Original Title: The Hyperliquid Airdrop 2.0 and How to Farm It

Original Author: Hixon

Original Translation: TechFlow of Deep Tide

They say Faze Banks is always one step ahead. Wrong. It's Blocmates who are (usually) the earliest. In fact, to be frank, when it comes to Hyperliquid, we were the earliest. Some people participated in mining with us, some did not, but that's okay. Perhaps the second important opportunity is right in front of us.

The current state of the market is that if you were not born in the trading hall or are not one of those "wizards" who can always perfectly long or short on a certain X platform, then you are likely experiencing losses (I am too). Don't worry, those who endure will eventually thrive. My plan is simple: in times of market downturn, I will focus on the Hyper EVM ecosystem and try to seize the opportunity for the third season HYPE airdrop. In addition, all protocols mentioned in the article will airdrop their native tokens, which is a win-win strategy. Please remember that 38.8% of HYPE is still reserved for future distribution and rewards:

Before delving deeper, it should be noted that these protocols are all in the early stages. Do not invest more than you can afford to lose. Also, I will only mention the most important protocols that have received widespread support from the Hyperliquid core community.

Current State of Hyper EVM

As of the writing of this article, only about 1.6% of the total HYPE circulation has been deployed on Hyper EVM. This means that from now on, you can consider yourself an early participant, just like starting mining in the first season a month or two ago.

Source: HypeBurn

However, please note that this ratio has doubled in the past week. Attention is increasing, and once the third season is announced (currently just speculation, but highly probable), there will be a surge of funds. Looking at the top seven applications on DefiLlama, we can clearly see the current protocol leaders. We will focus on these protocols and more.

Source: DefiLlama

How to Transfer HYPE to Hyper EVM

The easiest first step is to bridge USDC to Arbitrum, then deposit it into Hyperliquid. Next, purchase HYPE through the 'Spot' feature (found in the token search bar). Once you hold HYPE, simply click the 'Transfer to EVM' button to bridge it to Hyper EVM.

You can also bridge directly using HyBridge. Now that you're all set, let's dive into the specific applications.

KittenSwap

Start off with a decentralized exchange (DEX). KittenSwap is currently the main 3,3 DEX on Hyperliquid EVM. Remember Sonic and Shadow on Sonic? It's a similar story here.

The best way to farm on KittenSwap is to choose a liquidity pool you like. The lower the Total Value Locked (TVL) in the pool, the more points you earn. For example, I chose the HYPE/PURR pool because I found that PURR's price trend is similar to HYPE, meaning I won't suffer too much impermanent loss. If you want a 1.28x points boost, consider purchasing a MechaCat on Drip.Trade. Additionally, MechaCat NFTs themselves will receive a 3% airdrop of the total supply. In line with the spirit of Hyperliquid, points miners will receive 30% of the total supply and are considered early participants. Join KittenSwap: click here

HyperSwap

HyperSwap is currently the second-largest DEX on Hyper EVM. The lower TVL means less competition, which may provide a good opportunity for users with less capital. Similar to KittenSwap, simply choose a liquidity pool you like and start farming. Points are distributed weekly on Sundays.

HypurrFi

HypurrFi is a place where you can boost your HYPE by depositing and borrowing the USDXL stablecoin. Be mindful of your Health Factor and Liquidation Level, which can be seen on the homepage. You can then use the USDXL in the aforementioned KittenSwap or HyperSwap liquidity pools. Through this process, you will earn double points and increase your Hyper EVM activity.

Looped Hype

This is another leverage opportunity for those looking to increase HYPE staking rewards or utilize LHYPE in a DEX pool. Similarly, through this method, you can earn more points and boost your Hyper EVM activity. That's the strategy.

Stake Your HYPE

You can choose to stake your HYPE on the official Hyperliquid staking page or use the following LPT (Liquidity Provider Tokens) providers:

· Thunderhead

· Kinetiq

· Harmonix

· HyperFlash

If the third quarter becomes a reality, all of these will increase your points.

Drip Trade

Drip Trade is the primary NFT hub of Hyper EVM and has attracted a significant amount of activity. Hypers are the official series of the Drip Trade project, and when the DRIP token is released, it may receive a token allocation. Personally, I have also purchased some Hypios (these are Hypio mining points, a leading series that has received many whitelists), MechaCats, and Tiny Hyper Cats.

HyperLend

HyperLend is positioned as the Aave of Hyperliquid and has seen significant adoption. For this project, you may need to wait for limit increases as many users have already been earning points here.

Hyper Unit

The Hyper Unit supports depositing native BTC and ETH into the Hyper EVM. There has already been over 1000 ETH deposited, and I believe this number will quickly increase by the time this article is published. Simply use their deposit page. The official Hyperliquid account is actively promoting this project on the X platform, so I think the bonus points are worth it.

Mizu Labs

This project is very interesting. Mizu Labs aims to be the unified liquidity layer for the Hyper EVM. Currently, they offer the hypeETH and hypeBTC vaults. These vaults will automatically deploy your tokens across all key protocols inside and outside of Hyperliquid. These vaults not only allow you to earn points but also increase your Hyper EVM activity. To get hypeETH on the HyperEVM, please refer to the guide.

Felix Protocol

Felix provides critical infrastructure still missing in the Hyper EVM ecosystem and in need of improvement: a stablecoin. Once Felix is fully launched, you can deposit HYPE and mint feUSD. Again, you can use feUSD in various liquidity pools for double points and EVM activity. Additionally, you can participate in the HYPE stable pool and earn HYPE rewards through Felix's liquidation.

Projects Worth Watching

You can play in the above ten protocols every week, engaging in swapping, providing liquidity, borrowing, and recycling... but if you truly want to delve into this airdrop, there are more projects to explore. Here are some projects worth watching. Important Note: Some of these projects are even earlier and have lower visibility than the top ten. Please be mindful of the risks.

· Keiko Finance

· Loot Base

· HyperStable

· Hana Network

· Hedge Water DAO

· Liquid Launch

· Liquid Loot

· Genesis

· Neko

Summary

Despite the current market downturn, opportunities like this are hard to ignore. Personally, I will be holding onto some funds, staying active on HyperEVM each week, and keeping an eye out for new projects.

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