The cryptocurrency market this month has been tumultuous, with one wave after another. First, TRUMP crazily drained the entire market, followed by CZ's pet dog stirring up a PVP frenzy, and then the shocking revelations about "Madam Coin" and "Argentina Coin" captured the market's attention, which was heavily controlled by meme coins endorsed by celebrities and governments. However, retail investors ultimately found that waiting idly only led to one round after another of being scammed, leaving them exhausted.
At this moment, Perp DEX, which started its journey of price appreciation after last year's TGE, suddenly announced the launch of the HyperEVM mainnet at this delicate time. It must be said that the pathological weakness exhibited by the market over the past month desperately needed a high-quality project with real strength to build the crypto world. HyperEVM chose this moment to launch like a "timing master," quickly sparking intense discussion and attention.
What Sweet Spots Did Hyperliquid Hit in the Market?
Over the past month, the crypto world has entered an era of "ritual collapse and music ruin." "Retail traps," rug pulls, and PVP casinos have left almost all retail investors battered in a hellishly difficult bear market of zero-sum games. Hyperliquid has sensed opportunities in this chaotic world and has steadily hit almost every market turning point.
Ecological Positioning, First-Mover Advantage
As the center of one vortex after another, Solana has been rife with the narrative that "it succeeds with memes and fails with memes." Coupled with the large unlocks coming in March, which bring greater uncertainty to the market, the price of SOL has already dropped 30% within a month.
As soon as the news of HyperEVM's launch broke, Hyperliquid quickly became a new market hotspot. According to deBridge statistics, a large amount of market funds flowed from Solana to Hyperliquid; CoinMarketCap data showed that HYPE's trading volume surged by 261% within 24 hours. It seems that degens have indeed been driven to despair by various insider trades, and even without the so-called tenfold or hundredfold opportunities, they are more willing to trade on blockchains that are genuinely building for crypto development.
As the meme tide recedes and Solana declines, degens have begun to look around for new ecosystems to mine, collectively turning their attention to the BNB Chain, which CZ has been frequently promoting since his return. However, the reality is not as rosy; countless investors have experienced the embarrassment of being unable to buy or sell during the PVP battles, facing network congestion, page freezes, being caught in traps, and encountering numerous rug pulls… Users have found that BNB Chain does not provide the smooth user experience that Solana does. The launch of HyperEVM perfectly fills the investors' thirst for a new ecosystem.
In the DeFi field where Hyperliquid operates, the demand for real-time performance in high-frequency trading on the blockchain is increasingly prominent. In this track, Monad has always been seen as a competitor to Hyperliquid. This time, Hyperliquid launched its EVM before Monad even released its testnet. And Monad? Despite high market expectations, it has yet to issue tokens. Faced with Hyperliquid's move, Monad has not even had the chance to counterattack, instead losing a wave of market attention and liquidity early on.
Related Reading: "The New Generation Public Chain Competition: MegaETH vs Hyperliquid vs Monad"
Sector Rotation, Timing and Location
After a significant correction in SOL, the price of ETH has gradually rebounded. Since many DeFi protocols (such as Uniswap, Aave, Compound, etc.) require ETH as a trading pair, collateral, or base asset for liquidity providers, the rebound in ETH price means that ETH assets in these protocols are also appreciating, boosting investor confidence and attracting more funds into the DeFi space, thereby increasing the overall activity and trading volume in the DeFi market. Additionally, the entire DeFi market is shifting towards stabilizing yields, and Hyperliquid's upgrade is likely to bring more opportunities for earning liquidity yields.
On the afternoon of February 18, when the HyperEVM launch announcement was released, according to CoinGecko data, Hyperliquid's native token HYPE price quickly soared from $1.25 to $1.45 within the first hour, with trading volume surging to 2.3 million HYDRA tokens during that period. Other DeFi tokens also saw similar increases, such as AAVE rising from $105 to $112, and Compound (COMP) from $75 to $82. HYPE's market capitalization increased by 15.2% within the first hour after the announcement, reaching $345 million. The rapid price fluctuations and market cap growth indicate that the market is confident in Hyperliquid's development and its potential impact on the DeFi ecosystem.
On the other hand, the AI sector, which had been booming since the end of last year, has remained lukewarm since being drained by TRUMP. The newly launched HyperEVM, with its high throughput and low latency characteristics, is very suitable to become an ideal platform for AI-driven trading strategies. In the narrative cycle of AI + Crypto, the launch of Hyperliquid's EVM may indirectly affect AI-related tokens, especially the DeFAI project, which currently has the most practical application value in the AI sector, likely opening a new round of deployment within the Hyperliquid ecosystem. Additionally, existing AI projects within the Hyperliquid ecosystem may leverage this wave of attention to achieve a counter-trend rise, making it a good opportunity to buy the dip.
What Projects in the Ecosystem Are Worth Noting After HyperEVM Launch?
HyperEVM is a general-purpose EVM-compatible chain that supports commonly used Ethereum tools. The EVM is permissionless, allowing anyone to deploy smart contracts, which can directly access on-chain perpetual contracts and spot liquidity on L1.
How Beginners Can Use HyperEVM
To add the Hyperliquid network to your wallet, first go to settings and select "Add Custom Network." Next, fill in the following information: Chain ID is 999, Network Name is Hyperliquid, enter the RPC URL, and select the currency symbol as $HYPE. After filling it out, click confirm, and you will see the Hyperliquid network appear in the EVM network list.
To bridge to HyperEVM, you can refer to the steps below. First, go to the website, then click "Spot" and select $HYPE.
Then, click the "Send" button, and in the address bar, enter the following address: 0x2222222222222222222222222222222222222222. Finally, enter the amount and click "Send" to complete the operation.
Currently, Hyperliquid's yield is very attractive. According to X user @0xDeFiDevin, Hyperliquid users can currently achieve up to 50% delta-neutral yield by combining GammaSwap. By providing liquidity to the weETH/USDC pool on GammaSwap to earn 80% yield, and then using half of that liquidity position to short ETH on Hyperliquid with 1x leverage, they can earn 10% funding fees. Through this combination strategy, users can essentially maximize returns while diversifying risks, ultimately achieving a net yield of 56%.
Potential Ecological Projects
Many DeFi teams have previously prepared to launch alongside the EVM. Most "well-known" types of DeFi protocols (AMMs, lending, liquidity staking, CDPs) are expected to launch with the EVM. These projects will enhance overall capital efficiency by allowing HYPE holders to use HYPE as collateral in lending and market protocols. Here are some projects that have already launched on the mainnet:
Parsec (@parsec_finance)
Purrsec is a fully functional EVM browser with extensive contract tagging and ecosystem integration, supporting custom layouts for different address types and providing contract verification features. Additionally, Purrsec allows users to monitor cross-chain deposits, addresses (integrating EVM and L1 portfolios), hot contracts, ecosystem tags, and L1 perpetual contract metrics. More features will be launched to highlight the unique connection between HyperEVM and Hyperliquid L1.
HyperSwap (@HyperSwapX)
HyperSwap is the native DEX of HyperEVM. HyperEVM enables users to deposit tokens into the treasury to earn yields, borrow stablecoins as collateral, or provide liquidity (LP) instantly on HyperSwap. All functions can be seamlessly integrated. Meanwhile, some developers have already begun building protocols on HyperEVM, including lending Hyperliquid's perpetual contract positions, using Hyperliquid Vault (HLP) as collateral to borrow stablecoins, launching meme coins with one click, and utilizing LST protocols to cycle assets.
Kittenswap (@KittenswapHype)
Kittenswap offers a fork of Velodrome v1, introducing Velodrome's VE model and incentive mechanisms. The project allocated 15,000 tokens during its TGE, accounting for 15% of the total supply; 20,000 tokens were allocated for airdrops, making up 20% of the total supply. Users can currently add liquidity for tokens, exchange between different tokens, and participate in the veKITTEN airdrop by earning points. Voting and metrics features will be released alongside the $KITTEN token launch.
In addition, after the launch of HyperEVM, several projects will gradually land on the mainnet. The lending projects include @felixprotocol, @hypurrfi, @sentimentxyz, @HyperYieldx, @hyperlendx, @KeikoFinance, @HyperstableX, @hyperdrivedefi, and @kiblprotocol. The main liquidity staking tokens on HyperEVM include Kinetiq and Thunderhead. Besides the aforementioned HyperSwap and KittenSwap, the AMM projects also include Curve, all of which will provide incentives upon mainnet launch.
Related Reading: "HyperEVM DeFi: A Guide to the Future"
Since Hyperliquid's launch, it has first broken the black box of CEX listings and now returns to the spotlight with a more complete L1 ecosystem. How will the future of the crypto world evolve? The only certainty is that the specific path of evolution will always carry significant uncertainty.
Perhaps, as Hyperliquid founder Jeff said, cryptocurrencies will reshape the operational paradigm of the financial system, and traditional finance will eventually migrate to the crypto ecosystem. We should always focus on building infrastructure with lasting value, laying the foundation for the future financial infrastructure. "No matter how the industry evolves in ten years, the modules we build will continue to create value."
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