What projects on Hyperliquid, the dark horse of the bull market, are worth participating in?

Author: Arain, ChainCatcher

Editor: Nian Qing, ChainCatcher

In every bull market, a dark horse exchange emerges, and Hyperliquid seems to be the dark horse in this bull market.

Although it has not yet been listed on CEXs such as Binance and Coinbase, Hyperliquid's fully diluted valuation (FDV) has now reached US$27 billion, ranking among the top 30 crypto assets in market value. The performance of its HYPE token is even more eye-catching. The initial price of the initial token issuance TGE was set at US$3.9 per coin. Within a month, the price peak was close to US$35 per coin, making it a highly sought-after asset, causing many to be disappointed. investors broke their legs.

But if you miss Hyperliquid and Hyperliquid ecological projects, you might as well take a look at what projects on Hyperliquid are worth participating in.

Investment opportunities on Hyperliquid

To understand Hyperliquid, you still need to briefly understand what Hyperliquid is.

Hyperliquid is an innovative decentralized trading platform. Its goal can be understood as: the efficiency of CEX + the transparency of DEX.

Its specialized L1 blockchain is built for high-performance perpetual contract order book exchanges (universal chain), using the HyperBFT consensus algorithm to achieve low latency and high throughput, with margin and matching engine status fully on-chain to ensure Transaction efficiency and security. At the same time, Hyperliquid launched the HIP-1 and HIP-2 token standards. Among them, HIP-1 is a native token with built-in trading functions, which allows users to create fungible tokens that are directly linked to the spot order book on the chain; HIP-2 embeds liquidity during issuance, which means that liquidity is permanently tied to It is fixed on HIP-1 tokens to solve the liquidity problem from the beginning of issuance.

In addition, Hyperliquid is compatible with staking, has staking functions, and adheres to a self-funded, community-driven development model, adding to the appeal of its project.

Maximizing the utility and liquidity of the token, EVM compatibility and staking functions further enhance the attractiveness and competitiveness of the platform. In addition, Hyperliquid's community-driven and self-funding model allows it to focus more on technological innovation and user experience improvement, showing strong development potential and unique value.

Currently, there are mainly the following ideas for looking for opportunities on Hyperliquid:

1. New asset auction: Hyperliquid lists new assets by auctioning Ticket seats. There are many Tickets, but the assets that can be speculated are very limited. With the market's enthusiasm for HYPE, finding the next target for speculation has become the goal of investors.

2. Potential projects: In the Hyperliquid ecosystem, there are many potential projects worthy of attention. This is what we will focus on next.

3. NFT opportunities: For example, the NFT projects launched by Hyperliquid, such as Lilquid, have attracted the attention of many investors.

4. Liquidity mining: Liquidity mining is regarded as an important opportunity in Hyperliquid and its ecosystem.

5. Meme coins: In this bull market cycle, Meme exists as a main line, and Meme coins on Hyperliquid are also an opportunity, such as PURR.

6. Old asset shell: Similar to backdoor listing, it is currently only a possibility discussed by market participants to participate in it.

Which projects are worth participating in?

Next, we will focus on which projects on Hyperliquid are worth participating in. We will exclude some projects that are “old wine in new bottles”.

• BTC pledge protocol: Solv Protocol

A project very worthy of attention.

Solv is a decentralized Bitcoin staking protocol with good popularity. The project aims to unleash the full potential of the Bitcoin asset through a liquid consensus infrastructure. Solv provides Bitcoin holders with a gateway to BTCFi by solving the fragmentation of BTC assets, yield opportunities, and custody solutions. Powered by its staking abstraction layer, Solv introduces a unified framework that enables seamless interoperability between more than 15 platforms.

According to official disclosures, Solv has 25,000 BTC reserves and is currently the largest decentralized Bitcoin reserve provider.

Surprisingly, Solv recently announced their project’s highly anticipated TGE and native token $SOLV. Solv did not consider CEX as the preferred destination for listing $SOLV, choosing Hyperliquid instead.

A large part of Hyperliquid's current listed tokens are Memecoin, and the listing of $SOLV is worthy of attention. It can be said to be a significant move.

• Native decentralized lending protocol: HyperLend

HyperLend is the native lending protocol on Hyperliquid and the first decentralized lending platform on Hyperliquid's EVM without any official background.

The project automates the lending process through smart contracts, allowing users to borrow and lend assets without trusting a third party. Its operating mechanism is based on the over-collateralization model, where borrowers need to provide collateral in excess of the borrowed amount to ensure the safety of the loan. At the same time, the platform dynamically adjusts interest rates based on market supply and demand.

According to official website data, the product has nearly 110,000 users. In the future, HyperLend plans to expand its business to other areas such as options and spot margin trading on Hyperliquid DEX.

• Native domain name project: Hyperliquid Names

You can relate this project to something like the Ethereum domain name ENS. Hyperliquid Names is a protocol on the Hyperliquid EVM blockchain that allows users to issue, exchange and manage tokenized .hl names, serving as a bridge between human-readable names and cryptographic addresses.

Hyperliquid Names is the native domain name project of Hyperliquid. It will soon launch the domain name auction on Hyperliquid, and is currently preparing for the domain name auction - whitelist application.

Hyperliquid Names is currently live on the testnet. The gameplay can refer to the gameplay of Ethereum domain names. It is expected that domain names such as Jeff and xulian will become expensive domain names.

• Stablecoin Protocol: Felix

Felix is ​​a stablecoin protocol in the Hyperliquid ecosystem. It maintains the stability of the value of stablecoins by anchoring specific assets or a basket of assets, such as legal tender or other stable crypto assets. The algorithm and smart contract mechanism it uses can automatically adjust the supply of stablecoins according to market conditions to cope with price fluctuations. For example, when the price of a stablecoin is higher than the anchor value, the protocol will increase the supply of the stablecoin, causing its price to fall; conversely, when the price is lower than the anchor value, it will reduce the supply, thus raising the price.

Currently, the stablecoin protocol allows users to deposit collateral and borrow feUSD to earn income using the Felix vault.

The backer behind this agreement is the decentralized lending agreement Liquidity. According to data disclosed on the official website, the pool currently has nearly 2 billion US dollars in assets.

• Liquidity Staking Protocol: Thunderhead

Thunderhead is a liquid staking token issuance platform that helps the emerging blockchain ecosystem by providing so-called ecosystem-as-a-service. Now it provides liquidity staking services for multiple blockchain protocols and was selected by the Hyperliquid team to cooperate =.

Users can pledge their encrypted assets to the platform and obtain corresponding pledge income while maintaining the liquidity of the assets. Its working principle is that when users pledge assets, the platform will issue liquidity pledge tokens representing the pledged assets. These tokens can be traded, borrowed, or provide liquidity on other DeFi platforms, realizing the "secondary" nature of assets. times use”. For example, the liquid pledged tokens obtained by users after staking ETH can participate in liquidity mining on other platforms that support the tokens to obtain additional income.

• Liquidity Staking Protocol : Kinetiq

The project is the premier liquidity staking protocol on Hyperliquid and aims to leverage StakeHub as its operating system to establish kHYPE as a pioneer staking pool on Hyperliquid.

StakeHub is an autonomous validator scoring and staking protocol designed to be fully meritocratic from the ground up. This means there won’t be any backroom dealing, pre-selection, or bias against validators who receive $HYPE from Kinetiq.

Validators must continuously “earn income” and will receive $HYPE delegation rewards from Kinetiq if they meet or exceed StakeHub’s standards. If not, re-delegate the shares.

This is a new project, StakeHub v0.1 has just been launched. According to its dashboard data, there are currently approximately 95 million HYPE in the staking pool.

• First NFT on HyperLiquid : Liquina.hl

Liquina.hl is a project that combines AI, NFT and blockchain technology . It mainly launches an AI electronic chat with your girlfriend. The core of the project is that users can earn points by interacting with e-girlfriends, and users holding $LQNA tokens can also obtain more rewards in this way. In addition, E-Girlfriend has the ability to learn trading, conduct transactions on the Hyperliquid platform, and airdrop points based on the earnings earned.

Liquina.hl’s upcoming LQnians will contain 3,000 NFTs, of which 2,001 will be distributed via airdrop and 999 will be sold via auction.

• Native DEX: HyperSwap

The project has just started and is the first native DEX of Hyperliquid EVM. It has now been launched on the test network. Already partnered with Thunderhead.

• Stablecoin: Keiko Finance

The project is a permissionless lending protocol with dynamic interest rates and liquidation ratios deployed on Hyperliquid.

There, users can deposit Hyperliquid ecosystem assets and borrow the protocol’s native stablecoin, KEI, while adjusting their desired risk level and enjoying predictable interest rates.

Currently, the Keiko testnet is now online on Hyperliquid EVM, which is the last step before the protocol's mainnet deployment. Keiko is poised to become the pioneer native stablecoin in the Hyperliquid ecosystem.

• GameFi: Vegas GamebleFi

Vegas GamebleFi is the first GamebleFi on HyperLiquid to use a fairness proof system to combine practicality and gameplay. $VEGAS will be launched in July 2024. The goal of this project is to bring HyperLiquid

GambleFi function. Right now, the game is still in development.

• Trading robot: PVP Trade

PVP Trade is a Telegram-based trading robot designed to provide users with the convenience of contract and spot trading on the Hyperliquid exchange. Users can view and track each other's positions in the Telegram group and follow orders in real time. This social trading method allows users not only to trade independently, but also to interact with group members and share trading strategies.

The project is currently the only platform that allows users to short ERC-20 tokens, providing users with more trading strategy options. Short-selling mechanisms are relatively rare in the cryptocurrency market, and the transaction fees of PVP Trade are extremely low and almost negligible.

The project currently has airdrop expectations, and since users can earn points through transactions, many users are actively participating because these points will be used for the upcoming token airdrop. According to user discussions on X, there are a lot of whales bullish on it.

Conclusion

Hyperliquid is a dark horse that emerged this year. Many new applications are being built in full swing, and new projects are added almost every day. If you want to know more about Hyperliquid, you can log on to RootData's Hyperliquid ecological page to view: https://www. rootdata.com/en/EcosystemMap/list/335?n=Hyperliquid

For a more comprehensive view, you can view the official ecosystem database: https://www.hypurr.co/ecosystem-projects.