$6 billion flows into "New Cycle FTX," Hyperliquid Bull Market Gold Mining Guide

Author: A Ray's New World, BlockBeats

With high FDV projects like Magic Eden and Movement continuously launching on international top exchanges, the market's listing rhythm has shown a resonance similar to that in April this year. Often at this time, the market experiences a supply-side redundancy, with altcoins in short supply, leading to a divergence where Bitcoin and Ethereum reach new highs while altcoins on CEX remain sluggish. Those altcoins that have already listed on CEX are expected to welcome Bitcoin's "bear market" at $100,000.

Image from the internet

At this awkward moment when BTC and altcoins are eyeing each other, the Hyperliquid ecosystem is flourishing. Even the newly launched memecoin HYENA has surged to a level that caused the Hypurr Fun Bot to crash.

Hyper Ecosystem Soars, Top Funds Accelerate Entry

Today, HYPE broke through $28. Since opening at $6 on November 29, HYPE has experienced a nearly uninterrupted main uptrend, smoothly surpassing Layer 1s like Fantom and Aptos, reaching a current circulating market cap of about $9 billion and an FDV of $27 billion, directly entering the top 30 of crypto asset market caps.

Source: CoinGecko

The epic airdrop of HYPE is the biggest turning point for the Hyperliquid ecosystem. Before the TGE, although Hyperliquid had a strong wealth creation effect, there was little discussion about the Hyper ecosystem in the Chinese community, with most people simply categorizing Hyperliquid as a PerpDEX like dYdX; however, after the airdrop was completed, the market was attracted by the rise of HYPE as a "single coin," and Hyperliquid has already transformed from a PerpDEX to a high-performance trading public chain in the public eye. This is also why Hyperliquid's valuation ceiling continues to rise (shifting from DEX valuation logic to public chain valuation logic).

In addition, blue-chip assets on Hyperliquid and newly listed coins have also attracted the attention of top market funds.

Blue-Chip Assets Hit New Highs

Recently, although Hyperliquid as a whole has welcomed a liquidity spring, the assets that have risen above the average are still some leading assets in the Hyper ecosystem, including PURR, HFUN, and JEFF, in addition to HYPE.

PURR

PURR is a memecoin airdropped by Hyperliquid to early users, and it has now become the strongest meme of PURR consensus, bar none. PURR is also regarded as the official mascot of Hyperliquid. Since December 11, it has surged over 200%, with a market cap reaching $370 million.

PURR's K-line chart

HFUN

Hypurr Fun is the fastest Telegram trading bot on Hyperliquid, and HFUN is the platform token of Hypurr Fun. After being discovered for its value on December 5, it has reached new highs, with a 10-day increase of up to 1500%.

HFUN's K-line chart

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.

Astonishing Listing Effects

Unlike the inscrutable listing rules of CEX, Hyperliquid adopts a Dutch auction rule. The starting price of a Dutch auction begins above market expectations and then continuously decreases until the first buyer accepts that price. Project parties compete for the listing rights on Hyperliquid through this auction format. This Dutch auction listing mechanism has many advantages.

Firstly, it continuously raises the auction price of the ticker. For example, after SOLV was sold for $128,000, the next auction will start at a price higher than $128,000. If the starting price is lower than the previous price, it is highly likely to be sold immediately, thus incentivizing the starting price to keep rising.

Hyperliquid listing auction history

Indeed, after SOLV's sale at $128,000, subsequent auctions have seen FARM at $180,000 and recently MON sold for a staggering $480,000. The auction prices and HYPE's market cap trends have both quadrupled in 10 days, reaching new highs.

Secondly, this auction mechanism filters out higher quality projects. To recoup listing costs, the listing effect is significantly enhanced.

The latest auction tokens like SOVRN and MON are noteworthy; these tokens were not first launched on Hyperliquid but already had pools on other chains. After SOVRN's auction completed at 10 AM on December 14, it surged over 100%. Coincidentally, MON also saw a 50% increase after its listing auction completed at 2 PM on December 15.

SOVRN and MON both saw significant increases after the auction

With the market's purchasing power bustling in, how should we get to the table?

To Stay at the Table, What Should You Know?

Dealing: Preparations Before Entry

First, before the troops move, provisions must be prepared. If you are a newcomer, you need to register an account and familiarize yourself with Hyperliquid's trading mechanism.

Register an Account

After entering the Hyperliquid official website , click the "connect" link to link your wallet. Then click "Portfolio" and "Deposit," switch your wallet to the Arbitrum chain, and deposit USDT/USDC from your wallet into Hyperliquid. Note that you need to leave a small amount of ETH for GAS.

Conducting Transactions

Once registered and funded, you can start trading. The main trading assets on Hyperliquid are divided into "Perp" (contracts) and "Spot" (spot), with spot further divided into "Strict" and "All." The Strict type of spot assets mostly consists of blue-chip assets in the Hyperliquid ecosystem, such as PURR, JEFF, HFUN, CATBAL, etc. Notably, GCR also purchased these core assets.

GCR's purchases of Hyper ecosystem blue-chip assets

If you are sufficiently Degen, you can also participate in Hyperliquid's HLP. HLP allows all users to participate by providing liquidity for all assets listed on the exchange by depositing USDC. Participants can earn a portion of trading fee revenue and profit through market-making strategies in the HLP market.

View Tokens

In addition to the already surging blue-chip assets, a significant wealth creation myth of Hyperliquid comes from its listing effect. Readers can learn about the detailed auction process through Hyperliquid's official auction site and follow the latest listing auction dynamics through the Hyperliquid blockchain explorer introduced later.

Calling: How to Participate Efficiently

Secondly, to do a good job, one must first sharpen their tools. Just as playing Sol meme cannot do without GMGN, unlocking various gameplay in the Hyperliquid ecosystem also requires a series of tools.

Analysis and Research

Before participating in trading within the Hyperliquid ecosystem, efficient research and analysis are essential.

(1) ASXN: ASXN is a data dashboard for the Hyperliquid ecosystem, similar to Dune within Hyperliquid. You can use ASXN to query relevant data, such as the recent auction tokens' tickers and prices, trading volume ratios, and more. After opening the website, the Hyperliquid data dashboard collection will appear in the lower left corner.

Additionally, ASXN's official Twitter account @asxn_r continuously updates key data related to the Hyperliquid ecosystem. If you don't want to use ASXN directly to dig for information, you can follow their official Twitter. Personally, I think ASXN's UI is well-designed and very smooth and comfortable to use.

Source: ASXN

(2) Velo: Velo is also a data visualization dashboard website, but it can be used to query other data, not just Hyperliquid-related data. I often use it to compare the differences between Hyperliquid and CEX data.

Source: Velo

(3) Hyperdash: Hyperdash is a trading analysis dashboard. Users can track trading addresses with high win rates or returns in Hyperliquid based on Hyperdash, which represents smart money on Hyperliquid.

Source: Hyperdash

(4) HypurrScan: HypurrScan is the Layer1 block explorer on Hyperliquid, where users can query all first-hand data related to Hyperliquid.

Source: Hypurrscan

Trading Bot

After completing the research and analysis, we can start trading!

(1) Hypurr Fun Bot: Hypurr Fun Bot is a bot specifically for trading within the Hyperliquid ecosystem. Within Hyperliquid, there are both internal and external markets. The tokens we can trade directly on Hyperliquid are external, and external tokens require auctions to compete for listing rights. Many tokens that are not directly listed on Hyperliquid can be traded through the internal market. Users only need to deposit USDC from their Hyper account into the Bot, and the usage is similar to pump series bots.

However, it is important to note that the auction prices for external tokens on Hyperliquid are currently exorbitant, with the latest auction reaching as high as $480,000. The difficulty of listing internal tokens will increase sharply, and risks need to be considered when entering the internal market.

Source: Hypurr Fun Bot

(2) Hypercopy: Hypercopy is a copy trading bot within Hyperliquid, allowing users to input the addresses of Top Traders to follow specific smart money.

Source: Hypercopy

(3) PVP BOT: PVP BOT is a Telegram trading bot for the Hyper ecosystem. After entering the Telegram group, it will synchronize members' trades in real-time, allowing for PVP battles within the group.

Information Dynamics

Hyperliquid News: If you want to keep up with the latest Hyperliquid information, such as the latest auction prices, timely listing information, and quickly track ecosystem trends, following @HyperliquidNews is your best choice. This Twitter channel will promptly push any information related to the Hyperliquid ecosystem, which can be understood as Hyper's Blockbeats!

Following: Subsequent Gameplay in the Hyper Ecosystem

Finally, based on the present and looking to the future. The spot assets on Hyperliquid have already skyrocketed, with the core bundle of Hyper assets like HYPE reaching a market cap of $8 billion, PURR nearing $400 million, and HFUN reaching $250 million. If you feel that even according to Layer1 valuations, the space for profit and loss is relatively limited, we can opt for the body of the fish instead of the head.

The opportunity in the body of Hyperliquid's fish lies in the upcoming launch of "HyperEVM." Hyperliquid's technical architecture is quite unique, with its stack consisting of Hyperliquid L1 and HyperEVM (EVM) chains. These two chains exist as a unified state under the same consensus mechanism (HyperBFT) but operate in independent execution environments. Hyperliquid L1 is a permissioned chain specifically designed for high-performance trading, 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 Ethereum tools and allows developers to deploy smart contracts. Smart contracts deployed on HyperEVM can directly access perpetual contracts and spot orders on L1, with the specific launch time yet to be determined.

Hyperliquid technical architecture diagram, image from the internet

Once HyperEVM is launched, Hyperliquid will no longer follow the current PerpDEX logic but will become an "application + trading platform." At that time, various EVM applications and ecosystems will flourish, and new financial gameplay generated around perp and HLP will undoubtedly continue to emerge. Below are some ecosystem projects summarized by the author:

HyperSwap: A native DEX for Hyperliquid EVM, which has already launched its testnet.

Kinetiq: An LSD project that provides liquidity staking support for Hyperliquid.

HyperLendX: The first lending platform on Hyperliquid, which has already launched its testnet.

Keiko Finance: A permissionless lending protocol with dynamic interest rates and liquidation ratios.

HyBridge: A cross-chain application for HyperLiquid that can quickly and seamlessly bridge EVM and SOL networks. (Note that this project name does not include "per.")

Hyperliquid Names: A domain name project within the Hyperliquid ecosystem.

Felix Protocol: A stablecoin project in the Hyperliquid ecosystem that allows borrowing feUSD using HYPE and mainstream assets as collateral.

Vegas GamebleFi: The first GamebleFi project that combines utility and gameplay using a fairness proof system.

Due to the limited length of the article, readers can refer to the more detailed Hyperliquid tools and ecosystem panorama organized below for deeper research.

Hyperliquid ecosystem panorama, image from the internet

Amid FOMO, How to Manage Risk?

Although the Hyperliquid ecosystem is developing rapidly, striving to "catch up with SUI and surpass SOL," there are still some potential risks. For example, there is centralization risk, often referred to as "data center chains." According to ASXN data, there are currently 76 validators for Hyperliquid, but only 23 are active, and the ordering is also relatively centralized; however, this issue will gradually improve in the future. Additionally, HYPE has low circulation and high FDV. Currently, HYPE's circulating market cap has reached about $9 billion, while its FDV has soared to about $27 billion.

Nevertheless, rather than chasing after newly listed tokens, it might be better to give yourself a chance to embrace a new ecosystem.

This article does not constitute any investment advice.