Max Imum Voltaage

Onchain research & farming.
NXT is now

[Max Imum Voltaage @maxdexspecs]

@PointsOTC @Rijk__ @Pasta_Capital @0xBobdbldr Best of luck!

[Max Imum Voltaage @maxdexspecs]

@Web3VibesB 2:1 arg/aut

[Max Imum Voltaage @maxdexspecs]

@ResolvCore RLP should get more

[Arbitrum @arbitrum]

Since launching in early 2025 on the Arbitrum Platform, @variational_io has grown into one of the largest perps platforms in crypto with over $220B in cumulative trading volume.

It’s been exciting supporting the team along their journey to build one of the best perps products in crypto from the ground up.

Now they’re expanding into gold, silver, copper, and oil markets onchain - a glimpse into where programmable markets are headed.

Congrats on the raise!

[dimalol @DfxoqEth]

Perp DEX fees leaderboard is getting interesting 👀

@grvt_io - $66 M
@Ostium - $59.5 M
@pacifica_fi - $35 M
@extendedapp - $24.2 M
@StandX_Official - $17 M
@nadoHQ - $13.9 M
@gmtrade_xyz - $5.65 M
@VestExchange - $5.3 M
@reya_xyz - $3.42 M
@hibachi_xyz - $3.1 M
@etherealdex - $2.72 M
@DecibelTrade - $1.09M
@dango - $1.63M
@01Exchange - $620k
@tradehotstuff - $170k
@risextrade - $150k

Perps narrative isn’t slowing down — liquidity keeps consolidating at the top. Who breaks in next?

[Aerodrome @AerodromeFi]

302K AERO Buyback ✈️

The Aerodrome PGF has acquired and max-locked 302K
$AERO as part of its programmatic market-aware buyback model.

23M+ $AERO has been bought back and locked this year via the PGF, Flight School, and Relay and other efforts.

[Usopp @Usoppu]

Top 10 biggest airdrop distributions in crypto history :

1. Hyperliquid: $18.38 Billion
2. Uniswap: $6.43 Billion
3. Apecoin: $3.54 Billion
4. dYdX: $2.08 Billion
5. Jupiter: $2.00 Billion
6. Arbitrum: $1.97 Billion
7. ENS: $1.88 Billion
8. Internet Computer: $1.74 Billion
9. Bonk: $1.33 Billion
10. Starknet: $1.29 Billion

Values calculated using total tokens airdropped multiplied by each asset's absolute ATH price

[Stacy Muur @stacy_muur]

10 emerging Hyperliquid-native protocols I'm paying attention to ↓

1. @monetrix_xyz: YieldMaxxing on Hyperliquid. A single stablecoin that pulls together funding rates, HLP, maker rebates, and HIP-3 into one onchain yield, powered by Portfolio Margin. Think the Hyperliquid-native Ethena.

2. @rosetta_hl: An automated yield router for stablecoins on Hyperliquid. Deposit USDC and it moves your money across Felix, Hyperlend, Morpho, Aave, and HLP every block to wherever the rate is highest, after gas and slippage.

3. @papertrade_xyz: A fair-launched perps protocol on Hyperliquid offering up to 1000x leverage with no funding rates and no slippage. Trades execute against a price feed instead of an orderbook, fully onchain.

4. @altdotfun: A launchpad on Hyperliquid where every token is paired with a leveraged perp position (2x, 3x, or 5x long or short on any HL market). The token moves both from trading activity and from the underlying perp itself.

5. @ventuals: Pre-IPO perps on Hyperliquid. Take long or short positions on private company valuations like OpenAI, SpaceX, and Stripe with up to 10x leverage, built on HIP-3.

6. @liminalmoney: A delta-neutral yield protocol on Hyperliquid. Deposit stablecoins, capture funding rates through automated short positions, and use the resulting xTokens (xBTC, xETH, xHYPE) as collateral across DeFi.

7. @Meltfinance: Brings tokenized stocks, commodities, and equities onto Hyperliquid as spot markets. You trade real-world assets on the same orderbook you trade BTC, 24/7, from your own wallet.

8. @ChainSight_: An oracle and data infrastructure protocol on Hyperliquid. Builds modular pipelines for price feeds, volatility indices, and risk metrics with sub-3 second latency, powering new derivative products on HL.

9. @ripdotxyz: Tokenized vault strategies on HyperEVM. Flagship rHYPURR gives you liquid, fractional exposure to a managed basket of Hypurr NFTs through ERC-4626 shares, priced hourly by NAV and backed by WHYPE.

10. @Markets_xyz: A perps exchange on Hyperliquid from the Kinetiq team. Trade equities, FX, commodities, bonds, and crypto perps 24/7 with up to 50x leverage, all USDH-margined and priced by Kaiko's institutional oracle.

Hyperliquid is moving beyond perps to become the full onchain financial stack. These are the primitives shipping real yield, liquidity, and new products natively.

What did I miss?

[HypurrFi @HypurrFi]

Euler Finance Takes Over HypurrFi Mewler Markets, HypurrFi Winding Down

@EulerFinance is taking over the maintenance and operation of the Euler contract stack known as Mewler on Hyperliquid EVM. HypurrFi is engaged in a clean handoff of infrastructure to Euler. Clearstar Labs remains as the risk curator for Prime, Yield, and Earn vaults. The HypurrFi Scale and Pooled Markets will be deprecated in an orderly wind down over the next several weeks.

HypurrFi Positions are Safe and Operational

All HypurrFi Markets remain solvent and operational. There is no security breach, and there are no parameter changes to the Euler markets. Most Pooled assets have had new lend and borrow frozen, but HYPE, USDC, and USDT0 remain available to lend as borrowers unwind their positions. The Euler isolated lending architecture on HyperEVM is not going anywhere. It is a powerful home for derivatives lending on Hyperliquid, and it will continue under Euler and Clearstar Labs stewardship.

Your deposits, your positions, your collateral are all intact.

What is happening

- Euler Finance will be the front-end home for Prime, Yield, and future markets on HyperEVM.
- Clearstar Labs continues as risk curator building efficient, risk isolated markets on Euler
- The HypurrFi brand will be retired
- The Pooled Market has been adjusted to prevent more debt from being issued, HYPE/USDC/USDT0 remain available for supply to give borrowers time to repay, the remaining markets have been frozen for new borrow and lend
- USDXL rates have been set at 30% to incentivize repayment long before market closure
- HypurrFi Support remains available until May 28th, after which Discord will be closed
- A migration tool to help you move from Pooled to Euler Markets has been added to the UI in the Pooled Dashboard
- Hyperliquid support will be added to the Euler UI over the coming days
- Hyperscan .com will continue to be available, we are working with Enigma to keep it running and expand its capabilities as a testnet explorer
- The HypurrFi Card and HypurrFi Points have been discontinued

Why-purrFi?

Building on Hyperliquid EVM from day one was the right call. The markets we built, the infrastructure we shipped, and the contributions to the ecosystem were real. But the right next step for these markets is under the Euler brand and infrastructure with Clearstar Labs continuing risk curation.

We hope the contributions to the early days of Hyperliquid EVM market infrastructure, chain support, and community guidance and growth was valuable in its own right. We look forward to being active users and contributors in the Hyperliquid ecosystem going forward, independent of the HypurrFi brand.

Pooled Market Migration to Euler Prime and Yield

The Pooled market is closing. New borrowing has been suspended. Lending caps will be reduced over the coming weeks and months to encourage repayment and an orderly unwind.

There is no security breach. No exploit. No emergency. This is a deliberate operational decision.

Why Pooled is closing

Pooled served its purpose in the early days of Hyperliquid EVM. It launched under a different set of parameters than other pooled lending models onchain, and it worked for bootstrapping initial liquidity. But it carries significant operational and security overhead, and new borrower demand on HyperEVM has consistently favored the Euler markets for derivatives.

Euler Prime and Yield offer modular, isolated lending with transparent risk and yield models per market. That's where new activity is, and that's the architecture worth consolidating around.

What to expect

- This is a weeks-to-months process, not overnight
- New borrows in Pooled are suspended
- Lending caps will be reduced gradually to encourage repayment
- Lend and borrow rates in Pooled may be volatile during this period as lenders withdraw and borrowers repay
- Market parameters for fees, kink rates, and caps will tighten over time to keep the migration moving until a full wind down and settlement of the Legacy and Pooled markets July 15th, 2026.

How to migrate

A migration wizard has been built into the HypurrFi UI. It walks you through moving your position from Pooled/Legacy to the Euler Prime or Yield market that fits your risk profile. HypurrFi Team support is available to support education around Euler positions and markets.

**Lenders:** Withdraw from Pooled, deposit into a Prime or Yield market.
**Borrowers:** Repay your Pooled position, migrate collateral to Prime or Yield, reopen your borrow in Prime or Yield if you still want the exposure.

Rates during transition

Expect rate volatility. As lenders pull liquidity from Pooled, utilization will increase, and borrow rates will climb. This is intentional. Rising rates incentivize repayment and accelerate the migration. If you're a borrower in Pooled, moving sooner means better rates.

USDXL

USDXL is a collateralized debt token minted from Pooled, so it also needs to be repaid. However, USDXL is a hybrid backed CDP, so there is additional backing USDT0 available for redemptions to cover USDXL in the market not covered by debt positions. USDXL debt repayment and USDT0 backing fully overcollateralizes the existing supply of USDXL. Simplified: there is more backing in the market than USDXL, so redemptions via debt repayment and USDT0 will smooth this transition.

If you have an open USDXL borrow position, repay it. If you hold USDXL and want to redeem for USDT0, use the USDXL page on the HypurrFi app.

Mewing

Thank you for giving HypurrFi an honest try. Please join the community Telegram for discussion around this process, and file a ticket in Discord if you require additional assistance.

Please be wary of security measures in this time. Scammers will try to attack you as impersonators and fake links. Only use official links posted form official sources, and chat with support only in Discord support tickets. Your security is of utmost importance in this transition.

And finally,

Hyperliquid.

[Aerodrome @AerodromeFi]

One veAERO and a dream 🛫

[HEADBOY 🦇🔊 @NDIDI_GRAM]

MegaETH Mainnet Incentive S1

▪️Duration: 8wks
🚨Reward: 2.5% of supply - $42M at CMP

Now is the best time to have some exposure and here is how intend to play:

NOTE: Boosters are unlocked for Echo/Sonar round participants, secured or minted Fluffle NFT, Explored the rabbithole before terminal launched or hold some onchain nfts.

Bridge to MegaETH; USDC = USDM 1:1
🔗 https://t.co/YVcX5QGTo2

Use secondary bridges for other assets:
I’ve used:
▪️https://t.co/QQAvhpYyEr
▪️https://t.co/xCu7oeiZ2B
Whichever gives the best quote

Get your USDM to work by deploying on DeFi Protocols:
@aave : <0.01% APR
@kumbaya_xyz: 0.43% - 3.62% APR
@brix_money: 7% APR

Both Kumbaya & Brix are featured on the terminal so they should accrue more points than aave.

CLAN:
- Pledge to your favorite clan & Stack up to 3 NFTs from the same collection to maximise the boost for that clan.

Holders of the clan NFT get a higher booster.

Featured:
@badbunnz_ @WCNetizens @meganacci @MegalioETH @Miniminds @Breadio

Still think the nfts are still going to move up accross all boards as more people get to deposit and start farming incentives.

▪️Degen:
@hitdotone: 1000x leverage on real markets
@mnstr: Real graded Pokémon cards.

> Register a .mega domain:
🔗 https://t.co/UXyNTdckyB

Access all apps here:
🔗https://t.co/3WlvbyrM2s

Overall, points would be distributed to users who engage the apps, so discover more apps and have fun using them.

Also incentives or points for bridging USDm might most likely be discontinued after TGE on Thursday.

Points accross all activities would be distributed weekly.

Check here:
🔗https://t.co/oYhkCIlRqq

That should be all for now, would update thread when necessary.

[Max Imum Voltaage @maxdexspecs]

@soneium Good to see but where are the rewards?

[tut™ @Tuteth_]

The MegaETH Campaign has begun.

It's got a few moving parts - so here's the breakdown.

Reminder: participating puts you in position for the 2.5% (~$50M) rewards.

The basics:

> Runs 6–8 months, broken into seasons (no long a** slog).

> Season 1 starts today and lasts 8 weeks.

> Terminal is the hub - engage, track points, etc.

> Open to everyone.

> Must boost 3 apps each week to stay eligible.

NFT Clans:

> Pledge to your clan (Breadio, obvs).

> The more a clan pledges, the higher its collective boost.

> Hold 3+ NFTs from the clan you're boosting → extra boost.

> Clan boosts reset weekly.

The MegaETH team nailed the design on this one. Right balance of dopamine and thought.

Bake the bread, bros. Pledge Breadio

[Max Imum Voltaage @maxdexspecs]

@ruggedpikachu @x pls fix

[Max Imum Voltaage @maxdexspecs]

@stacy_muur @HyperliquidX @monad @LineaBuild @SonicLabs @movement_xyz @unichain Falcon had more users at peak. and i think now too

[Stacy Muur @stacy_muur]

I looked into the number of active addresses for projects in 2025 ↓

• @HyperliquidX – 74.3k peak / 49.9k now
• @monad – 116.9k peak / 18.1k now
• @LineaBuild – 208k peak / 6.2k now
• @SonicLabs – 84.6k peak / 8.6k now
• @movement_xyz – 442.7k peak / 16.3k now
• @unichain – 891k peak / 5.1k now
• @StoryProtocol – 48.7k peak / 560 now
• @hyperlane – 7.1k peak / 10 now
• @avantisfi – 11.1k peak / 1.1k now
• @Lombard_Finance – 1.8k peak / 42 now
• @falconfinance – 1.9k peak / 20 now
• @boundlesshq – 1.4k peak / 0 now
• @zora – 50.1k peak / 0 now

It seems only Hyperliquid is decent at retaining users.
It's no wonder, since it has a great PMF.

The rest of them... Brutal.

[Max Imum Voltaage @maxdexspecs]

@stacy_muur @HyperliquidX @monad @LineaBuild @SonicLabs @movement_xyz @unichain big oof

[Max Imum Voltaage @maxdexspecs]

@ruggedpikachu yeah lets wait

[Max Imum Voltaage @maxdexspecs]

@ruggedpikachu lmaoo

[Max Imum Voltaage @maxdexspecs]

@ruggedpikachu oh sure