Author: Arain, ChainCatcher
Editor: Nianqing, ChainCatcher
Every bull market sees the emergence of a dark horse exchange, and Hyperliquid seems to be the dark horse of this bull market.
Although it has not yet been listed on CEXs like Binance and Coinbase, Hyperliquid's fully diluted valuation (FDV) has reached $27 billion, making it one of the top 30 crypto assets by market capitalization. Its HYPE token has performed remarkably, with the initial price set at $3.9 per token during its token generation event (TGE), and within a month, the price peaked close to $35 per token, making it a highly sought-after asset, leaving many investors regretting their missed opportunities.
But if you missed Hyperliquid, there are still Hyperliquid ecosystem projects worth exploring. Let's take a look at the projects on Hyperliquid that are worth participating in.
Investment Opportunities on Hyperliquid
To understand Hyperliquid, it's essential to have a brief understanding of what Hyperliquid is.
Hyperliquid is an innovative decentralized trading platform, aiming to combine the efficiency of CEXs with the transparency of DEXs.
Its dedicated L1 blockchain is designed for high-performance perpetual contract order book exchanges (general-purpose chain), utilizing the HyperBFT consensus algorithm to achieve low latency and high throughput, with margin and matching engine states fully on-chain to ensure efficient and secure trading. Additionally, Hyperliquid has introduced the HIP-1 and HIP-2 token standards. HIP-1 is a native token with built-in trading functionality, allowing users to create fungible tokens directly linked to the on-chain spot order book; HIP-2 embeds liquidity at issuance, meaning liquidity is permanently bound to the HIP-1 token, addressing liquidity issues from the outset.
Moreover, Hyperliquid supports staking and adheres to a self-funded, community-driven development model, adding to the attractiveness of its projects.
Maximizing the utility and liquidity of tokens, EVM compatibility, and staking features further enhance the platform's appeal and competitiveness. Additionally, Hyperliquid's community-driven and self-funded model allows it to focus more on technological innovation and improving user experience, showcasing strong development potential and unique value.
Currently, there are several approaches to finding opportunities on Hyperliquid:
1) New asset auctions: Hyperliquid lists new assets through auctioning Ticket seats. There are many Tickets, but the assets that can be speculated on are quite limited. As market enthusiasm for HYPE grows, finding the next speculative target has become investors' goal.
2) Potential projects: Within the Hyperliquid ecosystem, there are several potential projects worth paying attention to, which we will focus on next.
3) NFT opportunities: For example, NFT projects launched by Hyperliquid, such as Lilquid, have attracted considerable investor interest.
4) Liquidity mining: In Hyperliquid and its ecosystem, liquidity mining is seen as an important opportunity.
5) Meme coins: During this bull market cycle, Memes have been a mainstay, and Meme coins on Hyperliquid also present opportunities, such as PURR.
6) Old asset shells: Similar to reverse mergers, this is currently just a possibility discussed among market participants.
Which Projects Are Worth Participating In?
Next, we will focus on which projects on Hyperliquid are worth participating in, excluding some "old wine in new bottles" projects.
- BTC Staking Protocol: Solv Protocol
A project that deserves significant attention.
Solv is a decentralized Bitcoin staking protocol with good recognition. The project aims to unlock the full potential of Bitcoin assets through liquidity consensus infrastructure. By addressing the fragmentation of BTC assets, yield opportunities, and custody solutions, Solv provides Bitcoin holders with a gateway to BTCFi. Supported by its staking abstraction layer, Solv introduces a unified framework that enables seamless interoperability across more than 15 platforms.
According to official disclosures, Solv has a reserve of 25,000 BTC, making it the largest decentralized Bitcoin reserve provider currently.
Surprisingly, Solv recently announced the highly anticipated TGE and native token $SOLV. Solv does not consider CEX as the preferred destination for listing $SOLV but has chosen Hyperliquid instead.
A significant portion of the tokens currently listed on Hyperliquid are Memecoins, making the listing of $SOLV noteworthy and 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 operational mechanism is based on an over-collateralization model, where borrowers must provide collateral exceeding the loan amount to ensure the security of the loan. The platform dynamically adjusts interest rates based on market supply and demand.
According to data from the official website, the product has nearly 110,000 users. In the future, HyperLend plans to expand its business into options and spot margin trading on the Hyperliquid DEX.
- Native Domain Project: Hyperliquid Names
You can relate this project to Ethereum domain ENS. Hyperliquid Names is a protocol on the Hyperliquid EVM blockchain that allows users to publish, exchange, and manage tokenized .hl names, serving as a bridge between human-readable names and crypto addresses.
Hyperliquid Names is Hyperliquid's native domain project, which is about to launch domain auctions on Hyperliquid and is currently preparing for the domain auction—whitelist applications.
Hyperliquid Names is already live on the testnet. Its gameplay can refer to Ethereum domain gameplay, and it is expected that domains like Jeff and xulian will become expensive domains.
- Stablecoin Protocol: Felix
Felix is a stablecoin protocol within the Hyperliquid ecosystem that maintains the stable value of the stablecoin by anchoring it to specific assets or a basket of assets, such as fiat currencies or other stable crypto assets. Its algorithm and smart contract mechanism can automatically adjust the supply of the stablecoin based on market conditions to respond to price fluctuations. For example, when the stablecoin price exceeds the anchored value, the protocol increases the supply of the stablecoin to bring the price down; conversely, when the price falls below the anchored value, it reduces the supply to raise the price.
Currently, this stablecoin protocol allows users to deposit collateral and borrow feUSD to earn income using the Felix vault.
The protocol is supported by the decentralized lending protocol Liquity, and according to data disclosed on the official website, the pool currently holds nearly $2 billion in assets.
- Liquid Staking Protocol: Thunderhead
Thunderhead is a liquid staking token issuance platform that helps emerging blockchain ecosystems by providing what is called ecosystem-as-a-service. It has already provided liquid staking services for multiple blockchain protocols and has been selected for collaboration by the Hyperliquid team.
Users can stake their crypto assets on the platform to earn corresponding staking rewards while maintaining the liquidity of their assets. The way it works is that when users stake assets, the platform issues liquid staking tokens representing the staked assets, which can be traded, lent, or provided with liquidity on other DeFi platforms, achieving "secondary utilization" of the assets. For example, the liquid staking tokens obtained after staking ETH can be used for liquidity mining on other platforms that support those tokens to earn additional rewards.
- Liquid Staking Protocol: Kinetiq
This project is the premier liquid staking protocol on Hyperliquid, aiming to establish kHYPE as the pioneering staking pool on Hyperliquid using StakeHub as its operating system.
StakeHub is a self-governing validator scoring and equity distribution protocol designed to be fully adopted with elite management from the ground up. This means there will be no behind-the-scenes deals, pre-selection, or bias against validators receiving $HYPE from Kinetiq.
Validators must continuously "earn income," and if they meet or exceed StakeHub's standards, they will receive $HYPE delegation rewards from Kinetiq. If not, they will re-delegate their shares.
This is a new project, with StakeHub v0.1 just launched. According to its dashboard data, there are currently about 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, primarily launching an AI electronic companion girlfriend. The core of the project is that through interaction with the electronic girlfriend, users can earn points, and users holding $LQNA tokens can also earn more rewards in this way. Additionally, the electronic girlfriend has the ability to learn trading and will trade on the Hyperliquid platform, airdropping points based on the earnings.
Liquina.hl's upcoming LQnians will include 3,000 NFTs, of which 2,001 will be distributed through airdrops, and 999 will be sold through auctions.
- Native DEX: HyperSwap
This project has just begun its launch and is the first native DEX on Hyperliquid EVM, now live on the testnet. It has partnered with Thunderhead.
- Stablecoin: Keiko Finance
This project is a permissionless lending protocol with dynamic interest rates and liquidation ratios, deployed on Hyperliquid.
Users can deposit assets from the Hyperliquid ecosystem and borrow the protocol's native stablecoin KEI while adjusting their desired risk levels and enjoying predictable interest rates.
Currently, the Keiko testnet is live on Hyperliquid EVM, marking the final step before the mainnet deployment of the protocol. Keiko is expected to become the pioneering native stablecoin within the Hyperliquid ecosystem.
- GameFi: Vegas GamebleFi
Vegas GamebleFi is the first GamebleFi on HyperLiquid that combines utility and gameplay using a fairness proof system, launching $VEGAS in July 2024. The project's goal is to bring GambleFi functionality to HyperLiquid. Currently, the game is still in development.
- Trading Bot: PVP Trade
PVP Trade is a Telegram-based trading bot designed to provide users with the convenience of trading contracts and spot trades on the Hyperliquid exchange. Users can view and track each other's positions in the Telegram group, enabling real-time following of trades. This social trading approach allows users to trade independently while interacting with group members and sharing trading strategies.
This project is currently the only platform that allows users to short ERC-20 tokens, providing users with more trading strategy options. The shorting mechanism is relatively rare in the cryptocurrency market, and PVP Trade's trading fees are extremely low, almost negligible.
The project currently has expectations for an airdrop, as users can earn points through trading, and many users are actively participating since these points will be used for the upcoming token airdrop. According to discussions on X, many whales are optimistic about it.
Conclusion
Hyperliquid has emerged as a dark horse this year, with many new applications being actively built, and new projects are added almost daily. To learn more about Hyperliquid, you can visit RootData's Hyperliquid ecosystem page: https://www.rootdata.com/zh/EcosystemMap/list/335?n=Hyperliquid
For a more comprehensive view, you can check the official ecosystem database: https://www.hypurr.co/ecosystem-projects.
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