Hyperliquid Ecosystem Airdrop Carnival: Users Bet $1.5 Billion on New Application

Core Driving Forces: Airdrop Expectations and Points Mining

Cryptocurrency traders are injecting $1.5 billion into several new applications and projects related to the decentralized exchange (DEX) Hyperliquid. The main driving force behind this is the strong expectation of receiving the next token Airdrop reward.

In November last year, Hyperliquid airdropped about one-third of its native token HYPE total supply to approximately 100,000 users who interacted with the platform since its launch in 2023. The key airdrop opportunity lies in the fact that the project team still holds about 39% of the token reserves, which they plan to use for future airdrop activities. Users hope to obtain a share of the next round of airdrops through active participation in the ecosystem.

Airdrop Strategy Evolution and Surge in On-Chain Activities The first round of airdrops is based solely on interactions with the Hyperliquid DEX. Currently, users generally speculate that the future airdrop rules will focus more on users' on-chain activities on the Hyperliquid blockchain. This expectation directly leads to:

1. Hyperliquid on-chain trading volume surges.
2. Multiple projects have launched a Points Program.

Points System: A Catalyst for Airdrop Expectations The points system was first introduced by NFT platforms like Blur and Tensor in 2023. Users can accumulate points based on their activity on the platform (such as trading, providing liquidity, and lending). These points are regarded as key credentials for potential future Airdrops, and once the project issues tokens, points can usually be exchanged proportionally (but this is not an absolute guarantee). Despite the potential compliance risks, the points system remains an effective means of incentivizing user participation and guiding liquidity before token issuance, and it is still widely adopted by many protocols to attract new users nearly two years after its launch.

Overview of Popular Hyperliquid Ecosystem Projects and Points Mining Strategies The following are key projects closely associated with Hyperliquid, showing significant growth in TVL (Total Value Locked) and operating a points system. Users can accumulate points by participating in its on-chain Mining activities, increasing their potential Airdrop weight:

1. Unit ( Cross-Chain Bridge )
   • Core Features: Hyperliquid Main Bridge, developed by Hyperliquid Labs (Singapore).
   • TVL Data: >$420 million (soared nearly 1000% since April 1).
   • Points Acquisition: As a core infrastructure, its interactive behavior may directly affect the weight of future Airdrops based on the Hyperliquid chain.
2. Hyperbeat ( Cross-Chain Bridge & DeFi Protocol )
   • TVL Data: Deposits surged from approximately $33 million on May 1 to over $130 million.
   • Points System: Rewards "Exciting Points (Hearts)".
   • Earning Method：
     • Cross-chain asset bridging.
     • Trade tokens on its DEX (Token Swap Mining).
     • Staking HYPE tokens (Staking Mining).
     • Deposit tokens into the earnings vault (Liquidity Mining).
     • Lending activities (Lending Mining).
     • Invite new users (Referral Reward).
3. Hyperlend & Felix ( Lending Agreement )

   • TVL Data：

     • Hyperlend ( is the largest lending platform ): deposits of approximately $370 million (about $110 million as of May 1).
     • Felix: Deposit of approximately $350 million (increased by 100% since mid-April).

   • Points System: Each has its own points and referral system.

   • Earning Method: Earn points through deposits (Deposit Mining), borrowing (Borrowing Mining), and inviting new users.

     (Since April, the amount of cryptocurrency stored in the Hyperliquid protocol Felix has surged. Source: DL News)

4. HypurrFi ( Leverage Lending Agreement )
   • TVL Data: Nearly $200 million in deposits.
   • Points System: Earn points through lending activities.
   • Features: Supports Leverage Lending Mining, allowing users to amplify their profit potential through leveraged operations.
   • Points Bonus: Specific actions (such as lending HYPE tokens to designated pools) can earn multipliers on points rewards.
5. Hyperswap ( Decentralized Exchange - DEX)
   • TVL Data: >$100 million.
   • Point System: Provides trading points rewards.
   • Earning Method：
     • Trade tokens on DEX (Swap Mining).
     • Provide liquidity (LP Mining).
   • Incentive Measures: Provide point multiplier incentives for using specific protocols or features.

Composability Strategy: Stacking Points Earnings The high composability of the Hyperliquid ecosystem's lending protocol allows users to perform multi-protocol strategy overlays to maximize points earnings. For example:

1. Users deposit Bitcoin (BTC) in Felix and borrow stablecoins (Lending Mining).
2. Deposit the borrowed stablecoins into HypurrFi for leverage lending mining.
3. Users can accumulate points on two protocols simultaneously.

Points Tracking and Community Incentives All the above projects offer a points system and a referral mechanism, and have a user dashboard that allows users to track their points progress in real-time and view the points leaderboard. This transparency not only enables users to clearly understand their progress relative to their peers but also greatly incentivizes user invitation behavior (new user rewards), driving rapid growth of the ecosystem.

(Source: DL News)