Original author: Aylo

Original translation: TechFlow

If you follow my content, you know how excited I am about the HyperEVM ecosystem.

In many ways, it reminds me of the Solana craze in late 2023. For now, I still think it’s an ecosystem worth watching, and there will likely be many airdrop opportunities in the future.

That’s why, over the past few months, I’ve been introducing a new HyperEVM application each week in my new series, Alpha Apps (which I highly recommend checking out if you haven’t already).

But today, I wanted to share my complete Hyperliquid airdrop tier list.

Ready? I’m about to dish out a ton of good stuff (this took me forever, haha).

PS: As a bonus, there’s a detailed plan for how to hack HyperEVM at the end of the article, so be sure to read it to the end!

Hyperliquid's Bull Case

Before I get into the airdrop tier list, I want to first explain why I have so much confidence in Hyperliquid and its ecosystem.

1. Hyperliquid embodies the true spirit of crypto

Hyperliquid started as a decentralized exchange for perpetual contracts with no KYC (identification verification), no gas fees, and a first-class design and user experience. It later expanded to build its own L1 blockchain.

Its "secret weapon" comes from the rare combination of:

• Self-funded : There are no vampire private rounds of financing, and the project's Token Generation Event (TGE) is the starting point of development, not the time for exit.
• Successful Airdrop : 30% of the token supply was distributed in the Genesis airdrop, and the HYPE token price has increased over 10x since launch.
• Product-first strategy : Build products that users actually need first → Acquire long-term users → Reward users with large-scale airdrops → Then expand by building your own chain (rather than launching an unattractive empty chain).
• Generous future rewards : 40% of the HYPE supply (worth billions of dollars) is reserved for future incentives. This could include another airdrop and is a significant growth catalyst.
• Powerful token economic model : 99% of transaction fees are used to repurchase HYPE tokens.
• A lean and efficient team : With only 11 people, each employee generates an average annual revenue of over $100 million.

Unlike most projects that faded into obscurity after the "scam" incident, Hyperliquid emerged even stronger after the airdrop. All key metrics are rising, and Hyperliquid is well on its way to becoming the first decentralized perpetual swap exchange capable of truly competing with giants like Binance.

2. Hyperliquid is a cash cow, and HYPE is undervalued.

Current annualized revenue is approximately $1.37 billion (based on approximately $114 million in monthly fees).

In addition, 99% of the revenue is used to repurchase HYPE. At this rate, theoretically all the HYPE in circulation can be repurchased in less than 9 years.

In the entire crypto industry, no other protocol has such a strong economic model, which is unique.

3. The ecosystem is growing rapidly

The Hyperliquid TVL chart says it all - growth is accelerating.

Some well-known DeFi projects (such as Ethena, EtherFi, Pendle, and Morpho) are expanding to HyperEVM. If these outstanding teams are investing resources here, it is undoubtedly a strong signal that there is real value here.

Meanwhile, native Hyperliquid projects like Kinetiq and Liminal are also emerging (more on these later).

Additionally, the recent integration of native USDC support removes a significant risk factor, providing another positive boost to the ecosystem.

4. HYPE is a strong collateral asset

For any L1 blockchain, it is crucial to have a strong collateral token:

• Ethereum → ETH
• Solana → SOL
• BNB Chain → BNB

Today, most L1s lack such tokens, which limits the growth of DeFi.

But HyperEVM owns HYPE, arguably one of the most powerful assets in the crypto industry. This in itself is a huge bullish reason.

5. Builder Codes: A brilliant distribution strategy

Builder Codes allow developers to build trading applications using Hyperliquid’s core infrastructure and earn a portion of the fees from the transactions they facilitate.

This effectively transforms DeFi developers into Hyperliquid’s distribution partners, creating a true win-win model.

A prime example is Phantom, which launched its own perpetual contract trading functionality through Hyperliquid.

Rabby Wallet has also hinted at similar moves, and protocols like Ranger Finance and Mass are also leveraging this strategy. It has to be said that this is a brilliant growth strategy for Hyperliquid.

6. HIP-3 is changing the rules of the game

HIP-3 allows anyone to create a new perpetual contract market by staking 1 million HYPE (approximately $42 million). Deployers can set parameters and receive up to 50% of the fees.

Unlike Builder Codes (which focus on distribution), HIP-3 focuses on product expansion.

More markets → more users → more fees → more buybacks → more traction.

If you want to learn more about the impact of HIP-3, take some time to read about it.

7. Synergy between Hyperliquid and HyperEVM

People often think of Hyperliquid and HyperEVM as two separate things. In reality, they are two aspects of the same ecosystem.

• HyperEVM → Programmability : It extends Hyperliquid’s engine, making it programmable and compatible with other DeFi projects.
• Hyperliquid → Liquidity and Cash Flow : Exchanges bring instant transaction volume, credibility, and revenue to the chain.

This creates a unique feedback loop: DeFi protocols on HyperEVM can directly leverage Hyperliquid’s deep liquidity and order book, while still using the flexibility of EVM smart contracts.

Airdrop Tier List

Well, I believe that after reading this, you have already agreed that Hyperliquid is an ecosystem worth paying attention to and is full of potential opportunities.

Next, a good watchlist will be your most powerful tool when it comes to airdrops, and I’ve compiled a list of projects worth keeping an eye on for you.

To be clear, this is not an exhaustive list, but rather a list of projects I personally think are worth looking at and have used myself. Please do your own research (DYOR).

S-level: Unit , Kinetiq

These two projects are the obvious choices. In my opinion, they are the easiest to participate in and have the highest potential airdrop opportunities on Hyperliquid.

Unit

I’ve mentioned this before, but I want to emphasize it again: Unit is probably one of the most important airdrop opportunities in the Hyperliquid ecosystem .

Unit is the asset tokenization and cross-chain bridging layer behind spot trading on Hyperliquid. It allows users to deposit, withdraw, and trade mainstream crypto assets such as BTC, ETH, and SOL directly to Hyperliquid.

Since its launch, the Unit Protocol has performed exceptionally well, with TVL (total value locked) exceeding $1 billion, annualized trading volume exceeding $115 billion, and contributing significant revenue to the ecosystem. To date, over 98% of this revenue has been used directly to repurchase HYPE tokens.

How to prepare to participate in UNIT and future HYPE airdrops:

• Deposit BTC, ETH, SOL, and other assets via app.hyperunit.xyz or through the Hyperliquid interface.
• Trade these assets on Hyperliquid's spot market.

Going further, you can try to cross-chain assets between Hyperliquid, or use Unit assets to interact with HyperEVM.

This is a reference link that will allow you to get a discount on the fees.

Kinetiq

In my opinion, Kinetiq is another S-level protocol on Hyperliquid.

Kinetiq is the leading liquidity staking protocol on Hyperliquid. Users can stake HYPE and receive Kinetiq Staked HYPE (kHYPE) in return. kHYPE is fully liquid, can be used in DeFi, and automatically accrues staking rewards.

As the most anticipated liquidity staking token (LST) on Hyperliquid, Kinetiq has attracted more than $1.7 billion in TVL and covered 15,000 wallets since its launch on July 15, becoming one of the key protocols of HyperEVM.

Kinetiq has launched a points program. Although the specific rules have not been fully disclosed, it has been observed that the acquisition of points is related to holding kHYPE and using kHYPE in DeFi (currently most points flow to Pendle's YT-kHYPE).

If you want an easy way to earn points, you can deposit kHYPE into Kinetiq's Earn vault, which allows you to earn points on multiple protocols at the same time.

A reasonable approach is to view Kinetiq with a similar valuation ratio to Jito on Solana. Importantly, it is not currently over-mined: ~15,000 wallets with a total TVL of $1.7 billion are still a healthy ratio.

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 contract market without the 1 million HYPE staking requirement.

I just looked at this tweet I posted before the JTO airdrop, and I think there is a strong possibility that history will repeat itself here, with rewards of similar order of magnitude (this also applies to UNIT in my opinion).

If you're bullish on HYPE, now you know how to make them work.

Try Kinetiq now

A-level: Liminal , Hyperbeat

Strong protocol with solid traction, interesting use cases, and remains one of the top opportunities on Hyperliquid.

Liminal

Liminal is a delta- neutral return platform that allows you to earn real and generous returns without taking on market risk.

Its operating logic is simple and somewhat similar to Ethena's model, but Liminal provides more flexibility, allowing users to decide the asset allocation of the Delta neutral return strategy.

Here's how it works:

• Deposit USDC to the Liminal platform.
• Choose one of the following two strategies:
• Liminal Classic Strategy : Platform automatic management.
• Custom portfolio : Build a Delta-neutral trading portfolio based on your personal needs.
• After that, you can just relax and wait for the profits without worrying about the market direction.

Adjustments that need attention:

By default, Liminal is set to "Regular" mode. In this mode, Liminal manages asset custody and strategies for you, making it the simplest option. However, there's a catch: your spot and perpetual trading volume may not be counted towards your Hyperliquid or Unit account activity, potentially resulting in missing out on Unit airdrop opportunities.

To resolve this issue, you can switch your account to institutional mode. In this case, your assets will be held in your sub-account, and Liminal will only execute trades on your behalf (without worrying about the safety of your funds; Liminal cannot withdraw them).

Regardless, I really like what Liminal is building. Liminal is a unique protocol that is becoming one of the pillars of the Hyperliquid yield ecosystem. Since its launch, the platform has distributed over $1.4 million in yield to users .

I personally have stored some stablecoins in Liminal and plan to hold them for a long time.

Start earning income with Liminal now

Hyperbeat

Hyperbeat is a one-stop DeFi protocol for the HyperEVM ecosystem.

The platform partners with top protocols and infrastructure providers to offer a full suite of products, including:

• Staking: You can stake HYPE liquidity into beHYPE, built in partnership with EtherFi.
• Earnings: HyperBeat has partnered with top infrastructure providers and strategists to launch different vaults on HyperEVM. The yields are attractive, allowing you to earn points on all major HyperEVM protocols.
• Morphobeat: A permissionless and independent lending marketplace powered by Morpho where you can lend and borrow all your favorite assets on HyperEVM.
• Masterswap: One-click cross-chain transfer of assets from any chain to HYPE on HyperEVM. Hyperbeat automatically selects the best path - for example, swapping SOL on Solana to HYPE on HyperEVM with a single click.

HyperBeat launched a points program with a total supply of 51 million Hearts.

Currently, less than 12% of Hearts are available. If you want to participate in the potential HyperBeat airdrop, you need to act quickly.

It’s worth noting that the reward system is divided into six tiers. This setup may suggest that airdrops will be distributed based on tier, which means it’s still not too late to start using HyperBeat and climb the ranks.

How do I start earning Hearts?

Deposit your assets into a vault and leverage multiple HyperEVM protocols. Whether you hold HYPE, BTC, stablecoins, or gold, there's an option for you.

I personally deposited HYPE in the Ultra HYPE vault and received a 6% annualized return (APY) while earning points on six protocols, which is very efficient.

If you hold HYPE, you can also liquid stake it as beHYPE (10 million Hearts available currently). I did that too. The good news is that beHYPE will soon be listed as cash collateral on the EtherFi Card ( get it now ).

HyperBeat offers multiple ways to leverage capital, while also potentially bringing interesting airdrops. Whether through staking, yield treasuries, or cross-chain asset transfers, HyperBeat creates diverse opportunities for users.

Start earning money on HyperBeat now

Grade B: Hyperlend , Felix , Project X , Ventuals

Still a reliable, high-quality protocol with the potential for meaningful airdrops. While more complex or uncertain than S- and A-tier play, it's still a potential airdrop opportunity worth watching within the Hyperliquid ecosystem.

Hyperlend

Hyperlend is a lending protocol based on Hyperliquid and has been recognized as a friendly fork by Aave governance.

Its main products include:

• Lending Market: Supports lending of assets such as HYPE, uBTC, and PT-kHYPE on HyperEVM.
• HLP Vault: HLP is a Hyperliquid vault that participates in market making and liquidation processes, earning transaction fees. The IOU tokens issued by the vault are transferable and compatible with DeFi, making asset utilization more efficient.
• 
• Hyperloop: Open a leveraged, looping position with one click, using any two tokens (one to deposit, one to lend).

There are many interesting lending strategies on Hyperlend worth exploring. For example, the PT-kHYPE Loop Strategy allows you to get the highest yield on HYPE (but you will miss out on airdrops).

As the most popular lending protocol at present, Hyperlend's product design and user experience (especially the HLP Vault and Hyperloop functions) are excellent.

That being said, since it is an Aave fork, I am placing it in tier B because historically, forks tend to have more limited upside potential.

Still, it's a solid protocol worth trying.

Try Hyperlend

Felix

Felix is another protocol that offers a full suite of lending products, similar to Hyperlend, but with some unique features.

Its core product is a CDP that allows you to deposit assets such as HYPE, kHYPE, or uBTC and borrow feUSD using these assets as collateral. In addition, there is a native model built on the Morpho stack.

They also launched hUSDL, a treasury-backed stablecoin. It's tailored for Hyperliquid's trading environment and can be used as collateral for lending, trade settlement, and future HIP-3 markets. Also interesting is that hUSDL-backed earnings can be used to purchase spot HYPE, which can then be redistributed as rewards to fuel HyperEVM growth.

Currently, Felix's TVL has reached US$380 million, with an estimated annualized fee income of US$18.5 million.

Its points program is still ongoing, and compared to Hyperlend, there are fewer cases of hair loss, so it is an agreement worth trying.

Try Felix

Project X

Project X aims to become the leading DEX aggregator for the entire EVM ecosystem.

As a first step, they just launched their own DEX on HyperEVM. The next step is to develop into a DEX aggregator within the EVM, and the third phase is still in its undisclosed stage.

Since its launch, the protocol has gained significant momentum and has quickly become the number one decentralized exchange on HyperEVM, surpassing $100 million in total value locked (TVL). I believe Project X will have no problem maintaining its leading position on HyperEVM.

The real test will be when they enter the next phase and try to capture market share in the broader EVM ecosystem.

It is not clear how sticky the funds will be after the airdrop ends, nor is it certain how large the addressable market size (TAM) of a DEX on HyperEVM (especially a fork of Uniswap) will be.

Despite this, the team has strong marketing capabilities, the project is fully self-funded, and they are actively promoting upcoming new features. This is also an important reason why I categorize it as a B, and I think its airdrop potential is worth looking forward to.

How to participate?

Project X has launched a points program.

If you have experience as a liquidity provider (LP), Project X can be a good choice.

For example, if you have staked HYPE as kHYPE, you can deploy it to the kHYPE-HYPE liquidity pool (currently the largest liquidity pool on Project X).

Here are some other major liquidity pools you may also be interested in:

Providing liquidity or trading on Project X

Ventuals

Ventuals ' mission is to transform startup valuations into tradable perpetual contracts through HIP-3. This means you can trade long and short on your favorite private companies and use leverage.

Innovation in the crypto space has always revolved around tokenization and unlocking new markets. For example, ICOs made private rounds of funding for early-stage projects liquid and accessible to everyone from the outset.

And now, with Ventures , we are entering a new frontier: trading companies before their IPOs. This not only adds a layer of market-priced efficiency to startup valuations (determined by the market, not a handful of bankers), but also democratizes an asset class once limited to accredited investors.

Currently, Ventures has not yet launched on mainnet, so we still have to see how they execute on this mission, but what is certain is that the opportunity is very attractive (and it perfectly demonstrates the potential of HIP-3).

How to participate?

Ventuals is currently only running on testnet while they wait for the HIP-3 standard to be released on the Hyperliquid mainnet. In the meantime, you can start testing their product (testnet activity may count towards the airdrop).

Another step you can take immediately is to deposit assets into your Ventuals vault on Hyperbeat. Currently, this seems to be the best way to get early exposure for Ventuals while also earning Hyperbeat Hearts.

Try Ventuals

C-level: Hypurrfi , Hyperswap

In my opinion, these protocols have slightly lower airdrop potential than other projects, but they are still worth mentioning (and may also provide unexpected surprises).

Hypurrfi

Hypurrfi is another decentralized lending protocol native to the HyperEVM. Its unique features include:

1/ HypurrFi provides a smooth user experience and supports multiple assets, allowing users to quickly deposit assets and borrow funds.

Through HypurrFi, you can also quickly enter a leveraged position by borrowing against collateral to obtain more assets and then deposit them to perform leveraged long positions.

2/ HypurrFi is the home of USDXL, a hybrid-backed synthetic dollar whose protocol revenue is used to purchase Treasuries as additional protocol security.

3/ They also partnered with BrahmaFi to launch crypto cards for specific users based on their points ranking on HypurrFi.

Points program is now online

You can check out this page to get a clearer idea of what's important and what the highest multiples are.

Try HypurrFi

Hyperswap

As the name suggests, Hyperswap is an automated market maker (AMM) DEX native to Hyperliquid that allows users to exchange assets directly on HyperEVM.

Hyperswap was the first native AMM launched on HyperEVM and garnered significant early attention. However, over time, after the launch of Project X, Hyperswap's market share has gradually decreased.

It is clear from the data chart that the day Project X went online (TVL reached US$40 million on the first day) marked the peak of Hyperswap TVL.

Despite this, I think the project's goals are still interesting and still deserve a spot on this list - even if its potential may not be as high as other top projects.

If you’re interested in their goals, you can read this article to learn more:

Try Hyperswap

Summarize

This article shares my complete tiered list of HyperEVM airdrop opportunities.

Of course, this is entirely subjective and only represents my personal opinion. I hope this article helps you filter out the protocols that interest you most and are worth investing your time in.

A little advice

If you have limited funds, instead of spreading yourself across too many protocols, it’s better to focus on 3-4 projects with the strongest synergy. This is the strategy I’ve always used, and it works quite well.

As GCR said: "He who chases two rabbits catches neither." This is also a good concept worth adhering to in airdrop farming.

Additional content: Airdrop example

Here is a simple HyperEVM airdrop plan for your reference:

Conduct spot trading on the Unit platform and convert part of your portfolio into Hyperliquid assets.

Liquidly stake HYPE to generate kHYPE, which can then be deployed to the Kinetiq vault or other DeFi protocols (such as Hyperbeat, Hyperlend, Felix).

Use spot assets on the Unit platform (such as uBTC or other mainstream assets) for lending operations.

Allocate stablecoins to the stablecoin vaults of Liminal (institutional model) and Hyperbeat.

Risk Warning

Always only invest money you can afford to lose and make sure you fully understand what you are doing.

Finally, choose the strategy that works best for you and take action now!

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