The next “on-chain casino” after Solana, Hyperliquid’s guide to bull gold mining
Reprinted from panewslab
12/17/2024·6MWritten by: Ray’s New World
As high-FDV projects such as Magic Eden and Movement were successively listed on major international exchanges, the market's currency listing rhythm showed a resonance similar to that in April this year. Often at this time, the market will have redundancy on the supply side, and the supply of copycats will exceed demand, leading to the phenomenon that the big pie Ether is reaching new highs while the copycats in CEX are languishing. These copycats that have been on CEX are expected to usher in a big boom. The "bear market" where the pie is worth $100,000.
Pictures come from the Internet
At this embarrassing time when BTC and copycats are looking at each other, the Hyperliquid ecosystem has a unique scenery. Even the newly launched memecoin HYENA yesterday has already pulled the market to such an extent that it caused the Hypurr Fun Bot to collapse.
Hyper ecology is generally rising, and leading funds are accelerating to
enter the market
Just today, HYPE broke through $28. Since HYPE opened at US$6 on November 29, it has experienced a main rise with almost no correction. It has smoothly surpassed Layer 1 such as Fantom and Aptos, and has reached a current circulating market value of approximately US$9 billion and an FDV of US$27 billion, directly breaking into the market. Ranked among the top 30 crypto assets by market capitalization.
Source: CoinGecko
HYPE’s epic airdrop is the biggest turning point for the Hyperliquid ecosystem. Before TGE, although Hyperliquid also had a strong wealth creation effect, there was little discussion about the Hyper ecology in the Chinese area. Most people still simply classified Hyperliquid into PerpDEX such as dYdX; but after the airdrop was completed, the market was in HYPE " Attracted by the rise of "stand-alone currency", Hyperliquid has already realized the transformation from PerpDEX to a high-performance trading public chain in the public eye. This is also the reason why Hyperliquid’s valuation ceiling continues to increase (from DEX valuation logic to public chain valuation logic).
In addition, the blue-chip assets and new coins launched on Hyperliquid have also been favored by the top funds in the market.
Blue-chip assets hit record highs
Although Hyperliquid has ushered in a liquidity spring as a whole recently, some of the leading assets in the Hyper ecosystem have experienced higher than average increases. In addition to HYPE, there are also underlying assets such as PURR, HFUN and JEFF.
PURR
PURR is a memecoin airdropped to early users by Hyperliquid. Now it has become one of the memes with the strongest consensus on PURR. PURR is also considered the official mascot of Hyperliquid. The increase has exceeded 200% since December 11, and the market value has reached 370 million.
PURR’s Chart
HFUN
Hypurr Fun is the fastest telegram trading bot on Hyperliquid, and HFUN is Hypurr Fun’s platform token. The value was discovered after December 5th, and then it went all the way to new highs, with an increase of 1500% in 10 days.
Chart of HFUN
At the same time, according to blogger Arthur's on-chain tracking, GCR purchased $HYPE at $10, $PURR at $0.30, $JEFF at $19, and $HFUN at $39.
Eye-popping currency listing effect
Hyperliquid is different from CEX's confusing currency listing rules. Hyperliquid uses Dutch auction rules. A Dutch auction starts with a higher price than the market expects, then lowers the price and sells at the first price that is accepted. Project parties compete for the right to list currencies on Hyperliquid through an auction. This Dutch auction currency listing mechanism has many benefits.
One is that the auction price of Ticker will continue to increase. For example, after SOLV is sold for US$128,000, the next auction will start at a price higher than US$128,000. Because if the starting price is lower than the previous price, there is a high probability that the auction will be completed immediately, which will encourage the starting price to continue to rise.
Hyperliquid coin auction history
This is indeed the case. After SOLV was sold at US$128,000, FARM was subsequently sold at an auction price of US$180,000, and MON was recently sold at a sky-high price of US$480,000. The auction price followed the same trend as HYPE's market value, which quadrupled in 10 days, reaching new highs.
Secondly, such an auction mechanism will screen out higher quality projects. In order for the project side to recover the cost of listing, the effect of listing will be significantly enhanced.
The latest auctioned tokens such as SOVRN and MON are worth noting that these tokens were not first launched on Hyperliquid, but have pools on other chains. After SOVRN completed the auction at 10:00 on December 14, the price rose by more than 100%. Coincidentally, MON also experienced a 50% increase after completing the currency auction at 14:00 on December 15.
SOVRN and MON both experienced significant increases after the auction.
The purchasing power of the market is rushing into the game, so how should we get on the poker table?
What tricks should you know to stay at the poker table?
Dealing cards: Preparations before entry
First of all, before the soldiers and horses move, food and grass go first. If you are still new to Hyperliquid, you need to register an account and become familiar with Hyperliquid's trading mechanism.
Register an account
After entering the Hyperliquid official website, click "connect" to link the wallet. Then click "Deposit" in "Portfolio" and switch the wallet to the Arbitrum chain, and then deposit the USDT/USDC in the wallet into Hyperliquid. Note that you need to leave a small amount of ETH for GAS.
Make a transaction
You can trade after registering and depositing money. Hyperliquid's main trading assets are divided into "Perp" (contract) and "Spot" (spot). For spot, you can choose "Strict" and "All". Strict type spot is mostly blue-chip assets in the Hyperliquid ecosystem, such as PURR and 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 are Degen enough, you can also participate in Hyperliquid's HLP. HLP allows all users to participate by depositing USDC to provide liquidity for all assets listed on the exchange. Participants can obtain part of the transaction fee income and make profits through the HLP market making strategy.
View tokens
In addition to the skyrocketing blue-chip assets, one of Hyperliquid’s wealth-making myths comes from its currency listing effect. Readers can learn about the detailed auction process through Hyperliquid's official auction website, and follow the latest currency auction dynamics through the Hyperliquid blockchain browser introduced later.
Bidding: How to Participate Effectively
Secondly, if a worker wants to do his job well, he must first sharpen his tools. Just as GMGN is indispensable for playing Sol meme, we also need the help of a series of tools to unlock the various ways of playing the Hyperliquid ecosystem.
Analyze investment research
Before participating in transactions in the Hyperliquid ecosystem, efficient investment research analysis is essential.
ASXN: ASXN is a data dashboard for the Hyperliquid ecosystem, similar to Dune in Hyperliquid. Relevant data can be queried through ASXN, such as the recently auctioned token ticker and price, transaction volume ratio and other information. After clicking on the website, a collection of Hyperliquid's data dashboards will appear in the lower left corner.
At the same time, ASXN's official Twitter account @asxn_r will continue to update some key data about the Hyperliquid ecosystem. If you don't want to use ASXN directly to dig up information, you can also follow their official tweets. The author personally thinks that the UI of ASXN is very well done and is very smooth and comfortable to use.
Image source: ASXN
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.
Source: Velo
Hyperdash: Hyperdash is a transaction analysis dashboard. Users can follow Hyperdash to track trading addresses with higher winning rates or yields in Hyperliquid, which are the smart money on Hyperliquid.
Image source: Hyperdash
HypurrScan: HypurrScan is a Layer1 block browser on Hyperliquid. Users can query all primary data related to Hyperliquid through this browsing area.
 Image source: Hypurrscan
Trading Bot
After completing the investment research analysis, we can start to rush!
Hypurr Fun Bot: Hypurr Fun Bot is a Bot specially used for Hyperliquid ecological transactions. The Hyperliquid ecosystem is also divided into internal and external disks. The tokens we can currently trade directly on Hyperliquid are external tokens. The listing of external tokens requires an auction to compete for the right to be listed. Many tokens that are not directly listed on Hyperliquid can be traded through internal trading. Users only need to recharge the USDC in the Hyper account into the Bot. The usage method is similar to that of the pump series bots.
However, it should be noted that the auction price of Hyperliquid external disk is now ridiculously high. The latest auction has reached as high as 480,000 US dollars. The difficulty of listing tokens in the internal market will increase sharply in the future, and you need to consider the risks when trading against the internal market.
Image source: Hypurr Fun Bot
Hypercopy: Hypercopy is a copy trading robot in Hyperliquid. Users can enter the address of Top Traders to choose a specific smart money to copy.
Image source: Hypercopy
PVP BOT: PVP BOT is a Hyper ecological Telegram trading robot. After entering the Telegram group, it will synchronize members' orders in real time, and you can conduct pvp battles within the group.
Information updates
Hyperliquid News: If you want to keep up with the latest Hyperliquid information, such as knowing the latest auction prices, promptly understanding currency listing information, and quickly tracking ecological trends, following @HyperliquidNews is your best choice. This Twitter channel will promptly push any information about the Hyperliquid ecosystem, which can be understood as Hyper's Blockbeats!
Follow the Card: The follow-up gameplay of Hyper Ecosystem
Finally, base yourself on the present and look to the future. The spot prices on Hyperliquid have skyrocketed. Currently, the market value of the core Hyperliquid benchmarks such as HYPE has reached 8 billion, PURR has reached nearly 400 million, and HFUN has also reached 250 million. If we feel that even according to the valuation of Layer 1, the room for profit and loss ratio of running entry will be relatively limited, we can eat the fish body instead of the head.
Hyperliquid’s opportunity 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). The 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 chain specially designed to run high-performance trading permissions such as perpetual contracts and spot order books. All high TPS native components can be implemented through L1. HyperEVM is an EVM-compatible chain that supports common tools in Ethereum and supports developers in deploying smart contracts. Smart contracts deployed on HyperEVM can directly access perpetual contracts and spot on L1. The specific launch time has not yet been determined.
Hyperliquid technical architecture diagram, pictures from the Internet
When HyperEVM goes online, Hyperliquid will no longer be the logic of PerpDEX now, but will be "application + trading platform". By then, various EVM applications and ecosystems will flourish, and newer financial gameplay around perp and HLP will inevitably emerge. The following are some ecological projects summarized by the author:
- HyperSwap: It is the native DEX of Hyperliquid EVM and has now been launched on the test network.
- Kinetiq: an LSD project that provides liquidity staking support for Hyperliquid.
- HyperLendX: This project is the first lending platform on Hyperliquid and has now launched the test network.
- 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 this project name)
- 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 to combine utility and gameplay using a proof-of-fairness system.
Due to the limited length of the article, readers can refer to the more detailed Hyperliquid tools and ecological panorama compiled below for more in-depth research.
Hyperliquid ecological panorama, pictures from the Internet
Apart from FOMO, how to control risks?
Although the Hyperliquid ecological development is in full swing and is accelerating to achieve "catching up with SUI and surpassing SOL", Hyperliquid also has some potential risks. For example, the risk of centralization is often referred to as the "computer room chain". According to ASXN data, there are currently 76 Hyperliquid validators, but only 23 are active, and the orderer is 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, while that of FDV has reached about 27 billion US dollars.
Nonetheless, rather than trying to accept the emerging currencies one after another, it is better to give yourself a chance to embrace the new ecology.
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