2024 largest airdrop, which tokens in the Hyperliquid ecosystem can participate?

Author: WOO X Research

Background: Hyperliquid Becomes the Perp Dex Dominator

On November 29, the decentralized derivatives exchange Hyperliquid conducted an airdrop of the $HYPE token. Initially, it was thought to be a simple transaction volume boost to earn points for token redemption, but everything turned out to be different this time. After the launch of the Hype token, its price surged from $2 to $12 within a week, an increase of up to 6 times, with a current market capitalization reaching $4 billion and an FDV of $12 billion, close to one-tenth of Solana.

In terms of airdrops, according to the Hype dashboard created by ASXN, the average user can receive 2,881 $HYPE tokens. Calculating at $12 per token, each person receives an airdrop worth over $34,000 on average.

In terms of products, even after the token distribution and the end of the airdrop activity, the TVL has reached $1.6 billion, still leading all decentralized derivatives exchanges. The trading volume continues to rise, setting new highs, reaching a daily level of $8 billion!

What exactly did Hyperliquid do right to achieve a three-way win in airdrops, token price, and product performance? What potential tokens in the ecosystem are worth exploring? Let's take a look with WOO X Research.

Reference: DefiLlama

Why Could Hyperliquid Break Through?

In the crypto space, Perp Dex is no longer a new narrative. From the initial DYDX to GMX, which used Vault as a counterparty, Hyperliquid has outperformed them all. What did Hyperliquid do right to stand out?

• Aligning with Current Market Aesthetics: Hyperliquid did not seek VC funding; founder Jeff even believes that allowing VCs to hold 50% of the tokens early on is a "stain." He thinks most projects take shortcuts: first obtaining investment from market makers, then attracting trading volume through reward schemes, but he believes this model cannot be sustained.

Jeff's philosophy aligns with the current trend of investors shifting towards meme coins: essentially, there is a disdain for VC coins, and users are unwilling to let institutions take over.

Now, there is finally a "serious project" that does not rely on VCs but is more Crypto Native, operating from the bottom up, which naturally wins market favor.

• User Experience: Hyperliquid is currently hosted on Arbitrum. To trade, users simply need to deposit stablecoins (USDT, USDC, USDC.e) directly on Arbitrum. After depositing, they can operate without any Gas Fees, and the deposit and withdrawal process is straightforward. Additionally, HLP allows users to not only act as traders but also as market makers. Although LP counterparty forms are currently the mainstream in Perp Dex, HLP enables users to freely choose their market-making strategies and even follow trades, making the design more flexible.
• Valuation Pricing Discrepancy: Hyperliquid is currently seen as a Perp Dex, but their ambition goes beyond that. Their vision is to become a foundational platform for financial activities, where various DeFi and derivatives protocols can be built, essentially creating their own chain. Currently, Hyperliquid EVM has gone live on the testnet, but integration with other L1 states is still pending.

In market pricing, the valuation ceiling for Perp Dex and public chains is completely different. It is evident that the latter has greater growth potential, and Hyperliquid's smart move is not to simply position itself as a Perp Dex but as a public chain, allowing for higher valuation expectations in the market.

Another reason for the rise of $HYPE is that it cannot be purchased on other exchanges and can only be traded on Hyperliquid, thus being humorously referred to as a "single-player coin."

According to the Hyperliquid dashboard created by ASXN, the current demand for buying $HYPE tokens far exceeds the selling demand. The chart below shows that many users are still purchasing HYPE through TWAP (time-weighted average price) methods, with total purchases reaching $5.6 million, while sales are only $1.25 million.

In addition to the surge in $HYPE, what other ecosystem tokens in Hyperliquid are worth our attention?

Reference: https://data.asxn.xyz/dashboard/hype

Finding Alpha in Related Concept Tokens

How can we select tokens that are strongly related to Hyperliquid from the vast sea of cryptocurrencies? We can refer to the Spot -> Strict section, which includes a total of 11 tokens, all of which are related to Hyperliquid.

Here are the related tokens selected by WOO X Research:

Reference: app.hyperliquid.xy

PURR

Purr is represented by a cute cat, serving as the official Hyperliquid mascot and is an officially recognized meme coin. It can be seen as a leveraged version of $HYPE, with each transaction resulting in the burning of Purr, currently about 0.33% of the total supply.

• Current Price: 3
• Market Cap: 181M
• 24-Hour Trading Volume: 25M
• Narrative Angle: Official meme, token burn, airdrop expectations

Reference: @Hyperintern

HFun

Hypurr.fun is a Telegram trading bot that allows direct trading of Hyperliquid-related tokens, including features for new coin sniping and token deployment. Of the HFun tokens, 30% are allocated to $PURR holders, 30% to the token creators, and 40% for liquidity use.

Recently, they also launched their own AI Agent - Schizo, designed for token issuance.

• Current Price: 5
• Market Cap: 39M
• 24-Hour Trading Volume: 1.6M
• Narrative Angle: Trading, token issuance, sniping bot

Reference: https://dexscreener.com/hyperliquid/0x929bdfee96b790d3ff9a6cb31e96147e

Jeff

A meme coin based on the concept of Hyperliquid's founder Jeff, but it was not created by him; it was established by community members.

• Current Price: 3
• Market Cap: 3M
• 24-Hour Trading Volume: 1.7M
• Narrative Angle: Founder meme

Reference: @JHyperliquid