Hyperliquid has captured the largest scale of the on-chain Perps market, with a daily trading volume reaching up to $6 billion, and the market size continues to grow.

From November to early December 2024, as the altcoin market strengthens, decentralized trading platforms are ushering in a new round of development opportunities. Binance has successively launched several DEX native tokens, including COW, AERO, and VELO, all of which have shown impressive trading performance. Users are becoming increasingly accustomed to trading on DEX platforms. Market hotspots are also rapidly rotating: as the popularity of meme tokens in the Solana ecosystem cools, trading activity is beginning to shift towards the Base chain and BSC chain. The rising star Hyperliquid is siphoning off on-chain funds from Solana, with its total locked value (TVL) surging 14 times in just one week, surpassing $2.8 billion, and jumping to eighth place among all Layer 1 public chains.

1. Overview of the Hyperliquid Project

Project Background: Hyperliquid is an innovative Layer 1 blockchain that utilizes the HyperBFY consensus algorithm, aiming to achieve high throughput and low-cost transactions, with block delays of less than one second, designed for DeFi applications. With its native token HYPE and a fully on-chain decentralized exchange, Hyperliquid offers a platform focused on order book perpetual futures, providing significant profit opportunities. At the same time, Hyperliquid also offers an auction mechanism to give new tokens a chance to list.

Industry Background: Although the project has not publicly disclosed detailed team backgrounds and funding information, the significant scale of capital inflow and its professional quantitative trading system lend some credibility to market rumors that the founding team has a background in Wall Street quantitative trading.

Competitors: Hyperliquid's core business focuses on order book perpetual futures trading, competing with platforms like Uniswap and Jupiter in the DEX space, while also challenging traditional centralized exchanges like Binance and Coinbase. This strategic positioning reflects the growing market demand for trading transparency and security. Although several projects have previously attempted to establish decentralized trading platforms in the perpetual contract space, CEX still dominates this market. Hyperliquid is gradually breaking this pattern through innovative trading mechanisms and optimized user experiences, gaining significant market share in the perpetual contract market and challenging the dominance of CEX.

Ecosystem Data:

The ecosystem's TVL ranks eighth among all Layer 1 blockchains, with a current total locked value (TVL) of $2.466 billion. With some cross-chain protocols, the total TVL has previously exceeded $3 billion, but there is a lack of ecosystem projects.

Significant capital has flowed into Hyperliquid, with $1.87 billion inflowing in the past seven days, ranking third in capital inflow, only behind Bitcoin and Ethereum. From the perspective of total DEX TVL, Uniswap still dominates, holding a market share of 23.95%, while Hyperliquid has surpassed Raydium with a share of 8.95%.

Total DEX TVL: $27.6 Billion, including

Uniswap: $6.61B (23.95%)

Hyperliquid: $2.47B (8.95%)

Raydium: $2.32B (8.41%)

In all on-chain futures trading markets, Hyperliquid ranks first in trading volume, with a recent 24-hour trading volume reaching $5.95 billion, and the platform's total trading volume has accumulated to $53.288 billion.

2. Ecosystem Projects

Hyperliquid's ecosystem tokens have recently performed well, with the platform token HYPE once exceeding $29, continuously setting new historical highs; currently, three tokens have a market capitalization exceeding $100 million, namely HYPE, PURR, and HFUN; and there are 17 tokens with a market capitalization exceeding $10 million. With Hyperliquid's open and transparent token listing mechanism, and the emergence of platforms similar to Pump, many tokens have sprung up like mushrooms after rain. The daily trading volume market share of HYPE has decreased from about 92% to around 70%. Next, let's take a look at some of the tokens in the Hyperliquid ecosystem.

1) PURR

PURR is the first local token on Hyperliquid to implement the HIP-1 standard, a meme coin themed around cats. The token did not undergo an initial sale; instead, 50% of the tokens were airdropped to users based on their holding ratios, while the remaining 50% were added to the PURR/USDC liquidity pool (subsequently, 40% of the tokens were burned at the community's suggestion). As of December 18, PURR's market capitalization is approximately $296 million, making it the official meme token on Hyperliquid, with high community consensus.

2) HFUN

This project can be seen as Pump.fun on Hyperliquid, with a Telegram trading bot designed specifically for it. As we know, Hyperliquid's success is attributed to its open and transparent token listing mechanism. First, if a project wants to list a spot token, it must apply for deployment rights for the HIP-1 native token (HIP-1 is the token standard set by Hyperliquid), and then a Dutch auction mechanism will be used to determine which token ticker will be assigned.

In response to Hyperliquid's token listing auction mechanism, Hypurr Fun was born, allowing participating users to invest funds and compete for a spot on Hyperliquid for listing. We can check Hypurr token information and trading conditions through the web version, including project introduction, token price, market capitalization, trading volume, and other basic information. Currently, trading is only supported through the Telegram Bot.

Website: https://app.hypurr.fun/launches

Trading Bot: https://t.me/HypurrFunBot

Currently, Hypurr Fun is still in its early stages and is continuously rising. The tools are clearly very underdeveloped, with significant room for improvement, and cannot be compared to other mature pump-type ecosystems, which may present many Alpha opportunities.

3) FARM

FARM is the first GenAI-related AI agent game built on Hyperliquid. It supports users to perform biological synthesis on-chain through a GenAI model (Cryptokitties 2.0) + Stardew Valley (simulation game) + Pokemon GO (combat/e-sports).

Official website: https://www.thefarm.fun/

Currently, the product roadmap is designed in three phases, with continuous releases planned. The first phase has already launched on December 13, 2024, at 08:00 AM Eastern Time. Its token economic model allocates 20% to MM's super liquidity and 80% to participants of Hypurr Pump through a fair launch. The supply is fixed, and FARM will not be inflated. Additionally, 50% of the fees collected in FARM will be automatically burned, and 50% of the profits will be used to repurchase circulating supply and burn it.

4) RAGE

Rage Trade is a derivatives and yield aggregation platform in the DeFi space. It launched on Arbitrum around 2022 and is known for its "Delta Neutral GLP" strategy, providing users with stable returns in volatile market conditions by integrating GLP (GMX's LP token) with corresponding hedge positions. Its core features include: ETH perpetual contracts with 10x leverage, cross-chain liquidity, and an 80-20 vault that generates yield.

In August of this year, RAGE completed its public fundraising, raising $6 million in 15 minutes. According to previous reports, Rage Trade released its token economics, which includes: 35% for token sales, 30% for community treasury, 15% for the team, 13.5% for private buyers, and 6.5% for airdrops. Currently, RAGE's market capitalization is approximately $22 million.

Conclusion

Currently, Hyperliquid has captured the largest scale of the on-chain Perps market, with a daily trading volume reaching up to $6 billion, and the market size continues to grow. The platform attracts users with zero gas fees and only a 0.03% trading fee, and its trading execution speed can rival that of centralized exchanges, significantly reducing users' trading costs. However, the platform's volume and revenue situation seem to be opaque, as it is currently not available on DefiLlama, and its data can only be obtained from the Hype official website. According to public reports, the platform has over 50,000 monthly active users. Although Hyperliquid performs well in user activity and daily usage, its operating model is closer to that of centralized exchanges, leaving room for improvement in its decentralized characteristics. This "CEX-like" attribute has also sparked discussions in the community about its true level of decentralization.

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