Hyperliquid’s Upcoming Airdrop has Users Flocking to the Ecosystem – Crypto News – Crypto News
Connect with us
Web3 Apps Reach All-Time High of 10 Million Daily Active Users Web3 Apps Reach All-Time High of 10 Million Daily Active Users

De-fi

Hyperliquid’s Upcoming Airdrop has Users Flocking to the Ecosystem – Crypto News

Published

1 year ago

on

Total value locked and overall excitement surrounding the ecosystem is rising, driven by the success of Hyperliquid’s spot tokens.

The ecosystem of Hyperliquid, a Layer 1 blockchain, is picking up steam led by the success of its newly launched spot tokens and points program.

The chain’s total value locked (TVL) has nearly doubled, rising by 90% to $653 million, since it introduced native spot trading on March 28.

Hyperliquid TVL – DeFiLlama

Hyperliquid Improvement Proposals (HIPs) 1 and 2 sparked the movement, as HIP-1 allows for the native deployment of native tokens and onchain spot order books, and HIP-2 introduced a novel spot liquidity mechanism referred to as “Hyperliquidity”.

In the announcement Hyperliquid wrote “HIP-1 and HIP-2 are steps toward general purpose infrastructure with performant native components”.

Hyperliquid is a Layer 1 blockchain which aims to deliver high throughput at low cost. It emerged from what was originally a perpetual decentralized exchange (DEX), which launched its alpha stage on Ethereum Layer 2 Arbitrum, in February, 2023.

Hyperliquid is now the fourth largest derivatives platform by TVL, and recorded the third most volume amongst DEXs in the last 7 days, with $6.7 billion.

the-defiant
Hyperliquid Daily Volume (7d) – Hyperliquid

Points Program

One of the primary drivers of the ecosystem’s success is its points season, which began on May 29, and is set to conclude by Q4. The program distributes weekly allocations of points to those who trade on the platform and participate in the Hyperliquid ecosystem.

The combination of the ecosystem’s first spot launch, $PURR, and its points program has fueled demand for new launches.

$PURR, Hyperliquid’s native memecoin and original spot token, has risen by 187% since its launch on April 16, reaching a market capitalization of $120 million.

Users holding $PURR have received airdrops of other spot tokens within the Hyperliquid ecosystem, and are earning more Hyperliquid points by holding their tokens, which used to be limited to those actively trading on the decentralized exchange.

the-defiant

Meanwhile, some of Hyperliquid’s spot tokens have been surging in price, with spot tokens such as $HFUN, and $JEFF increasing by over 10x their launch price leading to a wealth effect for many of the early users of Hyperliquid who have held $PURR.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending