CoinW Research Institute: Hyperliquid User Operation Guide

Background

Recently, the coin auction mechanism of the Hypurr Fun platform and Hyperliquid has attracted widespread attention. After the token Farm launched by Hypurr Fun was listed on the Hyperliquid spot market, its market value quickly soared to 20 million US dollars. The continued rise of the HYPE token has attracted more users to the Hypurr Fun ecosystem. As an order book DEX, Hyperliquids coin listing is different from the permissionless form of Raydium. How does the pump.fun-like Hypurr combine with it? What are the specific rules and transaction processes behind it?

1. Hyperliquid: From transparent mechanism to top 50 in market value, redefiniciónning the DEX market

The emergence of Hyperliquid broke the traditional black box listing model. The road to success for HYPE tokens took only two weeks after TGE to enter the top 50 in market capitalization, surpassing projects such as Fantom and Bittensor, and even Arbitrum itself. This success not only refocused the markets attention on DEX, but also demonstrated Hyperliquids precise market insight. The project did not follow the old path of VC financing first, inflating the volume, and then listing and shipping, but won market recognition through a transparent mechanism.

After this airdrop went viral, the popularity of Hyperlqiuid also began to soar. SOLVs record-breaking auction was a turning point for Hyperliquid to move from a meme park to a regular onboarding. Solv Protocol will also be the first top project to be launched on Hyperlqiuid.

2. Hyperliquid: An open and transparent listing mechanism injects new vitality into the market

One of the reasons Hyperliquids listing mechanism has caused widespread discussion is a post by Moonrock Capital CEO Simon on Twitter. He claimed that Binance requires a potential project to provide 15% of its total token supply to ensure its listing on CEX, which accounts for 15% of the total token supply, worth about 50 million to 100 million US dollars. This centralized operation has deterred many project parties and investors, while Hyperliquid has injected a breath of fresh air into the market through an open and transparent listing mechanism.

It can be said that criptocurrencies have suffered from centralization for a long time. The wealth effect of each coin listing is almost taken away by CEX (coin listing fees) and scientists (preemptive trading after coin listing). The project party has to bear a considerable coin listing fee and thus sacrifice the quality of the project. Everything is ultimately paid for by retail investors. The logic of the coin listing incident is exactly the same as that of retail investors embracing memecoin and rejecting VC coins today. The core is still inseparable from fairness.

3. Hyperliquid: Using Dutch auction mechanism to ensure fair price of tokens

Hyperliquid uses a Dutch auction mechanism to determine the order of token listing. Project owners need to apply for the deployment rights of the HIP-1 native token, and then determine the final price of the token through a Dutch auction. The starting price of the auction is higher than market expectations and gradually decreases over time until a bidder accepts the price. Such a mechanism not only reflects the true psychological expectations of the bidder, but also enables the listing of tokens at a fair price.

The specific process is a 31-hour Dutch auction, during which the token deployment fee decreases linearly from the initial price to 10,000 USDC. If the auction fails, the initial price returns to 10,000 USDC, and if it succeeds, the starting price of the next auction will be twice the previous price. For example, if the winning bid in the last auction was 100,000 USD, the starting price of the next auction will be 200,000 USD and decrease over time.

4. Hyperliquid: Crowdfunding auction mechanism improves transparency and quality of token listing

Hyperliquids coin auction mechanism, Hypurr Fun This protocol is equivalent to establishing a crowdfunding platform, in which participating users invest funds and then compete for spot coin listings on Hyperliquid.

Deploying tokens on Hyperliquid requires a gas fee, which will be fed back to the HLP Vault. At the same time, Hyperliquid conducts an auction every 31 hours, with a maximum of 282 listings per year. This passive limit method not only improves the quality of listed projects, but also protects the rights and interests of the community. Compared with the traditional CEX black box operations, Hyperliquids listing mechanism is more open and transparent, forming a virtuous circle. Hypurr is still in its early stages and continues to rise, so there may be more gold digging opportunities. The tools are obviously very imperfect and cannot be compared with other mature pump-like ecosystems.

5. Hypurr: Get real-time token information and transaction dynamics through the web version and Telegram

https://app.hypurr.fun/launches

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

To obtain new coins through the Telegram channel, the path is Hypurr official bot → Prelaunch market channel → Launch Alert sub-channel. Through Telegram, you can know which new tokens have been added in real time without refreshing the web page to obtain them.

6. Hypurr Fun: Buy tokens through Telegram Bot and web version

Currently, Hypurr Fun only supports purchases through Telegram Bot. After entering the Bot, a pop-up message will be displayed to provide the wallet address. You can also get more information through the Wallet module. Currently, it only supports recharges from Hyperliquid L1 or Arbitrum. Please note that it only supports native USDC recharges (USDC.e is not supported).

There are two main ways to buy tokens:

1. Go to the token channel on the web page and then to the Trade page through the pinned message.

2. Purchase through the “/launches” (sorted by transaction volume or price) or “/chat” on the Telegram homepage. The former is an official data screening tool, and you can directly select the purchase quantity after clicking it; the latter is a public chat channel where users can find popular tokens and trade by clicking to jump.

7. Hypurr Fun and Hyperliquid: Project popularity surges, wealth effect and FOMO sentiment reappear

Since many projects are still only 5% on Hypurr Fun, the progress will reach 100%. This means that the liquidity of the pool has increased by 20 times, and the corresponding market value can be imagined, which is 20 times higher than expected. Many people will focus on projects with a progress of about 5% and high community popularity. In recent days, many friends around me have entered many WeChat groups, always paying attention to everyones new listing situation to see if they can also get a share. The increase of dozens of times a day, but the difficulty of buying and selling operations in the Telegram group often prevents many people from entering the market. Many projects on the Hyperliquid platform have shown a significant wealth effect. Users are enthusiastic, and the overall atmosphere is reminiscent of the hot scene of IDO in early 2020. On the Hyperliquid platform, market participants are extremely active. Whether it is online communities or offline exchanges, users have shown strong enthusiasm for participation. The FOMO sentiment in the market is particularly significant, and the launch of each new project has attracted a lot of attention and investment.

8. Deep thinking about Hyperliquid’s success

Hyperliquids success is not accidental. Its epic airdrop and transparent listing mechanism are of great significance to market education. After FTX went bankrupt, founder Jeff decided not to trust CEX anymore and refused VC investment. He believes that many projects whitewash data through VC investment and eventually exit by listing on large trading platforms. This model is unsustainable. Hyperliquid has witnessed the victory of the spirit of decentralization. The transparent and open mechanism and strong community cohesion have pushed Perp DEX to a new peak.

In short, Hyperliquids listing mechanism has revolutionized the existing black-box operation of CEX listings and promoted the openness and transparency of the entire industry. In the voice of the market, fairness and openness have become the new standard, and Hyperliquid is undoubtedly at the forefront of this trend.

Risk Warning: The above content is about Hyperliquids coin auction mechanism and the operation of the Hypurr Fun crowdfunding platform. It is only for demonstration purposes. The tutorials for buying and selling on the internal market do not involve specific projects. The operation risk is high and you may face high losses. Please participate with caution.

This article is sourced from the internet: CoinW Research Institute: Hyperliquid User Operation Guide

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