Hyperliquid ecology becomes a new outlet, understanding the speed pass-like pump platform Hypurr in one article

Original | Odaily Planet Daily

Author | Nan Zhi

Last Saturday, the token Farm born in Hypurr Fun soared to a market value of 20 million US dollars after being listed on the Hyperliquid spot market. As HYPE maintained its bulldozer-like rise, Farm’s success attracted a lot of attention from users to the Hypurr Fun ecosystem. As an order book-based DEX, how will Hyperliquid’s listing differ from Raydium’s permissionless format, and how will it be integrated with the Hypurr-like pump.fun platform? What are the specific rules and trading processes behind it? Odaily will sort out and interpret in this article.

Essential Basics: Hyperliquid Spot Listing Auction

According to the official documentation, HIP1 is a token standard with a supply cap (FT), and it is the form of most tokens in Hyperliquid. Dev can define multiple parameters in HIP1 tokens, with the most crucial ones including maximum supply, initial supply, and the amount retained by Dev.

Hyperliquid’s listing process involves a 31-hour Dutch auction, during which the token deployment fee will decrease linearly from the initial price to 10,000 USDC stablecoin until the token is auctioned off and listed on the Hyperliquid spot market. If the final auction fails, the initial price will be restored to 10,000 USDC stablecoin. Otherwise, the starting price of the auction will be twice the previous price.

For example, the winner of the last auction as of the last post was MON, with a bid price of $487,936, so the starting price for the next auction will be $975,873 and will continue to decrease over time.

Hyperliquid ecosystem Pump

With regard to the listing auction mechanism of Hyperliquid, Hypurr Fun has emerged. The protocol is equivalent to establishing a “crowdfunding” platform, where participating users invest funds and then compete for the spot deployment quota on Hyperliquid (referred to as Spot Deployment in Hyperliquid).

Token Information Query Platform

The web version can be used to check Hypurr token information and trading conditions, including project introduction, token price, market value, trading volume and other basic information.

You can also obtain new coins through the Telegram channel, the path is Hypurr official bot→Prelaunch market channel→Launch Alert sub-channel. Through Telegram, you can learn in real time which tokens have been added without having to refresh the webpage.

In addition, the Hyperliquid News X platform account also provides relevant information, but it is uncertain whether it is an officially supported account. Therefore, it is recommended to only obtain information from it and not conduct any transaction operations through this account.

Trading Method

Currently, Hypurr Fun only supports purchases through the Telegram Bot. Once you enter the Bot, a pop-up message will provide a wallet address. You can also obtain more information through the Wallet module. Currently, only transfers and deposits from Hyperliquid L1 or Arbitrum are supported. Please note that only native USDC deposits are supported (USDC.e is not supported).

The process of buying tokens is quite peculiar. The most common way is to navigate to the token channel from the web version, and then use the pinned message to jump to the Trade interface (the author has not yet found a way to search for tokens directly from Telegram).

Another way is to buy through the “/launches” (optional transaction volume or price sorting) or “/chat” on the Telegram homepage. The former is an official data filtering tool, click to select the purchase quantity directly. The latter is a public chat channel, where you can discover popular tokens and trade by clicking on them.

Personal opinion: Savage period and rising period

In the author’s subjective experience, Hypurr is still in the early stage and is continuously rising, so there may be more “mining” opportunities.

The tools are obviously very incomplete compared to other mature pump ecosystems. In addition, the information is currently incomplete. For example, the spot listing rules (the first picture in this article) are very difficult to find the specific location and information. Although multiple KOLs have mentioned the listing rules, no one has listed the specific information source. Currently, only one picture is seen.

In terms of popularity, Farm set a record of $180,000 for the listing fee at that time, and then SOVRN set a record of $260,000 yesterday. MON directly exceeded $480,000 when it was announced today, showing an increasingly high level of popularity.