Original | Odaily Planet Daily ( @OdailyChina )

Author｜Nan Zhi ( @Assassin_Malvo )

Last Saturday, Farm, a token born from Hypurr Fun, was listed on the Hyperliquid spot market, and its market value soared to $20 million. While HYPE maintained a "bulldozer"-style rise, the success of Farm attracted many users to the Hypurr Fun ecosystem. As an order book DEX, Hyperliquid's listing is different from the permissionless form of Raydium. How does Hypurr, a platform similar to pump.fun, combine with it? What are the specific rules and transaction processes behind it? Odaily will sort out and interpret it in this article.

Essential Basics: Hyperliquid Spot Coin Auction

According to official documents , HIP 1 is a supply-capped (FT) token standard, which is the form of most tokens in Hyperliquid. Dev in HIP 1 tokens can define multiple parameters, the most critical of which include maximum supply, initial supply, and Dev retention.

The listing process of Hyperliquid is a 31-hour Dutch auction , during which the token deployment fee will drop linearly from the initial price to 10,000 USDC until a token is auctioned and listed on the Hyperliquid spot market. If the last auction fails, the initial price will be restored to 10,000 USDC, otherwise the starting price of the auction will be twice the previous price.

For example, if the winner of the last auction at the time of writing was MON with a bid of $487,936, then the starting price for the next auction would be $975,873 and continue to decrease over time.

Hyperliquid Ecosystem Pump

In response to Hyperliquid's coin auction mechanism, Hypurr Fun came into being. This protocol is equivalent to establishing a "crowdfunding" platform, in which participating users invest funds and then compete for spot listing quotas on Hyperliquid (the term in Hyperliquid is Spot Deployment).

Token Information Query Platform

The web version can be used to query Hypurr token information and transaction status, including project introduction, token price, market value, trading volume and other basic information.

At the same time, you can also obtain new coins through the Telegram channel. The path is Hypurr official bot → Prelaunch market channel → Launch Alert sub-channel. Through Telegram, you can know which new tokens have been added in real time without refreshing the web page to obtain them.

In addition, there is an X platform account called Hyperliquid News that also provides relevant information, but it is not certain whether it is an officially supported account. Therefore, it is recommended to only obtain information from it and not conduct any trading operations through this account.

Trading Methods

Currently, Hypurr Fun only supports purchases through Telegram Bot . After entering the Bot, a pop-up message will be displayed to provide the wallet address. You can also get more information through the Wallet module. Currently, it only supports recharges from Hyperliquid L1 or Arbitrum. Please note that it only supports native USDC recharges (USDC.e is not supported).

Purchasing tokens is rather peculiar. The most common way is to jump to the token channel from the web version, and then jump to the Trade interface through the pinned message (the author has not yet found a way to search for tokens directly from Telegram).

Another way is to purchase through the “/launches” (optional transaction volume or price sorting) or “/chat” on the Telegram homepage. The former is an official data screening tool, and you can directly select the purchase quantity after clicking it. The latter is a public chat channel where you can find popular tokens and trade them by clicking to jump.

Personal opinion: the barbaric period and the rising period

Based on the author's subjective experience, Hypurr is still in its early stages and continues to rise, so there may be more opportunities to "make money".

The tools are obviously very imperfect and cannot be compared with other mature pump ecosystems. In addition, the information is currently incomplete. For example, it is very difficult to find the specific location and information of the spot listing rules (the first picture in this article). Although many KOLs have mentioned the listing rules, no one has listed the specific information source. Currently, only one picture is seen.

In terms of popularity, Farm set the highest record of listing fees at the time at $180,000, and then SOVRN set a record of $260,000 yesterday. When writing today, MON directly broke through to $480,000. It can be seen that the popularity is getting higher and higher.