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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.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.
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