Introducing the HyperEVM Ecosystem: Mining Opportunities with Felix Protocol, Mizu Labs, Drip.Trade, etc.

This article introduces multiple DeFi protocols in the HyperEVM ecosystem, including Felix, Mizu Labs, Drip.Trade, HyperSwap, etc.

Author: @castle_labs

Compiled by: zhouzhou, BlockBeats

Compiled by: zhouzhou, BlockBeats

Editor's Note: This article introduces multiple DeFi protocols in the HyperEVM ecosystem, including Felix, Mizu Labs, Drip.Trade, HyperSwap, etc., which provide opportunities such as staking, liquidity mining, and airdrop rewards. By participating in these protocols, users can obtain multiple benefits and ecological points, and may receive future token allocations. The HyperEVM ecosystem shows great potential, and the value of early activities is underestimated, giving users who missed the first wave of airdrops a second chance.

Editor's Note: This article introduces multiple DeFi protocols in the HyperEVM ecosystem, including Felix, Mizu Labs, Drip.Trade, HyperSwap, etc., which provide opportunities such as staking, liquidity mining, and airdrop rewards. By participating in these protocols, users can obtain multiple benefits and ecological points, and may receive future token allocations. The HyperEVM ecosystem shows great potential, and the value of early activities is underestimated, giving users who missed the first wave of airdrops a second chance.

The following is the original content (for easier reading and understanding, the original content has been reorganized):

The following is the original content (for easier reading and understanding, the original content has been reorganized):

Dump the brightness all the way up on your screen. We’re going deep into the Hyperliquid ecosystem.

Dump the brightness all the way up on your screen. We’re going deep into the Hyperliquid ecosystem.

Unless you’ve completely left the crypto scene, you’ve probably noticed it: Hyperliquid is everywhere. It’s one of the few projects that has executed a TGE strategy with pinpoint accuracy, creating a lot of wealth while keeping the entire ecosystem growing.

Unless you’ve completely left the crypto scene, you’ve probably noticed it: Hyperliquid is everywhere. It’s one of the few projects that has executed a TGE strategy with pinpoint accuracy, creating a lot of wealth while keeping the entire ecosystem growing.

While most traders focus on the perpetual contract layer, which has indeed found product-market fit and built one of the most active "believers" in the crypto world, the application layer that is expanding around HyperEVM is often overlooked. And the real opportunity lies here.

While most traders focus on the perpetual contract layer, which has indeed found product-market fit and built one of the most active "believers" in the crypto world, the application layer that is expanding around HyperEVM is often overlooked. And the real opportunity lies here.

Castle has covered the core of Hyperliquid in this analysis:

Castle has covered the core of Hyperliquid in this analysis:

Today, we’ll be breaking down the emerging mining landscape around HyperEVM, including how it’s evolving, who’s most likely to receive rewards, and how to get in on the action now at an early stage.

Today, we’ll be breaking down the emerging mining landscape around HyperEVM, including how it’s evolving, who’s most likely to receive rewards, and how to get in on the action now at an early stage.

What happened and what happens next?

What happened and what happens next?

@hyperliquidx's first airdrop in November 2024 was a historic event, distributing 31% of its total token supply to over 90,000 users. The token was issued at $3.2 and rose to a high of $34. The airdrop was worth over $10.5 billion at its peak, making it one of the largest wealth transfers in crypto history.

@hyperliquidx's first airdrop in November 2024 was a historic event, distributing 31% of its total token supply to over 90,000 users. The token was issued at $3.2 and rose to a high of $34. The airdrop was worth over $10.5 billion at its peak, making it one of the largest wealth transfers in crypto history.

The opportunity is huge and still in its early stages. HyperEVM is live, the core protocol is running, and various points systems are incentivizing user behavior.

The opportunity is huge and still in its early stages. HyperEVM is live, the core protocol is running, and various points systems are incentivizing user behavior.

Liquidity across the ecosystem remains thin, and this is often the best time to get the most bang for your buck. Hyperliquid has distributed 31% of the total supply so far, with another 39% still undistributed. At current valuations, this means there is nearly $4 billion in $HYPE that could potentially be distributed to future participants.

Liquidity across the ecosystem remains thin, and this is often the best time to get the most bang for your buck. Hyperliquid has distributed 31% of the total supply so far, with another 39% still undistributed. At current valuations, this means there is nearly $4 billion in $HYPE that could potentially be distributed to future participants.

And it’s not just about $HYPE itself. Native protocols like @Kittenswaphype, @HyperLendx, and @HypurrFi are also running their own points campaigns, which can earn rewards now and have the potential to be superimposed with future ecosystem incentives.

And it’s not just about $HYPE itself. Native protocols like @Kittenswaphype, @HyperLendx, and @HypurrFi are also running their own points campaigns, which can earn rewards now and have the potential to be superimposed with future ecosystem incentives.

The market has not yet fully reacted. The overall participation is still low, attention is scattered, and few people can make accurate arrangements. If this cycle unfolds according to the logic of the previous cycle, the earliest and most active participants will reap the greatest rewards.

The market has not yet fully reacted. The overall participation is still low, attention is scattered, and few people can make accurate arrangements. If this cycle unfolds according to the logic of the previous cycle, the earliest and most active participants will reap the greatest rewards.

So, who is most likely to benefit next?

So, who is most likely to benefit next?

From the history and current situation of Hyperliquid, there are several key groups worth paying attention to:

From the history and current situation of Hyperliquid, there are several key groups worth paying attention to:

1.KittenSwap – ve(3,3) model DEX for HyperEVM - @kittenswaphype

1.KittenSwap – ve(3,3) model DEX for HyperEVM - @kittenswaphype

KittenSwap is the main DeX on HyperEVM, using a ve(3,3) model similar to Velodrome and Solidly. It supports stablecoin and volatile token trading pairs, and rewards long-term users through fee dividends, points programs, and governance mechanisms.

KittenSwap is the main DeX on HyperEVM, using a ve(3,3) model similar to Velodrome and Solidly. It supports stablecoin and volatile token trading pairs, and rewards long-term users through fee dividends, points programs, and governance mechanisms.

As the DEX with the largest trading volume and TVL in the ecosystem, KittenSwap is the core hub of HyperEVM liquidity. Many new protocols will choose to launch tokens or create stablecoin trading pairs here.

As the DEX with the largest trading volume and TVL in the ecosystem, KittenSwap is the core hub of HyperEVM liquidity. Many new protocols will choose to launch tokens or create stablecoin trading pairs here.

KittenSwap recently launched centralized liquidity pools, allowing custom price ranges and temporarily increasing the point multiplier rewards. Some trading pairs currently receive up to 20x point rewards (such as LHYPE/HYPE and USDXL/HYPE), while the multipliers for standard pools have been reduced. This indicates that the protocol will be more inclined to support centralized liquidity in the future.

KittenSwap recently launched centralized liquidity pools, allowing custom price ranges and temporarily increasing the point multiplier rewards. Some trading pairs currently receive up to 20x point rewards (such as LHYPE/HYPE and USDXL/HYPE), while the multipliers for standard pools have been reduced. This indicates that the protocol will be more inclined to support centralized liquidity in the future.

Mining strategy

Mining strategy

Add liquidity to high-yield pools - focus on pools with high multiples, such as PURR/HYPE, LHYPE/HYPE, and USDXL. Avoid pools with high total locked volume and diluted rewards.

Add liquidity to high-yield pools - focus on pools with high multiples, such as PURR/HYPE, LHYPE/HYPE, and USDXL. Avoid pools with high total locked volume and diluted rewards.

Stake LP tokens to earn points - After adding liquidity, stake LP tokens on KittenSwap to earn points. Points are updated weekly and determine your allocation share in future token issuance.

Stake LP tokens to earn points - After adding liquidity, stake LP tokens on KittenSwap to earn points. Points are updated weekly and determine your allocation share in future token issuance.

Increase your earnings with MechaCats NFTs - Hold MechaCats NFTs to get bonus points:

Increase your earnings with MechaCats NFTs - Hold MechaCats NFTs to get bonus points:

1–9 NFTs = 1.25x

1–9 NFTs = 1.25x

100–199 = 1.4 times

100–199 = 1.4 times

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