatively limited even according to the valuation of Layer1, we can eat the body instead of the head.

Hyperliquid's opportunity for the body 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 dedicated to running perpetual contracts and spot order books. All high TPS native components can be implemented through L1. HyperEVM is an EVM-compatible chain that can support Ethereum's common tools and support 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 inevitably emerge. The following are some of the ecological projects summarized by the author:

HyperSwap: It is the native DEX of Hyperliquid EVM, and the test network is now online.

Kinetiq: An LSD project that provides liquidity pledge 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: It 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 the name of this project)

Hyperliquid Names: Hyperliquid ecological domain name project.

Felix Protocol: Hyperliquid ecological stablecoin project, you can use HYPE and mainstream assets to borrow feUSD.

Vegas GamebleFi: The first GamebleFi project that combines practicality and playability 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

How to do risk control in addition to FOMO?

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, centralization risk, which is often referred to as the "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, rather than taking over the currencies that are launched one after another, it is better to give yourself a chance to embrace the new ecology.

*This article does not involve any investment advice

Related information:

《Behind the sky-high market value of 6 billion US dollars, Hyperliquid attempts to reconstruct the listing pattern of the crypto industry》

《EVM has not yet been launched, how to evaluate the future of Hyperliquid? 》

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