I find in order to profit in crypto you have to stay ahead of the game but more often than not I am finding myself way behind the curve rather than being part of it. Now I give myself some credit. You go away for the weekend with the kids and take a break and crypto has moved on as fast as a supermodel dumping her childhood sweetheart for a Hollywood star. Yes it moves that quick. Hyperliquid is the new exchange that has been raising eyebrows. It is the new shiny toy of crypto and it is doing so well that Binance are having problems keeping USDC in the Arbitrum network liquid such is the demand to transfer it to users wallets to use on Hyperliquid.
You see the only way in is through Arbitrum so things are a bit conjested at the moment. Hyperliquid offer Futures on tokens such as memecoins. What is happening at the moment is that traders are just putting money on any token under 20k market cap on Hyperliquid and it just goes to 1 million market cap in minutes. So you see why people are eager to transfer USDC onto the exchange. It is because it is a money printer.
Hyperliquid has its own token called $HYPE which can be purchased on Kucoin. I went in and purchased $500 at $23 per token yesterday. It is at $26 even with the latest bear market sentiments so it is doing well for me but I am now looking at the use case of Hyperliquid as it looks to be a very decent exchange on its own. So what exactly sets Hyperliquid out from the dozens of other exchanges.
Hyperliquid is a decentralized exchange (DEX) dedicated to trading cryptocurrencies, specifically designed to offer a hybrid experience between centralized and decentralized trading platforms. It's built on its own layer-1 blockchain, Hyperliquid L1, which is optimized for high performance and supports an open financial system with user-built applications that interact with native components like order books, oracles, and vaults.
I tried it. It is fast. Very fast. It is secure and it offers 50x leverage without going through the regulatory spiel with one click.
It's TVL growth in the past 7 days is estimated to be $1.8 billion. Up there with the two auld fellas Bitcoin and Ethereum.
Tokens like $LCAT, $BUBZ, and $WIZARD have surged to million-dollar market caps recently on the platform, with $PiP notably reaching a 50 million market cap. Other tokens on there such as $FARTCOIN and $Lingo are also doing well.
Now the good news for us traders and the bad news for rug pullers is that it costs a considerable amount to launch a token on Hyperliquid.
You need to win an auction for a token ticker. This process has become quite expensive, with the minimum cost to secure a launch slot being around $525,000. Some auctions have seen even higher bids, like the $MON ticker which was bought for $489,000, and the starting price for the next ticker listing auction was noted at $975,873.72.
There's a general mention of the cost for deploying a token on Hyperliquid L1 being over $100k, which filters out less serious developers and contributes to a more selective ecosystem. Thank god for that. Nothing I hate more than those rug pulls. So if you get in , there is a good chance your token will pump by the way this exchange is trending.
These costs are associated with Hyperliquid's unique approach to token launches, which uses a Dutch auction mechanism to determine who gets to launch a new token, aiming to reduce dilution and increase the quality of projects on the platform.
Now Hyperliquid may be old news by next week but I has gained considerable traction in only a week and the powers that be on crypto Twitter seem to be liking it. This may become the new Sol of this bull market but then again it could fade into obscurity like so many others. Try it out. See if you like it.
I have not traded more than 10,000 in the exchange yet. Only then they will give you a referral code. So just google Hyperliquid. It's there for all to see.