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

Background: Hyperliquid becomes the dominant force in Perp Dex

On November 29th, the decentralized derivative exchange Hyperliquid carried out the $HYPE Token Airdrop distribution. I originally thought it was just a matter of gaining points through wash trading and exchanging them for Token Airdrop. Unexpectedly, everything was different from before.

Token Hype after going online, pumped from $2 to $12 within a week, up to 6 times, the current Market Cap has reached $4 billion, and the FDV has reached as high as $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 worth over $34,000 per person based on a price of $12 per token.

In terms of products, even after the Token has been issued and the Airdrop campaign has ended, TVL has reached 1.6 billion U.S. dollars, still leading all decentralized derivative exchanges, and the volume is also increasing day by day, reaching a new high of 8 billion U.S. dollars in a single day!

What did Hyperliquid do to achieve a win-win situation for Airdrop, token price, and product? What potential currencies in the ecosystem are worth exploring? Let WOO X Research show you.

Reference: DefiLlama

Why can Hyperliquid break through the siege?

In the crypto world, Perp Dex is no longer a new narrative. From the initial DYDX to the later GMX, which uses Vault as the opponent's side, Hyperliquid has surpassed them. What has Hyperliquid done to stand out?

• Meets current market aesthetics: Hyperliquid did not seek VC financing, and founder Jeff even believes that allowing VCs to hold 50% of the 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 this model cannot be sustained. Jeff's philosophy is consistent with that of many investors in this cycle who have turned to meme coins: essentially hating VC coins, users are unwilling to dumb buy for institutions. And now, there is a rare "legitimate project" that does not rely on VCs, but is more Crypto Native and operates from the bottom up, which can naturally win 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 start trading without the need for Gas Fee. Deposits and withdrawals are simple. Additionally, with HLP, users can not only act as traders, but also as market makers. Although LP's counter-party format is already the mainstream trend in Perp Dex, HLP allows users to freely choose market-making strategies and even copy trades, making it more flexible in design.
• Valuation Pricing Misalignment: Hyperliquid is currently seen as Perp Dex, but their ambition goes beyond this. The vision is to become a foundational platform for carrying out financial activities, on which various Decentralized Finance and Derivatives protocols can be constructed, that is, to create their own chain. Currently, Hyperliquid EVM has been tested on the testnet, but integration with other L1 states has not been completed. In market pricing, the valuation ceiling of Perp Dex and public chains is completely different, evidently the latter has a higher growth space, and the smart thing about Hyperliquid is not positioning itself 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 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 of 5.6 million US dollars in purchases, while only 1.25 million US dollars in sales.

Besides $HYPE big pump, what other ecological currencies are worth following in Hyperliquid?

Reference:

Related concept Token find Alpha

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

The following are the coin introductions selected 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. It can be regarded as a leveraged version of $HYPE Token, and each transaction will destroy Purr. Currently, about 0.33% of the total supply has been destroyed.

• Current price: 0.3
• Market Cap: 181M
• 24-hour volume: 25M
• Narrative perspective: official meme, 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 functions such as new coin sniping and Token deployment. 30% of the Token HFun is allocated to $PURR holders, 30% is allocated to the Token creator, and 40% is used as Liquidity.

They have also recently 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

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

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

Reference: @JHyperliquid