Hyperliquid Airdrop Project Overview: Uncovering Golden Opportunities in the HyperEVM Ecosystem
This article will present readers with a comprehensive assessment of airdrop opportunities in the HyperEVM ecosystem. As one of the most promising airdrop opportunities in the current cryptocurrency space, the HyperEVM ecosystem is on the brink of explosion.Author: Aylo
Compiled by: Bernard, ChainCatcher
Following the successful completion of the first season airdrop valued at approximately $1.2-1.6 billion, the HyperEVM ecosystem has become one of the most active ecosystems for airdrop opportunities in the crypto space. Currently, about 38.9% of the HYPE supply (approximately 389 million tokens, worth billions of dollars) is reserved for future incentives, providing significant opportunities for early participants. Below is a tier assessment of airdrop opportunities within the HyperEVM ecosystem:
S Tier: Unit, Kinetiq
- Functionality: A tokenization and cross-chain bridging layer for Hyperliquid spot trading, allowing users to directly deposit, withdraw, and trade major crypto assets (such as BTC, ETH, and SOL) on Hyperliquid.
- Key Data: TVL exceeds $1 billion, with annual trading volume over $115 billion. So far, over 98% of this revenue has been used to buy back HYPE.
- Participation: Deposit and trade assets such as BTC, ETH, and SOL through the app.hyperunit.xyz or Hyperliquid interface, and further engage in two-way bridging operations with Hyperliquid, or interact with HyperEVM using Unit assets.
- Functionality: Hyperliquid's leading liquid staking protocol.
- Operation Mechanism: Stake HYPE and receive Kinetiq Staked HYPE (kHYPE) as a reward. kHYPE is fully liquid, usable in DeFi, and automatically generates staking rewards.
- Key Data: Kinetiq is the most anticipated LST on Hyperliquid to date. Since its launch on July 15, the protocol has accumulated over $1.7 billion in TVL across 15,000 wallets, becoming a key protocol on HyperEVM.
- Participation: Kinetiq also has an ongoing points program. Specific rules have not been fully disclosed, but the program combines holding kHYPE and using it in DeFi (currently, a large amount of points is flowing into YT-kHYPE on Pendle). To easily set up earning points, simply deposit kHYPE into Kinetiq's Earn vault (and you can also mine multiple protocols simultaneously).
- Innovative Product: 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 contracts without the requirement of staking $1 million in HYPE.
- Valuation Reference: Benchmarking against Jito in the Solana ecosystem, which has similar valuation potential. Importantly, Kinetiq is currently not over-mined: the total TVL of approximately 1.7 billion across 15,000 wallets remains a healthy ratio.
A Tier: Liminal, Hyperbeat
- Functionality: A delta-neutral yield platform similar to Ethena, but with complete flexibility in deciding portfolio allocation for delta-neutral mining.
- Operation: Deposit USDC into Liminal, choose whether to allocate to Liminal's classic strategy, or build your own custom delta-neutral trading portfolio to earn yields without worrying about market direction. It is important to note that by default, Liminal is set to "regular" mode. In this mode, Liminal manages asset custody and investment strategies, but spot and perpetual contract trading volumes may not count towards Hyperliquid or Unit account activities, meaning potential Unit airdrop opportunities could be missed.
- User Returns: Since its launch, over $1.4 million has been distributed to users.
- Functionality: A one-stop DeFi protocol for the HyperEVM ecosystem.
- Products:
- Staking: Liquid stake HYPE into beHYPE, built in collaboration with EtherFi.
- Yield: HyperBeat collaborates with top infrastructure providers and strategists to launch various vaults on HyperEVM that can earn points across all major HyperEVM protocols.
- Morpho beat: A permissionless and independent lending market powered by Morpho, allowing borrowing and lending of all assets on HyperEVM.
- Masterswap: Transfer any asset on any chain to HYPE on HyperEVM. Hyperbeat automatically selects the best path, such as one-click swapping SOL on Solana for HYPE on HyperEVM.
Points System: A total of 51 million Hearts points, with less than 12% remaining. The reward system is divided into six tiers, possibly indicating a tiered airdrop.
Participation: Deposit into vaults and mine multiple HyperEVM protocols, with various choices based on the assets you want to invest in (HYPE, BTC, stablecoins, or even gold). If you hold HYPE, you can directly liquid stake it into beHYPE (earning 10 million Heart points). beHYPE will soon be listed as cash collateral for EtherFi cards.
B Tier: Hyperlend, Felix, Project X, Ventuals
- Functionality: A lending protocol built on Hyperliquid, officially recognized as a friendly fork project by the Aave governance committee.
- Products:
- Lending: For borrowing assets (HYPE, uBTC, and even PT-KHYPE) on HyperEVM.
- HLP Vault: HLP is an open Hyperliquid vault that participates in market-making and liquidation processes, earning a share of trading fees (yields are typically high). The HLP vault can also issue transferable and DeFi-compatible IOUs.
- Hyperloop: Open leveraged loop positions with any two tokens in one click: one supplies, one borrows.
- Participation: There are many lending strategies worth exploring on Hyperlend, with the most prominent being the PT-kHYPE loop, which can leverage HYPE for maximum yield (but will lose airdrop eligibility).
- Functionality: A protocol offering a full suite of lending products, very similar to Hyperlend but with some adjustments.
- Products:
- CDP System: Deposit HYPE/kHYPE/uBTC, borrow feUSD, and there is also a native model built on the Morpho stack.
- hUSDL: A stablecoin backed by treasury assets, tailored for Hyperliquid's trading environment, serving as collateral for lending, trading settlement, and future HIP-3 markets. The yields generated by hUSDL can be used to purchase spot HYPE and promote the growth of HyperEVM through a reward redistribution mechanism.
- Key Data: TVL of $380 million, expected annual fees of $18.5 million, with lower participation compared to Hyperlend.
- Functionality: A leading DEX aggregator across the entire EVM ecosystem. As a first step, Project X has just launched its own DEX on Hyper EVM. The next step is to develop into a DEX aggregator within the EVM.
- Market Position: Currently the largest DEX on HyperEVM, with TVL exceeding $100 million.
- Participation: A points program has been launched. If you have staked HYPE into kHYPE, you can deploy it into the kHYPE-HYPE pool (currently the largest pool in Project X). Here are several other major pools:
- Functionality: Valuation of startups as perpetual contract trading through HIP-3, meaning it will be possible to leverage long or short pre-IPO companies and tokenize their investment opportunities.
- Current Status: Only on the testnet, awaiting the mainnet launch of HIP-3.
- Participation: Go live on the testnet (the testnet may count as an airdrop), or deposit into Hyperbeat's Ventuals vault (to earn Hearts points).
C Tier: Hypurrfi, Hyperswap
- Functionality: A non-custodial lending protocol native to HyperEVM.
- Products:
- Quick Deposit and Borrow: Quickly establish leveraged positions through collateralized borrowing, borrowing more funds by collateralizing assets, purchasing more assets, and depositing again to implement leveraged long strategies.
- USDXL: A synthetic dollar stablecoin backed by a mix of assets, with protocol revenue used to purchase treasury assets to enhance the overall security of the protocol.
- Crypto Card in collaboration with BrahmaFi: In collaboration with BrahmaFi, a crypto card has been launched for specific users based on points ranking on HypurrFi.
- Participation: The points program has been launched.
- Functionality: Hyperliquid's native AMM DEX, allowing direct asset swaps on HyperEVM. It was the first native automated market maker (AMM) launched and gained significant early attention. However, with the emergence of Project X, Hyperswap's market share has gradually declined.
Practical Airdrop Strategy Example
Here is a specific participation plan:
- Trade spot on Unit → Convert portfolio into Hyperliquid assets
- Liquid stake HYPE into kHYPE → Deploy into Kinetiq vault or other DeFi protocols (Hyperbeat, Hyperlend, Felix)
- Utilize Unit spot assets to participate in DeFi → Borrow using uBTC or other mainstream tokens
- Allocate stablecoins → Distribute between Liminal (institutional mode) and Hyperbeat stablecoin vaults
Conclusion
The HyperEVM ecosystem is on the brink of explosion, with its unique economic model, strong technical foundation, and rapidly growing ecosystem providing tremendous opportunities for early participants. By systematically engaging with these projects, users can maximize potential returns while controlling risks.
Remember: Only risk amounts you can afford to lose, and ensure you understand what you are doing. If funds are limited, it is usually best to focus on 3-4 projects with the strongest synergies rather than spreading your attention across too many protocols. As GCR said, "He who chases two rabbits catches neither," which is a philosophy to follow when engaging in airdrop mining.
This is your alpha.
Part One: Seven Reasons to Be Bullish on Hyperliquid: The Evolution from DEX to L1 Ecosystem
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