The project is still in its early and growth stages, presenting significant opportunities for profit.

Last Saturday, the token “Farm,” launched on Hypurr Fun, quickly saw its market cap surge to $20 million after being listed on Hyperliquid’s spot market. As the HYPE token continues its “bulldozer-like” rise, Farm’s success has drawn attention to the Hypurr Fun ecosystem. As an order-book-based DEX, Hyperliquid’s listing process is different from permissionless platforms like Raydium. How does a platform like Hypurr, similar to pump.fun, integrate with Hyperliquid? What are the specific rules and trading processes behind this? This article will break it down for you.

Essential Knowledge: Hyperliquid’s Dutch Auction for Token Listings

According to the official documentation, HIP 1 is a token standard with a supply cap (FT), and it represents the majority of tokens on Hyperliquid. Within HIP 1 tokens, developers can define several parameters, the most critical of which include the maximum supply, initial supply, and the developer’s retained amount.

Hyperliquid’s token listing process involves a 31-hour Dutch auction. During this period, the token deployment fee linearly decreases from the initial price to 10,000 USDC (a stablecoin) until a successful bid is made, and the token is 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 next auction will be double the previous one.

For example, as of the time of this article, the most recent auction winner was MON, with a winning bid of $487,936. The starting price for the next auction will be $975,873, and the price will continue to drop as time progresses.

Hyperliquid Ecosystem’s Pump

In response to Hyperliquid’s token listing auction mechanism, Hypurr Fun has emerged as a platform. This protocol essentially functions as a “crowdfunding” platform where users can invest funds to compete for spots in the Hyperliquid spot market listing (referred to as Spot Deployment in Hyperliquid terminology).

Token Information Query Platform

Through the web interface, users can query Hypurr token information and trading details, including project introductions, token prices, market cap, trading volume, and other basic statistics.

Additionally, new tokens can be accessed via the Telegram channel through the following path: Hypurr official bot → Prelaunch market channel → Launch Alert sub-channel. This provides real-time updates on new token listings, avoiding the need to refresh the webpage for updates.

Moreover, there is a platform account called Hyperliquid News on X (formerly Twitter) that provides relevant information. However, it’s unclear whether this account is officially supported, so it’s recommended to gather information from it but refrain from conducting transactions through this account.

Transaction Method

Currently, Hypurr Fun only supports purchases via the Telegram Bot. After entering the Bot, a message will pop up providing the wallet address, and additional information can be accessed through the Wallet module. The platform currently only supports deposits from Hyperliquid L1 or Arbitrum and only accepts native USDC deposits (USDC.e is not supported).

Purchasing tokens is somewhat unconventional. The most common method is to navigate from the web version to the token channel and then, via a pinned message, access the Trade interface (the author has not found a direct way to search for tokens through Telegram).

Another way is through the Telegram homepage’s “/launches” (which allows sorting by trading volume or price) or “/chat” to make purchases. The former is an official data filtering tool, where users can select purchase quantities directly. The latter is an open chat channel where popular tokens can be found, and purchases can be made by clicking the links provided.

Personal Opinion: Early and Growth Stages

Based on subjective experience, Hypurr is still in its early stages and in a continuous growth phase, so there may be considerable “gold rush” opportunities.

The tools available are incomplete and can’t be compared with other mature pump ecosystems. Additionally, the information is currently quite fragmented. For example, the listing rules for the spot market (shown in the first image of this article) are difficult to find, even though several KOLs have mentioned these rules, no one has listed the specific information sources. As of now, only one image has been found.

In terms of popularity, Farm set a record for the highest listing fee at $180,000. Then SOVRN broke this with a $260,000 record yesterday. As of today’s article publication, MON has surpassed $480,000, showing a continued rise in attention and activity.

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