Background Introduction
Recently, the listing auction mechanism of the Hypurr Fun platform and Hyperliquid has attracted widespread attention. After the launch of the token Farm on the Hyperliquid spot market, its market capitalization quickly soared to 20 million dollars. The continuous rise of the HYPE token has drawn more users' attention to the Hypurr Fun ecosystem. As an order book DEX, Hyperliquid's listing process differs from the permissionless forms of platforms like Raydium. How does Hypurr, similar to pump.fun, integrate with it? What are the specific rules and trading processes behind it?
1. Hyperliquid: From Transparent Mechanism to Top 50 Market Cap, Redefining the DEX Market
The emergence of Hyperliquid has broken the traditional "black box listing" model. The successful journey of the HYPE token entered the top 50 in market capitalization just two weeks after its TGE, surpassing projects like Fantom and Bittensor, and even exceeding Arbitrum itself. This success not only refocused the market's attention on DEX but also showcased Hyperliquid's precise market insight. The project did not follow the old path of first securing VC funding and then inflating volume before listing; instead, it gained market recognition through a transparent mechanism.
After this airdrop gained traction, Hyperliquid's popularity began to soar. The record-breaking auction of SOLV marked a turning point for Hyperliquid, transitioning from a meme paradise to a legitimate player, with Solv Protocol being the first top project to launch on Hyperliquid.
2. Hyperliquid: A Public and Transparent Listing Mechanism Injects New Vitality into the Market
One reason Hyperliquid's listing mechanism has sparked widespread discussion is a tweet from Moonrock Capital CEO Simon. He claimed, "Binance requires a potential project to provide 15% of its total token supply to ensure its listing on CEX, which amounts to 15% of the total token supply, valued at approximately 50 million to 100 million dollars." Such centralized operations deter many project teams and investors, while Hyperliquid injects a breath of fresh air into the market through its public and transparent listing mechanism.
It can be said that the crypto space has long suffered from centralization; the wealth effect of each listing is almost entirely captured by CEX (listing fees) and scientists (who trade ahead after listing), forcing project teams to bear hefty listing fees, which compromises project quality, ultimately leaving retail investors to foot the bill. The logic behind listing events and the current trend of retail investors embracing memecoins while rejecting VC tokens is fundamentally about fairness.
3. Hyperliquid: Dutch Auction Mechanism Ensures Fair Token Pricing at Listing
Hyperliquid employs a Dutch auction mechanism to determine the order of token listings. Project teams must apply for deployment rights of the HIP-1 native token and then determine the final price of the token through a Dutch auction. The auction starts at a price higher than market expectations and gradually decreases over time until a bidder accepts the price. This mechanism not only reflects the true psychological expectations of bidders but also allows for the token to be listed at a fair price.
The specific process involves 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 resets to 10,000 USDC; if successful, the starting price for the next auction will be double the previous price. For example, if the winning bid in the last auction was 100,000 dollars, the starting price for the next auction would be 200,000 dollars, decreasing over time.
4. Hyperliquid: Crowdfunding Auction Mechanism Enhances Token Listing Transparency and Quality
Hyperliquid's listing auction mechanism effectively establishes a "crowdfunding" platform for Hypurr Fun, where participating users invest funds and compete for listing spots on Hyperliquid.
Deploying a token on Hyperliquid requires a gas fee, which is returned to the HLP Vault. Additionally, Hyperliquid conducts an auction every 31 hours, with a maximum of 282 listings per year. This passive "capped" approach not only improves the quality of listed projects but also protects community interests. Compared to traditional CEX's opaque operations, Hyperliquid's listing mechanism is more open and transparent, creating a virtuous cycle. Currently, Hypurr is still in its early stages and on the rise, presenting numerous "gold mining" opportunities. However, the tools available are noticeably underdeveloped compared to other mature pump ecosystems.
5. Hypurr: Real-time Access to Token Information and Trading Dynamics via Web and Telegram
https://app.hypurr.fun/launches
Through the web version, users can check Hypurr token information and trading status, including project descriptions, token prices, market capitalization, trading volume, and other basic information.
New token information can be accessed through the Telegram channel, following the path: Hypurr official bot → Prelaunch market channel → Launch Alert sub-channel. This allows users to stay updated on newly added tokens in real-time without needing to refresh the webpage.
6. Hypurr Fun: Multi-channel Token Purchase via Telegram Bot and Web
Currently, Hypurr Fun only supports purchases through the Telegram Bot. Upon entering the Bot, a pop-up message will provide the wallet address, and more information can be obtained through the Wallet module. Currently, it only supports transfers from Hyperliquid L1 or Arbitrum, and it is important to note that only native USDC deposits are supported (USDC.e is not supported).
There are two main ways to purchase tokens:
- Jump from the web version to the token channel and navigate to the Trade interface via the pinned message.
- Purchase through the Telegram homepage using “/launches” (sorted by trading volume or price) or “/chat.” The former is an official data filtering tool, allowing users to directly select the purchase quantity; the latter is a public chat channel where users can discover popular tokens and click to trade.
7. Hypurr Fun and Hyperliquid: Project Popularity Soars, Wealth Effect and FOMO Resurface
As many projects on Hypurr Fun are only 5% complete, reaching 100% would mean a 20-fold increase in liquidity, corresponding to a market cap that is undoubtedly over 20 times the expectation. Many people are closely watching projects with around 5% progress and high community interest. In recent days, friends have joined many WeChat groups, constantly monitoring everyone's "new share" situation to see if they can also get a piece of the pie. With daily increases of dozens of times, the difficulty of buying and selling through Telegram groups has deterred many from entering. Numerous projects on the Hyperliquid platform exhibit significant wealth effects. User enthusiasm is high, and the overall atmosphere recalls the fervent scene of IDOs in early 2020. Market participants on the Hyperliquid platform show extremely high activity levels. Whether in online communities or offline interactions, users demonstrate strong enthusiasm for participation. The market's "FOMO" sentiment is particularly pronounced, with each new project's launch attracting substantial attention and investment.
8. Deep Reflection on Hyperliquid's Success
Hyperliquid's success is not accidental; its epic airdrop and transparent listing mechanism have significant educational implications for the market. Founder Jeff decided to no longer trust CEX after the FTX bankruptcy and rejected VC investment. He believes that many projects embellish data through VC funding and ultimately exit by listing on large trading platforms, a model that is unsustainable. Hyperliquid has witnessed the victory of the decentralized spirit, with its transparent mechanisms and strong community cohesion propelling Perp DEX to new heights.
In summary, Hyperliquid's listing mechanism has revolutionized the opaque operations of existing CEX listings, promoting transparency across the industry. In response to market demands, fairness and openness have become new standards, and Hyperliquid is undoubtedly at the forefront of this trend.
Risk Warning: The above content is about Hyperliquid's listing auction mechanism and the operational aspects of the Hypurr Fun "crowdfunding" platform, intended for demonstration purposes only. The tutorial on buying and selling in the internal market does not involve specific projects. The operational risks are high, and there may be significant losses; please participate with caution.
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