Introduction

HyperEVM is an Ethereum Virtual Machine (EVM) environment integrated atop the Hyperliquid L1. Leveraging Hyperliquid L1’s high-performance architecture, it achieves an optimal balance between low latency and high throughput, seamlessly merging the advantages of on-chain order matching with smart contract programmability. Smart contracts can directly access L1 data (such as prices, positions, account balances, etc.) and write new trading instructions into the next block, enabling seamless interaction between L1 and EVM. For DeFi users, HyperEVM presents an attractive platform combining “deep liquidity + programmable finance”.

1. Core Protocols on HyperEVM

The HyperEVM ecosystem has already spawned multiple feature-rich protocols, with the following being particularly noteworthy:

1. KittenSwap (Liquidity Mining DEX)

Image source: https://kittenswap.finance/

• Positioning & Model

1. Core: A community-driven decentralized exchange (DEX) adopting the ve(3,3) token economic model.
2. Token: KITTEN. Users obtain veKITTEN through token locking to share trading fees; 30% of tokens are airdropped to the community.

• Key Features & Value

1. Liquidity Provision

• Supports multiple trading pairs: e.g. HYPE/USDC, HYPE/PURR, LHYPE/HYPE, etc.
• The scarcer the liquidity (lower TVL), the more airdrop points earned.

1. Points & NFT Boosts: Holding or using NFTs like MechaCat, Hypio, or Tiny Hyper Cat grants additional point multipliers; NFTs themselves also receive a portion of airdrop rewards.
2. Community Governance: veKITTEN holders can participate in proposals and voting to determine the protocol’s future direction.

• Usage Recommendations

1. Select trading pairs with high price correlation (e.g. HYPE/PURR) to minimize impermanent loss.
2. Acquire premium NFTs like MechaCat for point multipliers.
3. Monitor platform activities and adjust liquidity strategies promptly.

2. HyperSwap (Native Liquidity Mining DEX)

Image source: https://app.hyperswap.exchange/#/swap

• Positioning & Model

1. The first native DEX on HyperEVM, specifically serving newly issued tokens in the HyperEVM ecosystem.
2. Supports conventional AMM pools while developing dynamic liquidity models and dynamic fee structures.

• Token Incentives

1. Distributes xSWAP tokens to liquidity providers; convertible to governance and dividend token SWAP in the future.
2. Participation in HyperSwap also earns HYPE airdrop points, settled weekly.

• Usage Recommendations

1. Provide liquidity promptly when new tokens launch to earn higher points.
2. Monitor HyperSwap’s dynamic fee and incentive programs to flexibly switch pools.

3. HypurrFi (Leveraged Lending Protocol)

Image source: https://app.hypurr.fi/

• Positioning & Model

1. A comprehensive lending market on HyperEVM introducing pooled-risk lending and native stablecoin USDXL.
2. Users can collateralize HYPE or stHYPE to borrow USDXL via over-collateralization.

• Features & Advantages

1. Hybrid Stablecoin: USDXL is backed by multiple assets including HYPE and stablecoins, with risk pooling for enhanced capital efficiency.
2. Loop Strategies: Borrowed USDXL can be used to purchase more HYPE for collateral, amplifying returns.
3. Dual Points: Lending, looping, and reinvesting into liquidity pools create compounded point accumulation.

• Usage Recommendations

1. Deposit HYPE or stHYPE, carefully set loan ratios, and monitor “health factors” to avoid liquidation.
2. Deploy borrowed USDXL into KittenSwap or HyperSwap liquidity pools to earn fees and points.
3. Implement cross-protocol strategies for frequent cycling to accumulate more points.

4. Looped HYPE (Native Liquid Staking)

Image source: https://loopedhype.com/

• Positioning & Model

1. Hyperliquid’s native staking solution where users stake HYPE to receive LHYPE.
2. LHYPE is an auto-rebasing token tracking both staked principal and continuously generated yields.

• Features & Advantages

1. Auto-Compounding: No manual intervention required; system automatically reinvests for significantly higher yields than conventional staking.
2. Cross-Protocol Utility: LHYPE can be redeployed across other HyperEVM DeFi protocols for additional yields and points.

• Usage Recommendations

1. Stake via Hyperliquid’s official staking page to obtain LHYPE tokens.
2. While holding LHYPE enjoys auto-compounding, simultaneously deploy it in other protocols for extra incentives.

5. Other Noteworthy Protocols

Beyond these four core protocols, emerging projects in the HyperEVM ecosystem include:

• HyperLend: An Aave-like lending platform supporting multiple collateral assets and stablecoin borrowing.
• Felix Protocol: Mints feUSD stablecoin against HYPE collateral, usable across liquidity pools.
• Drip.Trade: An NFT+DeFi hybrid platform with future DRIP token airdrops.
• HyperBeat: A points and verification reward tool offering additional incentives for community contributors.
• HyperUnit: Native cross-chain bridge supporting direct transfers of BTC/ETH etc. to HyperEVM.
• Mizu Labs: Yield aggregator and strategy automation, potentially becoming a core yield source.

These projects—either live or in development—will inject more vitality and airdrop opportunities into the ecosystem.

2. Protocol & HYPE Airdrop Mechanism

The Hyperliquid team employs a “Points” system to quantify user contributions to the ecosystem, determining future HYPE airdrop allocations. Participating in HyperEVM core protocols generates substantial points, laying the foundation for Season 3 HYPE airdrops. Primary methods include:

1. Liquidity Mining

• Providing liquidity on DEXs like KittenSwap/HyperSwap and maintaining certain TVL earns points.
• Lower TVL pools offer higher point multipliers, further boosted by NFT ownership.

1. Lending & Looping

• Deposit HYPE/stHYPE on HypurrFi, borrow USDXL, then deploy USDXL into liquidity pools for dual points.
• Loop strategies (borrow→liquidity→borrow) significantly accelerate point accumulation.

1. Liquid Staking & Redeployment

• Stake HYPE for LHYPE, then utilize LHYPE in other protocols (e.g., KittenSwap pools) for additional points.
• This liquid staking + reinvestment model combines staking yields with multi-protocol point rewards.

1. Staking & Cross-Protocol Operations

• Frequent trading, staking, or delegation on Hyperliquid L1 itself positively impacts points.
• Minting feUSD via Felix or participating in Drip.Trade/HyperBeat also contributes points.

Key Takeaways:

• Multi-dimensional participation: Combine liquidity + lending + staking + cross-protocol activities.
• Target scarce pools: Prioritize low TVL, high-correlation pools.
• Leverage NFT boosts: Hold MechaCat/Hypio NFTs to increase point multipliers.
• Monitor new projects: Early testing/whitelisting for Felix/Mizu/HyperUnit offers extra points.

3. Airdrop Participation Guide

To maximize Season 3 HYPE airdrop points, follow this concise operational guide:

1. Bridge Assets

Image source: https://stargate.finance/

• Bridge stablecoins or supported tokens to Hyperliquid L1 via cross-chain bridges.
• Purchase HYPE on Hyperliquid APP’s “Spot” page.
• Click “Transfer to EVM” to bridge HYPE to HyperEVM.

Image source: https://app.hyperliquid.xyz/portfolio

• Note: Always verify network and contract addresses to avoid pitfalls.

2. Provide Liquidity

• On KittenSwap/HyperSwap, supply liquidity for pairs like HYPE/USDC, HYPE/PURR, or LHYPE/HYPE.
• Monitor TVL, prioritizing low TVL but promising pools.
• NFT holders (e.g., MechaCat/Hypio) enjoy point multipliers.

3. Lending & Looping

• Deposit HYPE/stHYPE on HypurrFi to borrow USDXL.
• Deploy USDXL into KittenSwap/HyperSwap pools for dual points.
• Loop strategy: Convert pool earnings back to HYPE and repeat to compound points.
• Risk warning: Closely monitor HypurrFi’s “health factor” to prevent liquidation.

4. Liquid Staking

• Stake HYPE via Hyperliquid’s official page to obtain LHYPE.
• LHYPE automatically generates rebasing yields.
• Redeploy LHYPE in other HyperEVM protocols (e.g., KittenSwap) for additional fees and points.
• Versus traditional staking, LHYPE’s multi-protocol utility further amplifies yields and points.

5. Engage New Project Testing

• Actively participate in testnets/whitelists for Felix, Mizu Labs, HyperLend, or Drip.Trade.
• Testnet activities, bug bounties, or community events all earn early contribution points.
• Regularly check Hyperliquid announcements and community updates for airdrop intel.

6. Security & Risk Management

• Avoid concentrating funds in single protocols; diversify to mitigate risks.
• Select high-correlation trading pairs to reduce impermanent loss.
• Verify contract addresses vigilantly against phishing/scam projects.
• Manage leverage ratios prudently to prevent liquidations.

3. HyperEVM Advantages & Entry Timing

HyperEVM’s Competitive Edge vs. Other L2/EVM Chains

HyperEVM Advantage Summary (Source: Gate Learn Creator Max)

With its high-performance infrastructure, deeply integrated orderbook architecture, and native on-chain data accessibility, HyperEVM provides DeFi applications with a rare technical stage combining execution efficiency and programmable freedom. For users, its on-chain experience rivals centralized exchanges while maintaining blockchain transparency and self-custody security.

Crucially, the HyperEVM ecosystem remains in its early红利 stage—airdrops have just launched, TVL distribution isn’t saturated, and most protocols are in initial farming cycles. Whether as liquidity providers, leveraged strategy players, NFT participants, or simple stakers, multi-dimensional protocol engagement can maximize HYPE airdrops and future token rewards during this phase.

In summary: High-performance chain + deep liquidity + airdrop incentives + early-mover advantage make HyperEVM one of DeFi’s most compelling sectors currently.

4. Future Outlook & Strategic Recommendations

Emerging DApp Highlights

1. Felix Protocol

Image source: https://usefelix.xyz/borrow

• Function: Mints feUSD stablecoin against HYPE collateral.
• Utility: feUSD can be deployed into liquidity pools or lending platforms for dual interest + points.
• Outlook: Will launch its own points program and token airdrop.

2. Mizu Labs

Image source: https://mizulabs.xyz/dapp/vault

• Function: Yield aggregation and strategy automation.
• Edge: Consolidates yields from HyperEVM core protocols into one-click optimization.
• Advice: Join testnets early for whitelist spots and pioneer points.

3. HyperLend

Image source: https://app.hyperlend.finance/dashboard

• Function: Aave-like lending supporting diverse collateral/stablecoin borrowing.
• Significance: Expands ecosystem lending scenarios, complementing HypurrFi strategies.
• Suggestion: Watch launch announcements for immediate participation.

4. Drip.Trade

Image source: https://drip.trade/

• Function: NFT+DeFi hybrid platform.
• Highlight: NFT holders participate in profit-sharing and airdrops.
• Tip: Acquire Hypers/Drip NFTs for bonus incentives.

5. HyperUnit

Image source: https://hyperunit.xyz/

• Function: Native cross-chain bridge for BTC/ETH etc. to HyperEVM.
• Value: Expands HyperEVM asset inflows, boosting liquidity/trading.
• Recommendation: Participate in testnet point campaigns and prepare cross-chain assets.

Strategy Optimization Tips

1. Risk Diversification

• Avoid concentrating funds in single protocols; maintain parallel strategies.
• Strictly control borrowing ratios to prevent over-leverage liquidations.
• Periodically harvest partial yields to cushion market volatility.

1. Stay Engaged

• Join official Discord/Telegram/Twitter for airdrop discussions.
• Promptly join testnets/whitelists to secure new project points.
• Track team roadmaps and updates to refine strategies.

5. Conclusion

As a vital component of the Hyperliquid ecosystem, HyperEVM attracts growing users and developers with its trifecta of “high performance + native liquidity + programmable DeFi”. With core protocols maturing and airdrop mechanisms intensifying, now is the ideal time for DeFi users to deeply engage with HyperEVM and accumulate HYPE airdrop points.

Through active participation in KittenSwap, HyperSwap, HypurrFi, and Looped HYPE—combined with cross-protocol strategies—users can harvest rich liquidity mining yields while laying groundwork for future HYPE distributions. As Felix, Mizu, HyperLend, and Drip.Trade come online, HyperEVM’s expansion will continue. Seizing this early红利 phase with diversified positioning will establish your first-mover advantage in this ecosystem.

Risk Disclosure: Always prioritize on-chain security—verify official websites before interacting and safeguard your assets.