Author: Aylo

Compiled by: Deep Tide TechFlow

If you've followed my content, you know how excited I am about the HyperEVM ecosystem.

In many ways, it reminds me of the Solana craze at the end of 2023. Currently, I still believe this is a very promising ecosystem with many potential airdrop opportunities in the future.

For this reason, over the past few months, I've been introducing a new HyperEVM application every week in my new series "Alpha Apps" (if you haven't checked it out yet, I highly recommend you do).

But today, I want to share my complete Hyperliquid airdrop tier list.

Are you ready? I'm going to throw out a lot of valuable information (this took me a long time, haha).

PS: There’s also a specific plan at the end on how to take advantage of HyperEVM as an extra bonus, so be sure to read to the end!

Bull Case for Hyperliquid

Before diving into the airdrop tier list, I want to explain why I am so confident in Hyperliquid and its ecosystem.

1. Hyperliquid embodies the true spirit of crypto

Hyperliquid started as a decentralized exchange for perpetual contracts with no KYC (identity verification), no gas fees, and top-notch design and user experience. It later expanded to build its own L1 blockchain.

Its "secret weapon" comes from the following rare combination:

• Self-funded: No predatory private fundraising rounds; the token generation event (TGE) is the starting point for development, not an exit opportunity.
• Successful airdrop: 30% of the token supply was distributed in the genesis airdrop, and since its launch, the HYPE token price has increased by over 10 times.
• Product-first strategy: Build products that users truly need → Acquire long-term users → Reward users through large-scale airdrops → Expand by building its own chain (instead of launching an unappealing empty chain).
• Generous future rewards: 40% of the HYPE supply (worth billions) is reserved for future incentives. This could include another airdrop, which is a significant growth catalyst.
• Strong token economic model: 99% of trading fees are used to buy back HYPE tokens.
• Streamlined and efficient team: A team of only 11 people, with each employee averaging over $100 million in annual income.

Unlike most projects that gradually disappear after "predatory mining," Hyperliquid has become even stronger after the airdrop. All key metrics are on the rise, and it is becoming the first decentralized perpetual contract exchange that can truly compete with giants like Binance.

2. Hyperliquid is a cash cow, and HYPE is undervalued

Current annual revenue is approximately $1.37 billion (based on about $114 million in fees per month).

Moreover, 99% of the revenue is used to buy back HYPE. At this rate, theoretically, all circulating HYPE could be bought back in less than 9 years.

No other protocol in the entire crypto industry has such a strong economic model, making it truly unique.

3. The ecosystem is growing rapidly

The Hyperliquid TVL chart says it all - growth is accelerating.

Some well-known projects in the DeFi space (such as Ethena, EtherFi, Pendle, and Morpho) are expanding into HyperEVM. If these excellent teams are investing resources here, it is undoubtedly a strong signal that there is real value.

At the same time, native Hyperliquid projects like Kinetiq and Liminal are also emerging (more details will follow).

Additionally, the recent integration of native USDC support has eliminated a significant risk factor, providing another positive boost to the ecosystem.

4. HYPE is a powerful collateral asset

For any L1 blockchain, having a strong collateral token is crucial:

• Ethereum → ETH
• Solana → SOL
• BNB Chain → BNB

Today, most L1s lack such tokens, which limits DeFi growth.

But HyperEVM has HYPE, which can be considered one of the most powerful assets in the crypto industry. This alone is a huge bullish reason.

5. Builder Codes: A brilliant distribution strategy

Builder Codes allow developers to build trading applications using Hyperliquid's core infrastructure and earn a share of the fees from the trades they guide.

This effectively turns DeFi developers into distribution partners for Hyperliquid, creating a true win-win model.

A prime example is Phantom, which launched its own perpetual contract trading feature through Hyperliquid.

Rabby Wallet has also hinted at possibly taking similar actions, while protocols like Ranger Finance and Mass are also leveraging this strategy. I must say, this is a brilliant growth strategy for Hyperliquid.

6. HIP-3 is a game changer

HIP-3 allows anyone to create new perpetual contract markets by staking 1 million HYPE (approximately $42 million). Deployers can set parameters and earn up to 50% of the fee share.

Unlike Builder Codes (which focus on distribution), HIP-3 emphasizes product expansion.

More markets → More users → More fees → More buybacks → More attractiveness.

If you want to dive deeper into the impact of HIP-3, take some time to read related content.

7. The synergy between Hyperliquid and HyperEVM

People often view Hyperliquid and HyperEVM as two separate entities. In reality, they are two aspects of the same ecosystem.

HyperEVM → Programmability: It extends the engine of Hyperliquid, making it programmable and able to integrate with other DeFi projects.

Hyperliquid → Liquidity and cash flow: The exchange brings instant trading volume, credibility, and revenue to the chain.

This creates a unique feedback loop: DeFi protocols on HyperEVM can directly leverage Hyperliquid's deep liquidity and order book while still using the flexibility of EVM smart contracts.

Airdrop Tier List

Alright, I believe by now you agree that Hyperliquid is an ecosystem worth paying attention to, full of potential opportunities.

Next, regarding airdrops, a good observation checklist will be your most powerful tool. I have compiled a list of projects worth paying attention to.

It should be noted that this is not an exhaustive list, but rather a selection of projects that I personally believe are worth watching and have used. Please make sure to do your own research (DYOR).

S Tier: Unit, Kinetiq

These two projects are undoubtedly the top choices. In my opinion, they represent the easiest and most promising airdrop opportunities on Hyperliquid.

Unit

I mentioned it before, but I want to emphasize again: Unit may be one of the most important airdrop opportunities in the Hyperliquid ecosystem.

Unit is the asset tokenization and cross-chain bridging layer behind spot trading on Hyperliquid. It allows users to deposit, withdraw, and trade mainstream crypto assets like BTC, ETH, and SOL directly on Hyperliquid.

Since its launch, the Unit protocol has performed exceptionally well, with a current TVL (Total Value Locked) exceeding $1 billion and an annual trading volume of over $115 billion, contributing significant revenue to the ecosystem. To date, over 98% of the revenue has been directly used to buy back HYPE tokens.

How to prepare for participation in UNIT and future HYPE airdrops:

• Deposit assets like BTC, ETH, SOL through app.hyperunit.xyz or via the Hyperliquid interface.
• Trade these assets on Hyperliquid's spot market.

Additionally, you can try cross-chain asset transfers between Hyperliquid or interact with HyperEVM using Unit assets.

Here’s a reference link that can give you fee discounts.

Kinetiq

In my opinion, Kinetiq is another S-tier protocol on Hyperliquid.

Kinetiq is the leading liquid staking protocol on Hyperliquid, allowing users to stake HYPE and receive Kinetiq Staked HYPE (kHYPE) as a reward. kHYPE is fully liquid, can be used in DeFi, and automatically accumulates staking rewards.

As the most anticipated liquid staking token (LST) on Hyperliquid, Kinetiq has attracted over $1.7 billion in TVL since its launch on July 15, covering 15,000 wallets, making it one of the key protocols in HyperEVM.

Kinetiq has launched a points program, and while the specific rules have not been fully disclosed, it has been observed that points are earned by holding kHYPE and using kHYPE in DeFi (currently, most points are flowing to Pendle's YT-kHYPE).

If you want a simple way to earn points, you can deposit kHYPE into Kinetiq's Earn vault, allowing you to take advantage of multiple protocols simultaneously.

A reasonable approach is to view Kinetiq with a valuation ratio similar to that of Jito on Solana. Importantly, it has not been over-mined yet: the total TVL of about 15,000 wallets reaching $1.7 billion is still a healthy ratio.

Another factor that could bring significant FDV to Kinetiq in the future is its new product: Launch. This is the first exchange-as-a-service (EaaS) platform built on HIP-3, allowing anyone to deploy and operate their own perpetual contract market without the requirement of staking 1 million HYPE.

I just looked at a tweet I posted before the JTO airdrop, and I feel that history is likely to repeat itself here, with a similar magnitude of rewards (in my opinion, this applies to UNIT as well).

If you are bullish on HYPE, now you know how to make them work for you.

A Tier: Liminal, Hyperbeat

Strong protocols with solid momentum, interesting use cases, and still among the top opportunities on Hyperliquid.

Liminal

Liminal is a delta-neutral yield platform that allows you to earn real and substantial returns without taking on market risk.

Its operational logic is simple and somewhat similar to Ethena's model, but Liminal offers more flexibility, allowing users to decide the asset allocation for their delta-neutral yield strategy.

Here’s how it works:

Deposit USDC into the Liminal platform.

Choose one of the following two strategies:

• Liminal Classic Strategy: The platform manages it automatically.
• Custom Portfolio: Build a delta-neutral trading portfolio based on personal needs.

After that, you just need to relax and wait for the returns without worrying about market direction.

Adjustments to note:

By default, Liminal is set to "regular" mode. In this mode, Liminal manages asset custody and strategy for you, which is the simplest option. However, the downside is that your spot and perpetual trading volume may not be counted towards account activity on Hyperliquid or Unit, which could lead to missing out on the Unit airdrop opportunity.

To address this issue, you can switch your account to institutional mode. In this case, assets will be held in your sub-account, and Liminal will only execute trades on your behalf (without worrying about fund security, as Liminal cannot withdraw your funds).

Regardless, I really like what Liminal is building. Liminal is a unique protocol that is becoming one of the pillars of the Hyperliquid yield ecosystem. Since its launch, the platform has distributed over $1.4 million in earnings to users.

I have personally deposited a portion of stablecoins into Liminal and plan to hold them long-term.

Hyperbeat

Hyperbeat is a one-stop DeFi protocol in the HyperEVM ecosystem.

The platform collaborates with top protocols and infrastructure providers to offer a full suite of products, including:

• Staking: You can liquid stake HYPE into beHYPE, built in partnership with EtherFi.
• Yield: HyperBeat collaborates with top infrastructure providers and strategists to launch various vaults on HyperEVM. The yields are quite attractive, allowing you to earn points across all major HyperEVM protocols.
• Morphobeat: A permissionless and independent lending market powered by Morpho, where you can lend and borrow all your favorite assets on HyperEVM.
• Masterswap: One-click cross-chain transfer of assets from any chain to HYPE on HyperEVM. Hyperbeat automatically selects the best path - for example, you can swap SOL on Solana to HYPE on HyperEVM with one click.

HyperBeat has launched a points program with a total supply of 51 million Hearts.

Currently, less than 12% of Hearts are still available. If you want to participate in a potential HyperBeat airdrop, you need to act quickly.

It’s worth noting that the rewards system is divided into six tiers. This setup may suggest that airdrops will be allocated based on tiers, meaning it’s not too late to start using HyperBeat and improve your ranking.

How to start earning Hearts?

Deposit assets into vaults and take advantage of multiple HyperEVM protocols. Whether you hold HYPE, BTC, stablecoins, or gold, there are suitable options available.

I personally deposited HYPE into the Ultra HYPE vault, earning a 6% annual percentage yield (APY) while accumulating points across six protocols, which is very efficient.

If you hold HYPE, you can also liquid stake it as beHYPE (currently, 10 million Hearts are available). I have done this as well. The good news is that beHYPE will soon be listed as cash collateral by EtherFi Card (get it immediately).

HyperBeat offers various capital operation methods while potentially bringing interesting airdrop potential. Whether through staking, yield vaults, or cross-chain asset transfers, HyperBeat creates diverse opportunities for users.

B Tier: Hyperlend, Felix, Project X, Ventuals

Still reliable high-quality protocols with opportunities for meaningful airdrops. While they are more complex or uncertain than S and A tier plays, they remain potential airdrop opportunities worth watching in the Hyperliquid ecosystem.

Hyperlend

Hyperlend is a lending protocol based on Hyperliquid and is recognized as a friendly fork by Aave governance.

Its main products include:

• Lending market: Supports lending HYPE, uBTC, and PT-kHYPE on HyperEVM.
• HLP Vault: HLP is a Hyperliquid vault that participates in market making and liquidation processes, earning trading fee revenue. The IOU tokens issued by the vault can be transferred and are compatible with DeFi, enhancing asset utilization efficiency.

• Hyperloop: One-click leverage cycling position, using any two tokens (one deposited, one borrowed).

There are many interesting lending strategies worth exploring on Hyperlend. For example, the PT-kHYPE cycling strategy can yield the highest returns on HYPE (but may miss airdrop opportunities).

As the most popular lending protocol currently, Hyperlend's product design and user experience (especially the HLP Vault and Hyperloop features) are outstanding.

That said, since it is a fork of Aave, I place it in B tier because historically, the upside potential of forks tends to be more limited.

Nevertheless, this is still a reliable protocol worth trying.

Felix

Felix is another protocol that offers a full suite of lending products, similar to Hyperlend, but with some unique features.

Its core product is a CDP that allows you to deposit assets like HYPE, kHYPE, or uBTC and borrow feUSD against these assets. Additionally, there is a native model built on the Morpho stack.

They have also launched hUSDL, a stablecoin backed by the treasury. It is tailored for the trading environment of Hyperliquid and can be used as collateral for lending, trading settlements, and future HIP-3 markets. Interestingly, the yields supported by hUSDL can be used to purchase spot HYPE, which can then be redistributed as rewards to drive the growth of HyperEVM.

Currently, Felix's TVL has reached $380 million, with an expected annual fee revenue of $18.5 million.

Its points program is still ongoing and has less yield farming activity compared to Hyperlend, making it a protocol worth trying.

Project X

Project X aims to become the leading DEX aggregator across the entire EVM ecosystem.

As a first step, they have just launched their own DEX on HyperEVM. The next step is to develop into a DEX aggregator within the EVM, and the third phase is currently in a non-public stage.

Since its launch, the protocol has gained strong growth momentum and quickly became the number one decentralized exchange on HyperEVM, with total locked value (TVL) surpassing $100 million. I believe Project X should have no problem maintaining its leading position on HyperEVM.

The real test will be when they enter the next phase and attempt to capture market share in the broader EVM ecosystem.

It is currently unclear how sticky the funds will be after the airdrop ends, and it is uncertain how large the target market size (TAM) for a DEX on HyperEVM (especially a fork of Uniswap) really is.

Nevertheless, the team's marketing capabilities are strong, the project is fully funded by its own resources, and they are actively promoting upcoming new features. This is also an important reason why I classify it as B tier, while I believe its airdrop potential is worth looking forward to.

How to participate?

Project X has launched a points program.

If you have experience providing liquidity (LP), Project X can be a good choice.

For example, if you have already staked HYPE as kHYPE, you can deploy it to the kHYPE-HYPE liquidity pool (currently the largest liquidity pool on Project X).

Here are some other major liquidity pools you might also be interested in:

Ventuals

Ventuals' mission is to transform startup valuations into tradable perpetual contracts through HIP-3. This means you can long and short trade your favorite private companies using leverage.

Innovation in the crypto space has always revolved around tokenization and unlocking new markets. For example, ICOs made early-stage project private round financing liquid and open to everyone from the start.

Now, with Ventuals, we are entering a new frontier: trading before a company's IPO. This not only adds a layer of market pricing efficiency to startup valuations (determined by the market rather than a few bankers) but also democratizes this asset class that was once limited to accredited investors.

Currently, Ventuals has not yet launched on the mainnet, so we still need to observe how they execute this mission. But it is certain that this opportunity is very attractive (and perfectly showcases the potential of HIP-3).

How to participate?

Ventuals is currently only operating on the testnet, and they are waiting for the HIP-3 standard to launch on the Hyperliquid mainnet. In the meantime, you can start testing their products (testnet activities may count towards the airdrop).

Another step you can take immediately is to deposit assets into the Ventuals vault on Hyperbeat. Currently, this seems to be the best way to gain early exposure to Ventuals while also earning Hyperbeat Hearts.

C Tier: Hypurrfi, Hyperswap

In my opinion, these protocols have slightly lower airdrop potential compared to other projects, but they are still worth mentioning (and may bring unexpected surprises).

Hypurrfi

Hypurrfi is another non-custodial lending protocol native to HyperEVM, with unique features:

1/ HypurrFi provides a smooth user experience and supports multiple assets, allowing users to quickly deposit assets and borrow funds.

With HypurrFi, you can also quickly enter leveraged positions by borrowing against collateral to acquire more assets for further deposits to leverage long.

2/ HypurrFi is the origin of USDXL, a hybrid-backed synthetic dollar, with protocol revenue used to purchase treasury bonds as an additional layer of protocol security.

3/ They have also partnered with BrahmaFi to launch crypto cards for specific users based on their points ranking on HypurrFi.

The points program is now live.

You can check this page for a clearer understanding of the important content and the highest multipliers.

Hyperswap

As the name suggests, Hyperswap is an automated market maker (AMM) DEX native to Hyperliquid, allowing users to swap assets directly on HyperEVM.

Hyperswap was the first native AMM launched on HyperEVM and initially gained a lot of attention. However, over time, its market share has gradually decreased since the launch of Project X.

From the data charts, it is evident that the day Project X launched (with a first-day TVL of $40 million) marked the peak of Hyperswap's TVL.

Nevertheless, I still find the project's goals interesting, and it deserves a place on this list—even if its potential may not be as strong as other top projects.

If you are interested in their goals, you can read this article for an in-depth understanding:

Conclusion

This article shares my complete tiered list of airdrop opportunities on HyperEVM.

Of course, this is entirely subjective and represents my personal views. I hope this article helps you filter out the protocols that interest you the most and are worth your time.

A little advice

If your funds are limited, rather than spreading them across too many protocols, it is better to focus on 3-4 projects with the strongest synergies. This is also the strategy I have always adopted, and it has worked quite well.

As GCR said, "He who chases two rabbits catches neither." This is also a good principle to stick to in airdrop yield farming.

Additional Content: Airdrop Yield Farming Example

Here is a simple HyperEVM airdrop yield farming plan you can refer to:

Trade spot on the Unit platform, converting part of your portfolio into Hyperliquid assets.

Liquid stake HYPE to generate kHYPE, then deploy it to the Kinetiq vault or other DeFi protocols (like Hyperbeat, Hyperlend, Felix).

Use spot assets on the Unit platform (like uBTC or other mainstream assets) for lending operations.

Allocate stablecoins to Liminal (institutional mode) and Hyperbeat's stablecoin vault.

Risk Warning

Always invest only what you can afford to lose, and ensure you fully understand your operations.

Finally, choose the strategy that suits you best and take action now!

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