HYPE's bulldozer-like rise, how does its "crowdfunding" platform Hypurr Fun work?
Original title: "Hyperliquid Ecosystem Wind Rises: One Article Quickly Passes Pump-like Platform Hypurr"
Original author: Nan Zhi, Odaily Planet Daily
Last Saturday, Farm, a token born from Hypurr Fun, was listed on the Hyperliquid spot market, and its market value soared to 20 million US dollars. 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 and others. How does Hypurr, a pump.fun platform, combine with it? What are the specific rules and transaction processes behind it? Odaily will sort out and interpret them in this article.
Essential basic knowledge: Hyperliquid spot listing auction
According to the official document, 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.
Hyperliquid's listing process 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, as of the time of posting, the winner of the last auction was MON, with a winning bid of $487,936, so the starting price of the next auction will start at 975,873 USDC and continue to drop over time.
Hyperliquid Ecosystem Pump
Hypurr Fun was born in response to Hyperliquid's coin auction mechanism. The protocol is equivalent to establishing a "crowdfunding" platform, where participating users invest money and then compete for the spot coin quota on Hyperliquid (the term in Hyperliquid is Spot Deployment).
Token Information Query Platform
You can query Hypurr token information and transaction status through the web version, including project introduction, token price, market value, transaction volume and other basic information.
You can also obtain new coins through the Telegram channel. The path is Hypurr official bot→Prelaunch market channel→Launch Alert sub-channel. Telegram can be used to know which new tokens have been added in a more real-time manner 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 to perform any trading operations through this account.
Trading method
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 transfers from Hyperliquid L1 or Arbitrum. Please note that it only supports native USDC recharges (USDC.e is not supported).
Purchasing tokens is quite peculiar. The most universal 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. Click it to directly select the purchase quantity. The latter is a public chat channel where you can find popular tokens and trade them by clicking on them.
Personal opinion: Wilderness and 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 "gold digging" opportunities.
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, $180,000, and then SOVRN set a record of $260,000 yesterday. When the article was published today, MON directly broke through to $480,000. It can be seen that the popularity is getting higher and higher.
You may also like
Latest research from 13 top universities including Cornell University: The current state, challenges, and misconceptions of the fusion of Crypto and AI
Deconstructing Anthropic: The Best AI Company, Possibly Also a Type of Organizational Invention
Humanity Protocol Security Incident Escalates: More Than $31 Million Stolen From Related Addresses as Attacker Continues Selling H for ETH
On June 9, according to monitoring by Onchain Lens, more than $31 million has been stolen from addresses linked to Humanity Protocol, and the attack is still ongoing, with the hacker continuously swapping H tokens for ETH. Project founder Terence Kwok later confirmed the security incident on X, saying the issue involved a private key leak.
Bloomberg: As Bitcoin Weakens, Stablecoins and RWA Continue to Drive Expansion in Crypto Businesses
In June, Bloomberg reported that despite Bitcoin falling below $60,000 last week, wiping out about $235 billion in market value within seven days, and dropping close to 50% from last year’s peak, some core businesses in the crypto industry are still expanding, mainly in stablecoins, real-world asset tokenization (RWA), payments, and infrastructure. The report also noted that overall altcoin activity has contracted significantly: altcoin market capitalization has fallen from a peak of about $431 billion in November 2021 to around $170 billion, and among the tens of millions of tokens issued in recent years, fewer than 1,700 still maintain meaningful trading activity.
Galaxy Deep Research Report: How Hyperliquid's HIP-4 Upgrade Changes the Landscape of Prediction Markets?
Binance Research: RWA Market Expected to Expand Nearly 6x from Early 2025, with Public Equities and Onchain Payments Heating Up Together
In June, Binance Research said in its monthly market report that the real-world asset (RWA) market is expected to grow by about 589% from the beginning of 2025. Bond- and money market fund-related RWA expanded by about $6.5 billion, up 83% year over year, while publicly traded equity RWAs grew by about 422%. The report also noted that monthly crypto debit card transaction volume exceeded $747 million in May, up 48.6% year to date.
Japan to Assess a Framework for Yen Stablecoins and Crypto ETFs as Asia’s Compliant Payments Narrative Heats Up
Recently, according to the original report, Japan is considering the launch of yen stablecoins and cryptocurrency ETFs. Public information remains limited at this stage, and there is still no complete policy text, regulatory draft, or clear implementation timeline, so this is better characterized as a “policy discussion” rather than formal implementation. The original wording also noted that advancing stablecoin regulation in Asia is driving XRP usage and supporting growth in the XRPL ecosystem. However, based on currently available public information, there is not enough evidence to directly establish a clear causal relationship between this round of discussion in Japan and XRP or XRPL.
ZachXBT: Humanity private key leak and abnormal surge in H token should be viewed separately
On June 9, according to related disclosures, on-chain investigator ZachXBT posted an update on Humanity’s roughly $31 million security incident, saying that after further analyzing fund flows, he currently tends to believe the project team was not involved in an “inside job” or a self-staged attack. According to him, the official explanation about the private key leak was broadly accurate, but before the token unlock, the price of H had been artificially pushed higher, and the hacker later took advantage of that market environment; therefore, the private key leak and the earlier abnormal price pumping should be regarded as two separate and independent events. This reframing has shifted the market’s understanding of the nature of the incident. Earlier discussion around Humanity had focused on whether the team directly participated in the attack or used the security incident to cover up internal operations. ZachXBT’s latest remarks shift the focus from “whether it was self-theft” to “whether there were pre-unlock market structure issues.” He also questioned whether the team may have.
Morning Report | OpenAI has submitted an S-1 registration statement draft to the U.S. SEC; Morpho completes $175 million financing
Morning Report | BitMine increased its holdings by 126,971 ETH last week; trader Eugene announced his exit from the crypto market
Wang Chuan: How can one not feel anxious after the neighbor Old Wang made thirty times profit by investing in storage stocks? (Seven) - A quarter-century cycle
Cryptocurrency CEXs are flocking to sell US stocks, and traditional brokerages are facing an "uninvited guest."
$75 billion in foreign capital has fled, and South Korean retail investors have absorbed it all using leverage
Japan’s Three Megabanks Plan Joint Stablecoin Issuance in Fiscal 2026
MUFG, SMBC, and Mizuho reportedly plan to jointly issue fiat-pegged stablecoins in fiscal 2026, signaling Japan’s growing push into bank-led digital payment infrastructure.
Humanity Discloses H Token Dual-Chain Attack Details, With Losses on Ethereum and BSC Exceeding $36 Million
Humanity said the H token attack across Ethereum and BSC caused more than $36 million in losses after leaked ProxyAdmin keys enabled malicious contract upgrades and token minting.
White House Discusses CLARITY Act With Law Enforcement Ahead of Senate Vote
The White House discussed the CLARITY Act with law enforcement ahead of a Senate vote, focusing on illicit finance risks and developer protections.
Bitcoin Trading Guide 2026: Strategies for Experienced Traders
What Is XAUT and PAXG? Why Tokenized Gold Is Booming in 2026
Latest research from 13 top universities including Cornell University: The current state, challenges, and misconceptions of the fusion of Crypto and AI
Deconstructing Anthropic: The Best AI Company, Possibly Also a Type of Organizational Invention
Humanity Protocol Security Incident Escalates: More Than $31 Million Stolen From Related Addresses as Attacker Continues Selling H for ETH
On June 9, according to monitoring by Onchain Lens, more than $31 million has been stolen from addresses linked to Humanity Protocol, and the attack is still ongoing, with the hacker continuously swapping H tokens for ETH. Project founder Terence Kwok later confirmed the security incident on X, saying the issue involved a private key leak.
Bloomberg: As Bitcoin Weakens, Stablecoins and RWA Continue to Drive Expansion in Crypto Businesses
In June, Bloomberg reported that despite Bitcoin falling below $60,000 last week, wiping out about $235 billion in market value within seven days, and dropping close to 50% from last year’s peak, some core businesses in the crypto industry are still expanding, mainly in stablecoins, real-world asset tokenization (RWA), payments, and infrastructure. The report also noted that overall altcoin activity has contracted significantly: altcoin market capitalization has fallen from a peak of about $431 billion in November 2021 to around $170 billion, and among the tens of millions of tokens issued in recent years, fewer than 1,700 still maintain meaningful trading activity.
Galaxy Deep Research Report: How Hyperliquid's HIP-4 Upgrade Changes the Landscape of Prediction Markets?
Binance Research: RWA Market Expected to Expand Nearly 6x from Early 2025, with Public Equities and Onchain Payments Heating Up Together
In June, Binance Research said in its monthly market report that the real-world asset (RWA) market is expected to grow by about 589% from the beginning of 2025. Bond- and money market fund-related RWA expanded by about $6.5 billion, up 83% year over year, while publicly traded equity RWAs grew by about 422%. The report also noted that monthly crypto debit card transaction volume exceeded $747 million in May, up 48.6% year to date.
