WOO X Research: What other opportunities are there to participate in the Hyperliquid ecosystem, in addition to the largest Airdrop in 2024?

Background: Hyperliquid becomes the ruler of Perp Dex

On November 29th, the decentralized derivative exchange Hyperliquid conducted an Airdrop of $HYPE Tokens. 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 the launch of Token Hype, it pumped from $2 to $12 within a week, a whopping 6 times increase. The current market capitalization has reached $4 billion, with a FDV of $12 billion, close to one-tenth of Solana.

In terms of Airdrop, according to the Hype dashboard created by ASXN, each user can receive an average of 2881 $HYPE Tokens, which is valued at $12 per token. On average, each person receives an Airdrop worth over $34,000.

In terms of product, even after the Token has been distributed and the Airdrop activity has ended, the TVL has reached 1.6 billion US dollars, and it is still the leading decentralized derivatives exchange, with volume continuing to climb and reaching a new high of 8 billion US dollars in a single day!

Let's take a look at what Hyperliquid has done to achieve a win-win situation for Airdrop, coin price, and product, and which potential currencies are worth exploring in the ecosystem, with WOO X Research.

Reference: DefiLlama

Why can Hyperliquid break out of the encirclement?

In the crypto world, Perp Dex is no longer a new narrative. From the initial DYDX to the later GMX, which uses Vault as a counterparty, they were all surpassed by Hyperliquid. What did Hyperliquid do to stand out?

• Meets the current market aesthetic: Hyperliquid did not seek VC financing, and founder Jeff even believes that letting VCs hold 50% of token shares early on is a "stigma." He believes that most projects take shortcuts: first obtaining investment from market makers, and then attracting volume through reward calculations, but he believes that this model cannot be sustained. Jeff's philosophy is in line with the trend of investors turning to meme coins in this cycle: essentially disliking VC coins, users are unwilling to engage in institutional dumb buying. And now there is a rare "serious project" that does not rely on VCs, but is more Crypto Native, operating from the bottom up, and naturally winning market favor.
• User Experience: Hyperliquid is currently deployed on Arbitrum, where trading can be done by depositing Stable Coins (USDT, USDC, USDC.e) directly on Arbitrum. After depositing, operations can be performed without the need for Gas Fee, making deposits and withdrawals simple. In addition, HLP allows users to not only act as traders, but also as market makers. While LP's counterparty form is already the mainstream theme of current Perp Dex, HLP allows users to freely choose market-making strategies, and even follow trading signals, providing greater flexibility in design.
• Valuation Pricing Misalignment: Hyperliquid is currently seen as Perp Dex, but their ambition is not limited to this. Their vision is to become a foundational platform for carrying out financial activities, where various Decentralized Finance and Derivatives protocol can be built, in other words, to create their own chain. Currently, Hyperliquid EVM is online for testing, but integration with other L1 states has not been completed. In the market pricing, the valuation ceiling of Perp Dex and public chains are completely different, and evidently the latter has higher growth potential. The clever part of Hyperliquid lies in not positioning themselves purely as Perp Dex, but as a public chain, allowing the market to have a higher valuation space for the future.

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 far exceeds selling. From the following chart, 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 only $1.25 million has been sold.

In addition to $HYPE big pump, which ecological coins in Hyperliquid are worth our follow?

Reference:

Related concept Token find Alpha

How to choose the currencies closely related to Hyperliquid in the vast sea of ​​coins? We can refer to the currencies in Spot -> Strict, including $HYPE, there are only a total of 11 currencies, all of which are related to Hyperliquid.

The following are the selected currency introductions by WOO X Research:

Reference: app.hyperliquid.xy

PURR

Purr's image is a cute cat, the official mascot of Htperliquid, and also an officially certified meme token. It 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 token 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 such as coin sniping and Token deployment. Among them, 30% of Token HFun is allocated to $PURR holder, 30% is allocated to the creator of the Token, and 40% is used for Liquidity.

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

• Current price: 39.5
• Market Cap: 39M
• 24-hour volume: 1.6M
• Narrative perspective: trading, launch coin, sniper robot

Reference:

Jeff

Meme Coin, the concept was created by Jeff, the founder of Hyperliquid, but it was not created by me personally, but was established by community members autonomously.

• Current coin price: 23.3
• Market Cap: 23.3M
• 24-hour volume: 1.7M
• Narrative Perspective: Founder Meme

Reference: @JHyperliquid