Counting the Bull Market Dark Horses in the Hyperliquid Ecosystem: Which Projects Are Worth Participating In?
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Counting the Bull Market Dark Horses in the Hyperliquid Ecosystem: Which Projects Are Worth Participating In?
Missed Hyperliquid? Here are some projects worth participating in on Hyperliquid.
Navigating Web3 tides with focused insightsAuthor: Arain, ChainCatcher
Editor: Nianqing, ChainCatcher
Every bull market brings forth a dark horse exchange, and Hyperliquid appears to be the standout contender in this cycle.
Despite not being listed on major centralized exchanges like Binance or Coinbase, Hyperliquid’s fully diluted valuation (FDV) has already reached $27 billion, placing it within the top 30 crypto assets by market cap. The performance of its HYPE token has been particularly eye-catching—launched at an initial price of $3.90 per token, it surged to nearly $35 within a month, becoming a highly sought-after asset and leaving many investors who missed the entry deeply regretful.
But even if you missed out on Hyperliquid itself, there are still opportunities in its ecosystem. Let’s take a look at some promising projects built on Hyperliquid.
Investment Opportunities on Hyperliquid
To understand Hyperliquid, it helps to first grasp what it is.
Hyperliquid is an innovative decentralized trading platform aiming to combine the efficiency of CEXs with the transparency of DEXs.
It features a specialized Layer 1 blockchain designed specifically for high-performance perpetual contract order-book trading (a general-purpose chain), utilizing the HyperBFT consensus algorithm to achieve low latency and high throughput. Margin balances and matching engine states are fully on-chain, ensuring both efficiency and security. Additionally, Hyperliquid introduced two token standards: HIP-1 and HIP-2. HIP-1 is a native token with built-in trading functionality, allowing users to create fungible tokens directly linked to on-chain spot order books. HIP-2 tokens embed liquidity at issuance, permanently binding liquidity to HIP-1 tokens and solving liquidity challenges from day one.
Moreover, Hyperliquid supports staking and adheres to a self-funded, community-driven development model, further enhancing its appeal.
By maximizing token utility and liquidity, along with EVM compatibility and staking capabilities, Hyperliquid strengthens its platform attractiveness and competitiveness. Its community-first and self-funding approach allows it to focus more on technological innovation and user experience, showcasing strong growth potential and unique value.
Currently, there are several ways to find opportunities on Hyperliquid:
1) New asset auctions: Hyperliquid launches new assets through Ticket seat auctions. While there are many Tickets, only a few assets gain speculative traction. With growing enthusiasm around HYPE, identifying the next potential target has become a key goal for investors.
2) Promising projects: Several high-potential projects exist within the Hyperliquid ecosystem—our main focus below.
3) NFT opportunities: For example, NFT projects launched on Hyperliquid such as Lilquid have attracted significant investor interest.
4) Liquidity mining: Participating in liquidity mining on Hyperliquid and its ecosystem is considered a major opportunity.
5) Meme coins: Meme coins have emerged as a dominant theme in this bull cycle, and those on Hyperliquid—like PURR—present viable opportunities.
6) Legacy asset shells: Similar to reverse mergers, this remains a speculative possibility discussed among market participants.
Which Projects Are Worth Participating In?
Next, we’ll highlight notable projects on Hyperliquid, excluding those that are merely “old wine in new bottles.”
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Bitcoin Staking Protocol: Solv Protocol
A highly noteworthy project.
Solv is a decentralized Bitcoin staking protocol with solid recognition. It aims to unlock the full potential of Bitcoin assets through a liquid consensus infrastructure. By addressing BTC fragmentation, yield opportunities, and custody solutions, Solv provides a gateway into BTCFi. Supported by its Staking abstraction layer, Solv enables seamless interoperability across more than 15 platforms.
According to official data, Solv holds 25,000 BTC in reserves, making it the largest decentralized Bitcoin reserve holder currently.
Surprisingly, Solv recently announced the long-awaited TGE and native token $SOLV. Instead of prioritizing listing on CEXs, Solv chose Hyperliquid as its primary launch platform.
Given that most tokens currently listed on Hyperliquid are memecoins, the launch of $SOLV is a significant and symbolic move.
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Native Decentralized Lending Protocol: HyperLend
HyperLend is the native lending protocol on Hyperliquid and the first decentralized lending platform on Hyperliquid’s EVM, developed independently without official backing.
The project automates lending processes via smart contracts, enabling users to lend and borrow assets without relying on third parties. It operates on an over-collateralization model, where borrowers must deposit collateral exceeding their loan amount to ensure safety. Interest rates are dynamically adjusted based on market supply and demand.
According to website data, the product already has nearly 110,000 users. Going forward, HyperLend plans to expand into options and spot margin trading on Hyperliquid DEX.
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Native Domain Name Project: Hyperliquid Names
You can think of this similarly to Ethereum’s ENS. Hyperliquid Names is a protocol on the Hyperliquid EVM blockchain that allows users to publish, trade, and manage tokenized .hl names—acting as a bridge between human-readable names and cryptographic addresses.
As Hyperliquid’s native domain name project, it is preparing for a domain name auction on Hyperliquid—currently in whitelist registration phase.
Hyperliquid Names is already live on testnet. Its mechanics mirror those of Ethereum-based domain systems, with domains like Jeff and xulian expected to fetch high prices.
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Stablecoin Protocol: Felix
Felix is a stablecoin protocol within the Hyperliquid ecosystem, maintaining price stability by pegging to specific assets or baskets of assets—such as fiat currencies or other stable cryptos. Using algorithmic mechanisms and smart contracts, it automatically adjusts the stablecoin supply in response to market conditions. For instance, when the stablecoin trades above its peg, the protocol increases supply to bring the price down; when below, it reduces supply to push the price up.
Currently, users can deposit collateral and borrow feUSD through Felix vaults to earn yield.
The protocol is backed by Liquity, the decentralized lending protocol. As per official figures, the pool currently holds nearly $2 billion in assets.
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Liquid Staking Protocol: Thunderhead
Thunderhead is a liquid staking token issuance platform that offers "ecosystem-as-a-service" to support emerging blockchain ecosystems. It now provides liquid staking services for multiple blockchain protocols and has been selected and partnered with the Hyperliquid team.
Users stake their crypto assets on the platform to earn staking rewards while retaining liquidity. When users stake, the platform issues liquid staking tokens representing their stake, which can then be used across other DeFi platforms for trading, lending, or providing liquidity—enabling "second-layer utilization" of assets. For example, liquid staking tokens received after staking ETH can be used in liquidity mining on compatible platforms to earn additional yields.
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Liquid Staking Protocol: Kinetiq
Kinetiq is the leading liquid staking protocol on Hyperliquid, aiming to use StakeHub as its operating system and establish kHYPE as the pioneering staking pool on Hyperliquid.
StakeHub is an autonomous validator scoring and stake allocation protocol built entirely on meritocracy. This means no backroom deals, pre-selections, or biases toward validators receiving $HYPE delegations from Kinetiq.
Validators must continuously “earn” their position—those meeting or exceeding StakeHub standards receive $HYPE delegation rewards from Kinetiq; otherwise, stakes are re-delegated elsewhere.
This is a new project—StakeHub v0.1 has just launched. Dashboard data shows approximately 95 million HYPE tokens currently in the staking pool.
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First NFT on HyperLiquid: Liquina.hl
Liquina.hl combines AI, NFTs, and blockchain technology, primarily launching an AI-powered virtual girlfriend companion. The core concept involves users earning points through interaction with the virtual girlfriend, with $LQNA token holders receiving enhanced rewards. Additionally, the AI companion learns trading strategies and executes trades on the Hyperliquid platform, distributing earnings via airdrops based on accumulated points.
Liquina.hl will soon release LQnians—a collection of 3,000 NFTs, with 2,001 to be distributed via airdrop and 999 offered through auction.
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Native DEX: HyperSwap
This project is just getting started—the first native DEX on Hyperliquid EVM—and is already live on testnet. It has partnered with Thunderhead.
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Stablecoin: Keiko Finance
Keiko Finance is a permissionless lending protocol featuring dynamic interest rates and liquidation ratios, deployed on Hyperliquid.
Users can deposit ecosystem assets from Hyperliquid and borrow KEI, the protocol’s native stablecoin, while adjusting their desired risk level and enjoying predictable interest rates.
The Keiko testnet is now live on Hyperliquid EVM, marking the final step before mainnet deployment. Keiko is poised to become a pioneering native stablecoin within the Hyperliquid ecosystem.
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GameFi: Vegas GamebleFi
Vegas GamebleFi is the first GamebleFi project on HyperLiquid integrating utility and gameplay through a proof-of-fairness system. It launched $VEGAS in July 2024, aiming to bring GambleFi functionality to HyperLiquid.
The game is still under development.
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Trading Bot: PVP Trade
PVP Trade is a Telegram-based trading bot designed to facilitate futures and spot trading on the Hyperliquid exchange. Users can view and track each other's positions within Telegram groups, enabling real-time copy trading. This social trading model allows users not only to trade independently but also to interact, share strategies, and collaborate within the group.
It is currently the only platform allowing shorting of ERC-20 tokens, offering users more strategic flexibility. Short-selling mechanisms are relatively rare in the crypto space, and PVP Trade’s trading fees are extremely low—almost negligible.
The project has strong airdrop expectations. Since users earn points through trading activity, many are actively participating in anticipation of an upcoming token airdrop. Discussions on X indicate significant whale interest.
Conclusion
Hyperliquid has emerged as a dark horse this year, with numerous new applications rapidly being developed—new projects are added almost daily. To learn more about Hyperliquid, visit RootData’s Hyperliquid ecosystem page: https://www.rootdata.com/zh/EcosystemMap/list/335?n=Hyperliquid
For a more comprehensive overview, check the official ecosystem database: https://www.hypurr.co/ecosystem-projects.
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