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Traders Flock To Hyperliquid Apps Amid Hopes For Airdrop Rewards
HomeNews* Investors are moving millions into projects on the Hyperliquid blockchain in hopes of future token airdrops.
After the first distribution, users have focused on earning points through various protocols associated with the Hyperliquid blockchain. Points programs—an idea first seen on NFT trading platforms in 2023—allow users to earn points based on their activity, such as trading, bridging, staking, and referring others. These points could become eligible for future token distributions, though this is not guaranteed.
The main bridge for Hyperliquid, called Unit, has over $420 million in total value locked, a rise of nearly 1,000% since April 1. Hyperbeat, another bridge and DeFi protocol, has seen deposits grow from $33 million to $130 million since early May. On Hyperbeat, users earn “Hearts” by performing actions like bridging, swapping, staking, and referring others.
Lending platforms like Hyperlend and Felix have also seen large increases in value locked, reaching $370 million and $350 million, respectively. HypurrFi, which offers leveraged lending, holds almost $200 million, while decentralized exchange Hyperswap reports over $100 million in deposits.
All these projects use points and referral systems, allowing users to track their earnings and compare activity with others. Although points may suggest future rewards, there is no certainty that any protocol offering points will eventually launch its own token or conduct an airdrop.
Zachary Rampone reported the figures and trends for DL News.