WOO X Research: The biggest airdrop of 2024—what other tokens in the Hyperliquid ecosystem can you participate in?
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WOO X Research: The biggest airdrop of 2024—what other tokens in the Hyperliquid ecosystem can you participate in?
Hyperliquid becomes the Perp Dex leader.
Navigating Web3 tides with focused insightsBy: WOO
On November 29, the decentralized derivatives exchange Hyperliquid distributed its $HYPE token airdrop. What was initially thought to be a simple trading volume grind for points redeemable into tokens turned out to be something entirely different.
After listing, Hype rose from $2 to $12 within a week—an increase of up to 6x. Its current market cap has reached as high as $4 billion, with a fully diluted valuation (FDV) hitting $12 billion, nearly one-tenth of Solana’s.
In terms of airdrop distribution, according to the Hype dashboard created by ASXN, the average user received 2,881 $HYPE tokens. At $12 per token, this translates to an average airdrop value exceeding $34,000 per person.
Product-wise, even after token distribution and conclusion of the airdrop campaign, Hyperliquid's TVL has soared to $1.6 billion—maintaining its position as the leading decentralized derivatives exchange—while trading volume continues to climb to new highs, reaching $8 billion in daily volume!
So what exactly did Hyperliquid do right to achieve this triple win of successful airdrop, strong token performance, and robust product growth? And which promising tokens within its ecosystem are worth exploring? Let WOO X Research guide you through it all.
Source: DefiLlama
Why Was Hyperliquid Able to Break Through?
In crypto, perpetual DEXs (Perp Dex) are nothing new. From early players like DYDX to later entrants such as GMX using vault-based counterparty models, Hyperliquid has surpassed them all. So what did Hyperliquid do differently to stand out?
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Aligned with current market sentiment: Hyperliquid did not seek VC funding. Founder Jeff even considers having VCs hold 50% of the token supply early on as a "stain." He believes most projects take shortcuts—first securing market maker investments, then boosting trading volume via incentive programs—but that such models aren't sustainable. This philosophy resonates strongly with this cycle’s investors who increasingly favor meme coins: there's a deep-rooted aversion toward VC-backed tokens, and users don’t want to be left holding the bag for institutions. Now, finally, a “legitimate project” has emerged without relying on VCs, embracing a more crypto-native, bottom-up approach—naturally winning favor in the market.
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User experience: Hyperliquid currently operates on Arbitrum. To trade, users simply deposit stablecoins (USDT, USDC, or USDC.e) directly onto Arbitrum and begin trading—gas fees are completely abstracted away. Deposits and withdrawals are seamless. Additionally, HLP allows users not only to act as traders but also as market makers. While LP-as-counterparty is now standard among Perp DEXs, HLP offers greater flexibility by enabling users to freely choose market-making strategies, including copy-trading features, making its design notably more adaptable.
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Valuation misalignment: Although currently categorized as a Perp Dex, Hyperliquid's ambitions go far beyond that. Their vision is to become a foundational platform for financial activity, capable of hosting various DeFi and derivatives protocols—essentially building their own chain. The Hyperliquid EVM is already live on testnet, though full integration with other L1s remains incomplete. In market valuation, Perp Dexs and Layer 1 blockchains sit at vastly different ceilings—the latter offering significantly higher growth potential. Hyperliquid’s strategic brilliance lies in positioning itself not merely as a Perp Dex, but as a blockchain, thereby unlocking much greater perceived valuation upside.
Another reason for $HYPE’s surge is scarcity—$HYPE cannot be traded anywhere else except on Hyperliquid, earning it the nickname “single-player coin.”
Data from the Hyperliquid dashboard built by ASXN shows that current demand to buy $HYPE far exceeds sell-side pressure. As shown in the chart below, many users are actively purchasing HYPE via TWAP (Time-Weighted Average Price) orders, with total buy volume reaching $5.6 million compared to just $1.25 million in sell volume.
Beyond the explosive rise of $HYPE, which other ecosystem tokens on Hyperliquid deserve our attention?
Source: https://data.asxn.xyz/dashboard/hype
Finding Alpha in Related Concept Tokens
How can we identify tokens strongly linked to Hyperliquid amidst the sea of cryptocurrencies? We can look at the Spot → Strict list on Hyperliquid, which includes only 11 tokens—including $HYPE—all closely tied to the Hyperliquid ecosystem.
Below are selected tokens highlighted by WOO X Research:
Source: app.hyperliquid.xy
PURR
PURR features an adorable cat mascot and serves as the official meme coin of Hyperliquid—an officially recognized token often seen as a leveraged version of $HYPE. Each transaction burns a portion of PURR, with approximately 0.33% of the total supply already burned.
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Current price: $0.3
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Market cap: $181M
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24h trading volume: $25M
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Narrative: Official meme, token burn, airdrop expectations
Source: @Hyperintern
HFun
Hypurr.fun is a Telegram-based trading bot that enables direct trading of Hyperliquid-related tokens, including new token sniping and deployment functions. The HFun token allocates 30% to $PURR holders, 30% to the creator, and 40% for liquidity provision.
Recently, they launched their own AI agent—Schizo—positioned specifically for token creation.
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Current price: $39.5
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Market cap: $39M
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24h trading volume: $1.6M
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Narrative: Trading, token launching, sniping bot
Source: https://dexscreener.com/hyperliquid/0x929bdfee96b790d3ff9a6cb31e96147e
Jeff
A meme coin inspired by Jeff, the founder of Hyperliquid. However, it was not created by Jeff himself, but rather initiated organically by community members.
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Current price: $23.3
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Market cap: $23.3M
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24h trading volume: $1.7M
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Narrative: Founder meme
Source: @JHyperliquid
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