Steven | Hyperliquid Arc
@stevenyuntcap
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Chief Degen Officer @YuntCapital . Yunt Hard. Yunt Fast. Yunt Capital.
Joined September 2016
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The high performant EVM chain convo has led to Hyperliquid vs Monad vs MegaETH. There are 2 differentiators for HL:
- HL has no VCs so all have to earn their share of exposure.
- HL is the only chain with EVM on testnet.
HL will "cross the chasm" of user adoption first, imo.
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The next few weeks for
@HyperliquidX
is going to be 𝐯𝐞𝐫𝐲 𝐞𝐱𝐜𝐢𝐭𝐢𝐧𝐠! As things transpire, I'll go over certain events in detail that you may want to pay attention to even if you haven't used HL before.
For now, let's breakdown what $PURR is and why you might care.
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Weekly
@HyperliquidX
points are out and there was outrage on Discord as some ppl were given less points than expected. In parallel, $PURR pumped +70%.
Was this a coincidence? I don't think so. My guess is that holding/buying $PURR was rewarded this week. Let's discuss (but NFA).
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After a quiet month of May from the Hyperliquid team, we now know what to look forward to in the short term. The timeline is filled with negative reactions about having another season of points instead of a TGE, so I'll focus on giving a more nuanced take on this announcement.
When Hyperliquid launched, the goal was to become the best perps DEX. Today, the vision has expanded to that of an entire financial ecosystem, starting with native spot trading and deployment through HIP-1 and HIP-2.
The L1 season of points starts today to reflect this growing
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TLDR:
- Anyone will be able to deploy a new token, just like on ETH/BASE/SOL.
- The HL team baked in the functionality to easily airdrop a % of a newly deployed token to an existing one, like $PURR. (what about the upcoming $HYPE token?🤔)
- Play around on testnet if interested.
HIP-1 and HIP-2 will soon open up for users to permissionlessly deploy on the Hyperliquid L1.
To recap, HIP-1 is a standard to deploy native tokens and onchain spot order books. HIP-2 permanently commits liquidity to a spot order book for HIP-1 tokens and synergizes with users'
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This is exactly why
@HyperliquidX
won't be just another perps dex airdrop farm like Aevo or Drift.
What's a better way to gauge user retention than looking at platform metrics right before and after a points program ends?
Study HL's OI in April vs May.
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Like I said in my $PURR thread a few days ago,
@HyperliquidX
isn't just a perps dex. It's an L1 that has just started to open the doors to composability for builders to build on. The enablement for spot trading with $PURR was just the beginning.
Proud of the whole
@HyperliquidX
dev team and community for the smooth launch of spot trading!
It's a big milestone for the
@HyperliquidX
L1 that has been months in the making. Excited to see HIP-1 and HIP-2 mature into permissionless standards.
Most L1s build infrastructure
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Shorting $BLUR the day $BLAST launched was such a free trade and for some reason I did not see anybody on the timeline mention it outside of the thread I had with
@punk9059
and
@DeeZe
.
$BLUR making new ATLs as we speak.
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Admist the excitement for the IRL
@Azuki
event, has been updated yet again. Yuki is now offering a puzzle for us to solve…
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Jan made an awesome $PURR burn counter. Check it out if you want to see the burn in real-time!
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@cobie
@icebergy_
Not to mention the buyer and seller wallets were funded by the same wallet.
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I bought a
@loomlocknft
wassie but was instead given a couch. Wtf, I want a refund
@loomdart
.
#WassieWednesday
#wassieinfestation
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Huge congrats to the
@ParallelNFT
team for grinding the past few months to hit this milestone!
And for those who still haven't procured your first card -- we are still early. Free card mint from the Faucet tomorrow. Next pack drop is October 30. WAGMI.
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You can argue that the team should do the TGE now to reward their users, but the team might be doing everyone a favor. By first proving to the market that HL should be valued like an L1, the token will be priced higher on TGE. Isn't that what everyone wants at the end of the day?
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Take note that you have to bridge via Arbitrum to trade on HL. A barrier of entry like this can make it easy to be early (Ordinals as an example) or it could dissuade new users to join.
In a few hours, we will see what happens. Until then, we simply play video games as we wait.
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Given all this info, it now makes sense why $PURR pumped from 7c to 12c shortly after points were distributed. As ppl figured out where most of the points went, ppl started buying $PURR.
I was already going to hold my $PURR but it feels comfy being given points to do so too!
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@HyperliquidX
For those too lazy to find it themselves, Hyperliquid's OI hasn't gone down since the points program ended on May 1st.
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@HyperliquidX
first distro of L1 points are out! Still collating anecdotal thoughts from other HL power users but wanted to give my initial impressions so far.
Will update this thread if I end up changing my mind on certain points. But for now, here's my thoughts 👇
The first week of L1 points is complete.
700,000 points have been distributed.
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𝐖𝐇𝐀𝐓 𝐈𝐒 𝐏𝐔𝐑𝐑?
On the surface, it looks like a cat themed memecoin, based on HL's mascot
@Hyperintern
.
Tokenomics-wise, $PURR is a 1b supply coin with half going to point holders and the other half reserved for spot orderbook liquidity.
There is 𝐧𝐨 𝐮𝐭𝐢𝐥𝐢𝐭𝐲.
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𝐖𝐇𝐘 𝐏𝐔𝐑𝐑?
Memes have been the trend this cycle and cat coins are catching on, as theorized by
@GCRClassic
.
$MEW was the first to hit 1b mcap, and now every chain has a cat coin. $PURR could be that de facto memecoin for HL. Bonus points for being cat themed!
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@Sarzich
Nice catch! You're the first person to notice Bobu going missing. If you open up the image, you'll notice the filename is "findingyuki.png". Looks like Bobu (and everyone else) are now looking for Yuki!
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@CirrusNFT
Small risk here is that you can hedge with the 2x Pudgies and watch them bleed down but you still lose the bet due to a new 10k PFP collection somehow hitting $100k.
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𝐖𝐇𝐘 𝐏𝐔𝐑𝐑?
HL launching $PURR before their native L1 token is like when Jupiter launch $WEN before $JUP.
If you aren't familiar, $WEN acted as a beta play for $JUP and pumped 10x if you bought the dip after the initial sell off.
History doesn't repeat, but often rhymes.
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𝐇𝐎𝐖 𝐌𝐔𝐂𝐇 𝐏𝐔𝐑𝐑?
With the full tokenomics and allocation information now publicly disclosed, you can do some math to figure out how much $ per points based on various market caps.
Shout out
@SpecTeamCapital
for doing the math for us 🫡
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𝐖𝐇𝐀𝐓'𝐒 𝐍𝐄𝐗𝐓?
HL has two upgrades coming:
- HIP-1: Introduces a fungible token standard, a la ERC-20.
- HIP-2: Hyperliquidity, Uniswap inspired onchain orderbook.
Combined, we get 𝐬𝐩𝐨𝐭 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 with $PURR as the premier test coin.
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To me, this is a hint that the plan is to allocate a majority of the points to non-perps related features. Right now, the spot token market is the only option. In April, the team heavily rewarded $PURR holders with points, so a continuation of this behavior seems likely.
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Case study: Not touching $PURR -> bad.
@0xAnteater
runs one of the most successful vaults on HL. As a vault, he can't trade spot tokens like $PURR. Despite doing $200m+ in perps volume, his points this week dropped from his usual 1,500+ points to only 81 this week.
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𝐇𝐎𝐖 𝐓𝐎 𝐏𝐔𝐑𝐑?
A snapshot of points was taken on March 26th and $PURR will be linearly distributed.
Since snapshot, these are the total points emitted:
- Closed Beta: 4.4m
- Current points program: 21m
A total of 500m $PURR going to ~25.4m points = 19.6 per point!
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@HyperliquidX
Absolute game changer. We get the CEX trading experience with a CLOB and the decentralized unruggable liquidity as if the dev burned the LP tokens. Best of both worlds!
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Case study: Simply holding $PURR -> good.
Multiple Discord users have said they haven't traded on HL for months and yet all they did was hold their airdropped $PURR. See user blythe who hasn't traded since February but got 80 HL points for doing nothing but holding.
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𝐖𝐄𝐍 𝐏𝐔𝐑𝐑?
Since the snapshot and HIP announcements, the community has been anxiously waiting for spot trading and $PURR to launch.
As I was writing this thread, the team just confirmed that $PURR will go live in ~12 hours!
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For those who haven't been around since day 1, HL has been giving out points since Q1 2023. Here's a breakdown of what's known:
- Feb to Oct 2023: ~4.4m
- Nov 2023 - April 2024: 26m
Just announced:
- May 2024: 8m
- June to Sept 2024: ~12.6m
𝐓𝐎𝐓𝐀𝐋: ~𝟓𝟏𝐦 𝐩𝐨𝐢𝐧𝐭𝐬
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My first takeaway from the announcement is that the team intentionally didn't disclose that points continued into May. They also chose to give out 2m points per week in order to reward loyal HL users (rip farmers). This is 2x the amount that was given weekly the past 6 months.
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𝐖𝐇𝐀𝐓 𝐈𝐒 𝐇𝐘𝐏𝐄𝐑𝐋𝐈𝐐𝐔𝐈𝐃?
HL is an on-chain perps dex that has been consistently in the top 2 in dex volume this year.
What you may not know is that HL is more than just a dex - its a custom L1. And they will showcase this by offering more than just perps next week!
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Every spot coin on HL except one has seen a pump as people start to realize this. I think of holding these coins akin to staking to earn yield. In return, HL gets a bump in TVL.
My guess is that spot tokens with higher mcap/volume/holders will get a larger share of the points.
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The second takeaway is that the wording from the announcement shows that the team is making an effort to spread awareness that HL is an L1 and not just a perps dex. You can see it in the font (which words are bolded?) and even the picture that they used: "𝐋𝟏 𝐩𝐨𝐢𝐧𝐭𝐬".
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Looks like there are two bullish catalysts for $BLAST in the coming days/weeks, as referenced in the screenshot below.
At 350m mcap, worth a punt. Longed on
@HyperliquidX
with negative funding.
The Progress Council has submitted their first proposal to the Blast Foundation, which relates to the Blast points program. If ratified, this proposal will enable Points for $BLAST holders on Blast Mainnet. The proposal can be viewed and discussed in the Blast Foundation forum.
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@WZRDSxyz
The method you use to select which listings to be put up for assassinations needs to include listings on other marketplaces (like X2Y2).
Don't let the cowards hide from you
@WZRDSDompi
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@0x_Kun
@cuntycakes123
What metric would you trust more to show real platform usage?
How do you feel about user liquidations?
@CL207
was tracking user liquidations on HL vs DYDX and shared data on the first couple weeks of May. You can tell from this what real users look like vs a ghost town.
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Now to address the elephant in the room: why do another round of points instead of launching the token? I think the primary reason is because the team has a few prerequisite goals they want to achieve before go through with TGE, as mentioned by a tweet today from
@chameleon_jeff
.
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As for me, I held my $PURR and bought more on dips. The points I got this week was roughly equal to the amount of points I got the past 3 weeks. My anecdotal experience definitely aligns with others (see how my Week 24 points compared to the previous weeks).
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@DefiantNews
@HyperliquidX
@pedrodelacadena
I am flattered to be mentioned in your article on
@HyperliquidX
!
I just wanted to say that there is an inaccuracy in the subtitle and start of the article. HL is NOT an Arbitrum-based dex but is it's own chain. Just like you mention in the middle of the article.
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@Cbb0fe
@friendtech
Nice digging! Looks like a lot of cool stuff launching tomorrow.
Very surprising the ticker is $point instead of $friend like previously mentioned. Unless they plan to have a both coexist 🤔
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@puddington78
@crypto_adair
The main purpose of having an L1 token is for network decentralization and security. With that perspective, it makes more sense to launch with a large portion of the token supply in the hands of the community right off the bat.
The HL team is not here to play low float games.
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@puddington78
@wagmi_plsfix
@crypto_adair
Everything the team has done has been non-standard.
> VCs asks you to take $100m+? Team refused.
> Have a profitable MM strategy? Team made it open for all to profit from.
> Make a DEX with millions in trading fees? Team takes $0 and reroutes it to the community instead.
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Sometime next Friday, I will do a snapshot of my holders and my key price. The amount of ETH given away will be equal to whatever my key price is at the time of snapshot (currently 0.78e). That ETH will split in half and used in two separate raffles. 🎟️
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@punk9059
You called it the other day, Sam!
@stevenyuntcap
@OnaizahCapital
of course I know that --- so it's not my base case --- but I can see a world where they've changed their mind --- as they often do.
this was from 6 months ago.
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@gabrielleydon
@ESK_NFT
@hype_eth
You're still conflating trading volume with liquidity.
There's a new NFT project called Ravendale. 250e in volume, 4000e in bids. If Blur did not exist, would there be 4000e in bids across all marketplaces? Yes or no?
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@alexhughsam
@jholguin
@doodles
Doodles is up +28% because of a single whale known to pump and dump on Blur. Highly recommend anyone reading this thread to not buy or bid at this moment. A cheaper entry is all but guaranteed if you just wait.
More info here:
248 Doodles were just dumped onto one bidder for 694E
Bro is gonna wake up from his dream of grabbing the number one spot on the blur bidding leaderboard to the nightmare of having $1,300,000 worth of Doodles in his wallet
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@GalacticApesNFT
Sounds like everyone will have energy that replenishes and the better the team, the lower the energy used to do a crew mission. Wonder what the max energy cap and replenish rate will be.
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@0x_Kun
@cuntycakes123
Agreed, perps usage when pts aren't present tells the real story.
The HL points program ended at the start of May before restarting May 28th. HL's OI never dropped lower than the lows in April (the last month of pts) and started climbing back up mid May.
Red line is May 1st.
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Looks like got updated once again. Yuki is gone and we can't talk to her or Bobu anymore. Did I stumble upon Yuki before the team was ready to show her off? 😅
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@notstringcheese
@HyperliquidX
Based on how the team deployed $PURR on testnet, it seems the opening market cap could be 10m. I think anything below that is worth considering buying but definitely wait for the initial airdrop sell off first!
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@0xBreadguy
What about
@HyperliquidX
, the L1 that has 200k TPS & sub 100ms block times (rivals Monad on throughput) and has EVM compatibility maturing on testnet the past 2 weeks?
Perps and spot trading is live on mainnet with a points program ongoing from now until end of September.
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The second raffle will be exclusively for whoever bought my key that week. Multiple buys means multiple entries. Buying two keys and then selling a key won't disqualify your two entries so long as you hold at least one key during the snapshot. 📸
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@maverick23NFT
@BoredApeYC
You misunderstand me. I am saying your belief of "indirect correlation" between the token and NFT is false and is not why apes are falling in price. The past 7 days prove my point. $APE is up ~10% from a week ago. BAYC is down ~20%. MAYC even more.
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The announcement was, in fact, not bullish. Think the fact that $BLAST is not eligible for Jackpots was the last straw for a lot of large holders which is why the price dropped ~13%.
I think the price may start to follow the same chart pattern as other new launches from here.
Looks like there are two bullish catalysts for $BLAST in the coming days/weeks, as referenced in the screenshot below.
At 350m mcap, worth a punt. Longed on
@HyperliquidX
with negative funding.
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@aglass311
@crypto_adair
I won’t speculate on airdrop supply but I do want to say that Jeff is on record about Hyperliquid having Satoshi’s outlook on no insiders/pre-allocation.
I think it’s possible (likely, even) that there’s no team allo. Just airdrop + PoS staking rewards + future incentives.
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Crypto class of 2024 is learning that for launches, market conditions is more important than doing comps with vanity metrics like TVL.
I don't fault those who called for 10b FDV, bag bias very much a thing and is hard to self identify when it's occurring.
all of the recent big VC funded launches have had the same PA post launch. this is not a fault of the project themselves, but is just due to the broader issue in the space: no one is bidding.
does this mean blast will look the same? no. so will this time be different? unlikely.
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@2pmflow
@ZAGABOND
@AzukiOfficial
That's great to hear. Not requiring a mobile wallet app gives S2O a high ceiling when it comes to onboarding new users into the web3 ecosystem. Excited to see how the technology installation at K11 plays out!
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@ZAGABOND
@AzukiOfficial
Yo Z, I'm trying to understand the flow of how this works. There's a QR code that is scannable IRL, but how does that become a web3 mint tx? Not everyone has a web3 wallet on their phone and requiring an Azuki specific wallet makes the open source effort counter intuitive.
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Remember that there is 30% less points given out per week now so ppl's first impression will be negative.
I think buy and holding spot is the easiest way to earn pts. The $PURR chart tells the story of people initially frustrated followed by others realizing where the alpha is.
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