TVL surpasses dYdX, a look at new Hyperliquid ecosystem projects

After the "85" crash, in addition to JLP, which became the "best bidder", Hyperliquid has also become another Perp DEX worth paying attention to. On August 7, Hyperliquid's daily trading volume exceeded 4.3 billion US dollars, setting a record high. At the same time, its network traffic also set a record high, and all services were normal and there was no downtime.

Hyperliquid focuses on Perp DEX and continues to work hard to achieve growth in users, trading volume and market share. It once became the hottest Perp DEX in the English circle. According to the official website data, Hyperliquid has currently accumulated more than 190,000 users and tradable assets of 132 types.

As a perpetual contract platform, Hyperliquid is often compared with dYdX. According to DeFiLlama data, Hyperliquid's TVL has grown to about $510 million, surpassing dYdX by about $100 million, and ranking third in the derivatives track (Jupiter ranked first, GMX ranked second).

But Hyperliquid is not limited to DEX. Its vision is to build a high-performance L1 chain and optimize the DeFi primitives built on it. The application chain was built manually by the team and uses only Tendermint for consensus. It is reportedly able to handle up to 20,000 operations per second, including orders, cancellations, and liquidations, which is about 20 times the current capacity of dYdX v3.

Related reading: "Exclusive interview with Hyperliquid: The hottest Perp DEX in the English area, why can it "challenge" dYdX? "

On May 1, Hyperliquid ended the first phase of the points plan that lasted for half a year. The L1 phase points plan is currently underway, which will start on May 29, 2024 and is planned to last for 4 months. The total amount of PURR, the first native token of Hyperliquid L1 mainnet, is 1 billion, of which 50% will be airdropped to Points holders in proportion, and the other 50% will be permanently locked in the liquidity pool of the PURR/USDC trading pair through the "Hyperliquidity" mechanism.

PURR is issued based on two permissionless native token standards independently developed by Hyperliquid. One is HIP-1, which allows the deployment of native tokens and the creation of on-chain spot order books. The second is HIP-2, which is also an innovative mechanism of "Hyperliquidity", which can permanently lock liquidity in the spot order book of HIP-1 tokens, forming a synergistic effect with the user's order liquidity.

Anyone can deploy HIP-1, but it is not as easy and cheap as on pump.fun. Deployers must participate in a 31-hour Dutch auction to secure the stock code of their choice. Since Hyperliquid's native token is not yet online, the winner of the Dutch auction will pay gas fees in USDC.

Hyperliquid hopes that anyone can build on Hyperliquid L1, just like Amazon built enough things to launch AWS. At present, community users and developers have begun to build new application products on Hyperliquid L1. BlockBeats summarizes some of these applications and gives a brief introduction.

Hypurrfan

Hypurrfan is a community-made TgBot that focuses on Hyperiquid's token deployment process. It provides a comprehensive set of tools, including token information, new product releases, auction details, and trading robots similar to Banana Gun or Unibot.

Hypurrfan allows users to trade any token on the Hyperliquid L1 spot market. You can use the sniping function to manually set the maximum exposure and maximum market value. Hypurrfan will buy the target token immediately after it is listed and do the rest.

Before you start using it, you need to deposit at least 10USDC into your Hyperliquid account. The user's transaction records will be saved by Hypurrfan, and a comprehensive report will be generated to track historical profits and losses. Hypurrfan has a referral fee, and you can earn 10% of their fees by recommending it to other users, and 100% of the transaction fees are directly used to purchase $HFUN.

Telegram: https://t.me/HypurrFunBot

pvp.trade

pvp.trade is also a TgBot on Hyperiquid. Users can add pvp.trade to a trading group, and then they can track each other's positions and trade in real time, share alpha, copy or reverse trades with group members.

When using pvp.trade, you need to manually add it to the trading group chat. Finding the trading group on the private message page will jump to the Twitter publishing interface. Subsequently, set up an existing Hyperiquid account, provide a wallet address and connect the AP1 key to add it for use.

pvp.trade does not host funds in any way, allowing the robot to read positions and trades, but it has no right to withdraw any funds. Currently, pvp.trade has obtained the PVP stock code on Hyperiquid and will have a points program to reward users who use and promote the robot.

Twitter: https://x.com/pvp_dot_trade

Telegram: https://t.me/pvptrade_bot

Hypurrscan

Hyperiquidofficial explorer is not suitable for analyzing on-chain activities, so the community developed a new on-chain monitoring tool Hypurrscan, which is a HL A block explorer for spot markets, users can use the site to track Dutch auctions, TWAP orders, addresses, and more.

Users can view internal perpetual transfers and TWAPs in the transactions tab of Hypurrscan, and can filter transactions by token name or type/address. The value shown in Hypurrscan is the value of the transaction for buy or sell, and the current value for spot transfers.

Hypurrscan supports withdrawal transactions and adds Arbitrum withdrawal paths, which can withdraw PURR and USDC to Arbitrum. It plans to add multiple features in the future, such as adding open limit orders, adding real-time token pages, adding switchable UTC/local time in txs lists, and adding tags to addresses.

Official website: https://hypurrscan.io/dashboard

Telegram: https://t.me/hypurrscan

HyperLend

HyperLend is a lending platform that the team hopes to become the first and main lending platform on Hyperiquid. The platform revolves around a non-custodial liquidity pool where users can deposit and borrow different assets, and provides flash loans, allowing users to borrow without collateral.

On HyperLend, users can borrow tokens at variable or stable rates, which are determined based on supply and demand to ensure that the interest rate is competitive. Flash loan fees involve reserve ratios and liquidation penalties. The reserve ratio refers to part of the interest paid to the treasury and insurance fund.

HyperLend token holders are entitled to a portion of the protocol revenue and can vote on important governance decisions, such as pool parameter updates, asset listings, and other protocol changes

Twitter: https://x.com/hyperlendx

Most of the applications on it are still in the conceptual stage. In addition to the projects mentioned above, there are some projects that lack basic information, such as HyperSwap, which hopes to create the first native DEX of Hyperliquid L1.

In a previous interview with BlockBeats, Hyperliquid said its long-term goal is to build L1 into a platform for financial activities. Important things like banks, trading platforms and even currency itself will benefit from the decentralization of society. For Hyperliquid at this stage, they may need many years of hard work.