We’ve decided to move away from central exchanges, where the focus is on extraction rather than building real value.
We believe there’s a better path and it's our duty to find it.
Today we've introduced Perma-staking; a way to align incentives between user/ holder/ and ecosystem, minus the smoke and mirrors.
It allows holders to lock their tokens, gain long-term exposure to the full WLTH enterprise as it grows, but still have the benefits of on chain sovereignty.
We hope you like it and we hope to wake up to a better industry ASAP.
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Unichain — Airdrop Guide 🦄
📊 raised: $188M
Backed by @Uniswap that already made an airdrop to rewards their early users
Step-by-step:
➖go to: https://t.co/myChOoROrf or https://t.co/qPE6dXBj3w
➖bridge to Unichain
➖say gm onchain: https://t.co/AKsx5vqp7N
➖deploy contract: https://t.co/mEPcsmFotI
➖explore Unichain ecosystem: https://t.co/PU1iCDYb6C
➖track your activity: https://t.co/6hpO6kM7aZ
Hyperliquid: HyperEVM Ecosystem Dive
*Join our Research Alpha Group for HyperEVM picks and new launch metas
DVM View: $HYPE is one of our top picks this cycle (since $13), as we expect $1.5b annualized revs driven by perps dominance, rapidly rising spot market share, newer fee model, and an evolving HyperEVM ecosystem. Lower absolute users (assume <10k/day using @liquidlaunchhl data) in HyperEVM suggest an asymmetric upside opportunity, as we expect rising network usage over time.
Broader $HYPE stats, which are well documented, are nothing short of impressive: 481K users; $3.3B in cumulative inflow & $3T (yes, a “T”) in cumulative volume; $3.4B in TVL; 80%+ Market share in Dex Preps; ~20% in total Preps (inc exchanges); Rising spot volume, accounting for 4% of its Prep vol (~$240m/day); and $820m in Annualized revs.
In this report, we explore the technology, Hype and HyperEVM ecosystems.
Founders and Technology
Led by @chameleon_jeff and Iliensinc, Harvard classmates. Yan, a former Hudson River Trading quant, is a 2013 International Physics Olympiad medalist. The self-funded team, with Caltech/MIT alumni from Citadel and Nuro, rejects VC funding to focus on users.
Hyperliquid’s architecture splits into HyperCore and HyperEVM, secured by HyperBFT.
- HyperBFT: HotStuff-inspired consensus with sub-second finality, supporting 200,000 orders/second. Latency is 0.2s (median) and 0.9s (99th percentile), rivaling CEXs.
- HyperCore: Manages on-chain perpetuals and spot order books with one-block finality, supporting 130 markets (USDC collateral) & majors like $BTC / $ETH
- HyperEVM: EVM-compatible layer for smart contracts, leveraging HyperCore’s liquidity. Developers access order books for lending/trading in Solidity. In alpha, it ensures stability for high-volume systems.
HyperCore vs. HyperEVM: HyperCore drives trading; HyperEVM enables DeFi. Both share HyperBFT, eliminating risks.
Flagship Product: Hyperliquid DEX
The Hyperliquid DEX, powered by HyperCore, offers on-chain spot and perpetuals trading:
- Performance: 200k orders/second, sub-second finality.
- Features: Gasless trading, user vaults for copy trading, protocol vaults for yield. Fees: 0.035% (market), 0.01% (limit), with taker fee hikes and maker fees for < $500M biweekly volume.
Innovations:
- HIP-1: Spot asset standard with Dutch auctions (~280 tokens/year).
- HIP-2: Blends AMM and order book liquidity.
- HIP-3: Builder-deployed perps and USDhl collateral (fiat-backed, $HYPE buybacks).
DeFi and Infrastructure Projects on HyperEVM
HyperEVM hosts innovative DeFi and infrastructure projects leveraging its liquidity and speed.
1. HyperLend (@hyperlendx) – $HPL -No Token
- What Is It: A decentralized lending protocol serving as Hyperliquid’s credit layer, offering efficient borrowing and lending.
- How It Works: Provides core pools (multi-token lending), E-mode (high LTV for correlated assets), and isolated pools. Supports flash loans and looping for leverage/yield. Integrates with L1 order book for liquidations.
- Founder Profile: @fbsloXBT, DeFi builders focused on efficiency.
- Recent Developments: $90M+ TVL, $23M borrowed, 6,300+ users. Added UBTC/UETH, E-mode, mobile PWA, 20% lower flash loan fees, open-source liquidator.
- Catalysts: Vaults, cross-chain bridging (LayerZero), HLP vault collateral ($220M TVL, 12% APR), precompile integration, points program.
2. Felix (@felixprotocol) – $FELIX -No Token
- What Is It: A lending/borrowing platform tailored for Hyperliquid traders, offering leverage and yield options.
- How It Works: Features CDP Market (mint feUSD for leverage) and Vanilla Markets (variable-rate lending of HYPE/USDC/USDT0/USDe). Supports margin trading, looping, stablecoin yield via Morpho Labs.
- Recent Developments: Launched Vanilla Markets with USDT0/USDe, offering 25x Ethena points for USDe. Supports HYPE/UBTC collateral for trading/LP.
- Catalysts: New collateral types, DEX integrations, Liquity BOLD incentives, potential $HYPE airdrops.
3. HyperSwap (@HyperSwapX) – $SWAP -No Token
- What Is It: The first native AMM DEX and liquidity hub on HyperEVM, facilitating token swaps and LP.
- How It Works: Supports full-range (Uniswap V2) and concentrated liquidity (Uniswap V3) with single-asset ZAP. Fees (0.3%) split: 60–84% LPs, 6–20% $xSWAP stakers, 6–12% buybacks. Points/referrals reward usage.
- Founder Profile: @CryptoPoulpe
- Recent Developments: New points season with 800,000 weekly points (from June 1, 2025). Added ecosystem pool multipliers, $xSWAP vesting (15 days–6 months).
- Catalysts: Dynamic fees, pool expansions, ecosystem integrations, $xSWAP buybacks, $HYPE airdrops.
4. LiquidLaunch (@LiquidLaunchHL) – $LIQD $58m mcap
- What Is It: A fair token launch platform and DEX aggregator optimizing trade execution on HyperEVM.
- How It Works: LiquidSwap routes trades across HyperEVM DEXs (KittenSwap/HyperSwap/Laminar) with 0.05% fees, 100% to $LIQD stakers in $HYPE. Supports ERC20 launches, smart routing, multi-hop trading.
- Founder Profile: @lordshisho and @JoshDev0, developer of high-performance DeFi solutions.
- Recent Developments: Generated $8,000 in $HYPE for stakers in 24 hours. LiquidLaunch V2 in development; weekly volume ~$250,000
- Catalysts: V2 launch, volume growth, $LIQD staking rewards, $HYPE airdrops.
5. LoopedHYPE (@Looped_HYPE) – $LOOP $3m mcap
- What Is It: An automated looping protocol maximizing $HYPE staking yield.
- How It Works: Users deposit HYPE/stHYPE for LHYPE, a liquid token. AutoLoop stakes HYPE up to 15x (3.7% APY) via lending protocols. LHYPE Stability Fund maintains peg; LoopDrops farms airdrops. $LOOP staking boosts points (3x).
- Founder Profile: @berlincrypto, yield optimization experts.
- Recent Developments: $55M TVL, $137M working capital. $LOOP launched; Phase-2 airdrop (75% complete, ends June 6, 2025, if TVL > $50M). Points live with retroactive allocation.
- Catalysts: $LOOP spot listing, analytics dashboard, referral system, LoopDrops, $HYPE season 3 airdrops.
6. Hyperbeat (@hyperbeat) – Token TBD
- What Is It: A liquidity engine scaling HyperEVM with vaults, borrowing, and staking.
- How It Works: Offers vaults for yield, borrowing (Morpho) with HYPE/stHYPE/UBTC collateral, and a node (HyperP2PBeatio). “Hearts” points (51M) track engagement. Supports BTC/ETH/SOL, treasury ops.
- Founder Profile: @HectoLiterHL, Early Hyperliquid users and Ethereum builders.
- Recent Developments: $98M TVL (from $85M), 12M Hearts distributed to 18,000+ users. Added cmETH/UETH markets, $hbUSDT yield display, Hyperfolio API progress.
- Catalysts: Native on-ramp, $XAUt vaults, builder codes, $HYPE airdrops, Hearts rewards.
7. Hyperunit (@unitxyz) – Token TBD
- What Is It: Hyperliquid’s asset tokenization layer for cross-chain transfers.
- How It Works: Enables BTC/ETH/SOL deposits/withdrawals to Hyperliquid’s spot market via a Guardian Network with MPC and t-of-n consensus. Supports 35% of spot volume.
- Founder Profile: @sershokunin, research collective from HRT/Jump/Fortress/IDF.
- Recent Developments: Integrated majors, enabling unified trading. UI and public API launched; guardians include Unit/Hyperliquid Labs
- Catalysts: Multi-chain support, asset expansions, $HYPE airdrops, API growth.
8. HyBridge (@HyBridgeHL) – $FUN No Token
- What Is It: A cross-chain bridge and swap solution for Hyperliquid.
- How It Works: Transfers assets from EVM/Solana to Hyperliquid with fiat on-ramps ($10 minimum). Fees (0.075% USDC, 0.5% HIP-1) fund $BRIDGE buybacks (50% burned). Points program rewards swaps.
- Founder Profile: @NMTD8, Focused on seamless asset transfers.
- Recent Developments: Season 3 points program live, supporting 33+ networks. Users earn double points; Seasons 1–2 allocated for $BRIDGE
- Catalysts: $BRIDGE launch, fiat adoption, network expansion, points rewards, $HYPE airdrops.
9. Hyperliquid Names (@hlnames) – Token N/A
- What Is It: A decentralized identity solution for HyperEVM, simplifying addresses.
- How It Works: Users register .hl names, secured by HyperBFT, for easy transactions. Integrates with LiquidScan for trading bot withdrawals.
- Recent Developments: Integrated with @LiquidScanHL for real-time DeFi tools
- Catalysts: dApp integrations, .hl adoption, $HYPE airdrops.
10. Hypurrfun (@Hypurrfun) – $HFUN $40m mcap
- What Is It: A Telegram trading bot and memecoin launchpad for Hyperliquid.
- How It Works: Enables memecoin trading/sniping with PnL tracking, whale chats, referrals (10% fees). Hpump premarket uses HYPE; 1% fees fund $HFUN buybacks.
- Founder Profile: @laurentzeimes
- Recent Developments: Hpump premarket shifted to HYPE, new frontend (https://t.co/EIWN6UwGET). Telegram trading for HpumpEVM planned.
- Catalysts: Telegram expansion, $HFUN buybacks, $HYPE airdrops
11. The Farm (@thefarmdotfun) – $FARM $6m mcap
- What Is It: An AI-powered game and token launchpad on Hyperliquid.
- How It Works: Players mint pixelated creatures, vote for “Ancestors,” and earn 5% $FARM airdrops. Supports fair launches, buybacks, burns.
- Founder Profile: @thefarmkeeper
- Recent Developments: Ongoing buybacks/burns, game enhancements, airdrops. $8.6M cap, 20% growth.
- Catalysts: Game expansions, airdrops, $FARM buybacks, $HYPE airdrops.
12. HyperlauncherAI (@hyperlauncherAI) – $LAUNCH $2.6m mcap
- What Is It: A launchpad for transforming ideas into HyperEVM products.
- How It Works: Provides tools/infrastructure for developers to deploy projects, leveraging Hyperliquid���s performance.
- Recent Developments: Onboarding new projects, boosting HyperEVM growth.
- Catalysts: Project launches, developer adoption, $HYPE airdrops, partnerships.
Notable Meme Projects
1. PURR – $PURR $130m mcap
- What is it: The OG. The native, and first spot launch, meme token of Hyperliquid. Remains only meme token launched by the team.
- Catalysts: High correlation to $HYPE ’s growth
2. Alright Buddy (@alrightbuddyHL) – $BUDDY $18m mcap
- What is it: inspired by social media interactions like ratios and KOL crashouts. It offers a relatable, humorous response to disagreements or bad takes, fostering a fun, inclusive movement.
- Catalysts: Partnerships and airdrops
Other Notable Projects
- Hyperdrivedefi : Stablecoin money market.
- HypurrFi : Leveraged lending marketplace.
- MorphoLabs : Bluechip lending.
- TimeswapLabs : Uniswap-style lending/borrowing.
- Sentimentxyz : Perps as collateral.
- KeikoFinance : Dynamic interest rates lending.
- Hyperstable : Native stablecoin.
- Ethena_labs : Stablecoin with lending rewards.
- USDT0_to : Tether stablecoin.
- ResolvLabs : Stablecoin.
- LambdaFinance : Bitcoin-backed stablecoin.
- KittenswapHype : ve(3,3) DEX.
- PurrSwap_ : DEX with mim-spell tech.
- Laminar_xyz : DEX/liquidity engine.
- Sunder_finance: ve(3,3) liquidity hub.
- GluexProtocol : Swap router.
- HanaNetwork : Mobile exchange.
- Stakedhype : Liquid staking.
- HyperFlash_hl : LST+MEV rewards.
- Harmonixfi: Yield optimization.
- Hyperpiexyz_io : Liquid staking.
- Kinetiq_xyz : Liquid staking.
- ValantisLabs : Liquid staking AMM.
- D2_Finance : Stablecoin/BTC/RWA strategies.
- Liminalmoney : Delta-neutral strategies.
- Mizulabs : Automated vaults.