Hyperliquid Ecological Mining Guide

Original title:The Ultimate Guide to Farm the Hyperliquid Ecosystem

Original author: Castle Labs

Original translation: zhouzhou, BlockBeats

Editor 's note: This article introduces multiple DeFi protocols in the HyperEVM ecosystem, covering protocols including Felix, Mizu Labs, Drip.Trade, HyperSwap, etc., which provide opportunities such as staking, liquidity mining and airdrop rewards. By participating in these protocols, users can earn multiple benefits and ecological points and potentially obtain future token allocations. The HyperEVM ecosystem presents great potential, with the value of early activities being underestimated, giving users who missed the first wave of airdrops.

The following is the original content (to facilitate reading comprehension, the original content has been compiled):

Unless you are completely out of the crypto circle, you must have noticed that Hyperliquid is everywhere. This is one of the few projects that accurately implement the TGE strategy, which not only creates a lot of wealth, but also allows the entire ecosystem to maintain growth momentum.

While most traders focus on the perpetual contract layer, which does find a product market fit and build one of the most active "believers communities" in the crypto circle, the application layer surrounding HyperEVM is often overlooked. And the real opportunity is hidden here.

Castle has covered the core content of Hyperliquid in this analysis:

This guide will dive into the mining gameplay surrounding HyperEVM, including its evolution, who is most likely to receive a reward, and how to get the lead in the early stages.

What happened and what will happen next?

@hyperliquidx's first airdrop in November 2024 became a historic event, distributing 31% of its total token volume to more than 90,000 users. The token issuance price of US$3.20, rising to a maximum of US$34. The airdrop was worth more than $10.5 billion at its peak, becoming one of the largest wealth transfers in crypto history.

The opportunity is huge and is still in its early stages. HyperEVM is online, the core protocol is running, and various points systems are also motivating user behavior.

The liquidity of the entire ecosystem is still thin, and this is often the best time to get the most profit. Hyperliquid has allocated 31% of the total supply so far, and another 39% has not been allocated. Based on current valuations, this means that there is still nearly $4 billion in $HYPE that may be distributed to future participants.

And it's not just about $HYPE itself. Native protocols like @KittenswapHype, @HyperLendx, and @HypurrFi are also conducting their respective points activities, which can now be rewarded and potentially superimposed with future ecological incentives.

The market has not yet fully reacted. The overall participation is still low, the attention is distracted, and not many people can make precise arrangements. If this cycle unfolds according to the logic of the previous cycle, the earliest and most active participants will receive the greatest reward.

So, who is most likely to benefit next?

Judging from the history and current situation of Hyperliquid, there are several key groups that deserve attention:

• Perpetual contract traders who maintain stable trading volume and are constantly active
• Users with Hyperliquid native NFTs
• "Agreement Farmers" who participate in the HyperEVM Agreement (borrowing, providing liquidity, borrowing, etc.)

With these in mind, here are the 10 most noteworthy mining opportunities in the Hyperliquid ecosystem.

1.KittenSwap – ve(3,3) model DEX for HyperEVM - @kittenswaphype

KittenSwap is the main workhorse DeX on HyperEVM, using a ve(3,3) model similar to Velodrome and Solidly. It supports stablecoins and volatility token trading pairs and rewards long-term users through fee dividends, points plans and governance mechanisms.

As the largest DEX in the ecosystem with trading volume and TVL, KittenSwap is the core hub of HyperEVM liquidity. Many new protocols will choose to launch tokens or create stablecoin trading pairs here.

KittenSwap recently launched a centralized liquidity pool that allows custom price ranges and temporarily increases the points multiple reward. Some trading pairs currently receive up to 20 times the points reward (such as LHYPE/HYPE and USDXL/HYPE), while the multiples of the standard pool are reduced. This shows that the agreement will tend to support centralized liquidity in the future.

Mining Strategy

Add liquidity in high yield pools – focus on pools with high multiples such as PURR/HYPE, LHYPE/HYPE and USDXL. Avoid excessive total lock-up volume and reward diluted pools.

Earn points by staking LP tokens – After adding liquidity, staking the LP tokens on KittenSwap to earn points. Points are updated weekly and determine your share of the distribution in future token offerings.

Increase earnings with MechaCats NFTs – Get points bonus when holding MechaCats NFTs:

• 1–9 NFTs = 1.25 times
• 100–199 = 1.4 times
• More than 500 = 1.5 times

MechaCats holders will also ensure a 3% share of veKITTEN supply when the token goes live.

2. HypurrFi – Leveraged lending and stablecoin earnings – @hypurrfi

@HypurrFi is a leveraged lending platform on HyperEVM and is also the issuer of the native over-solidated stablecoin USDXL. Users can lend USDXL by staking $HYPE or stHYPE while still continuing to obtain interest income from the collateral assets.

The agreement invests its revenue into tokenized U.S. Treasury reserves to enhance USDXL's long-term stability and asset support.

Mining Strategy

• Save $HYPE → Lend USDXL

The easiest way to mine: retain exposure to HYPE while releasing USDXL for other earnings opportunities.

• Add the loaned USDXL to the liquidity pool

You can pair with HYPE, LHYPE, or feUSD on KittenSwap or HyperSwap to get a bonus of high-plus points.

• Hold or lend USDXL

Just holding or lending USDXL may also receive future rewards from agreements or ecosystems.

According to HypurrFi, early users usually get the best rewards, even if points are not displayed at the time. The platform will track user behavior in the background, including lending, adding liquidity or transferring USDXL, which may participate in multiple incentive activities.

The points system is currently online and updated regularly, making it one of the easiest mining strategies to operate on HyperEVM.

3. HyperLend – lending infrastructure, points system is now online -@hyperlendx

@HyperLendx is the main lending protocol on HyperEVM, supporting core assets such as HYPE, stHYPE, LHYPE and USDXL. It is not only an independent money market, but also provides a liquidity foundation for other protocols including @Harmonixfi, @Mizulabs and @Felixprotocol, throughout the ecosystem.

The open points program is available on April 7, 2025 and includes weekly rewards and an XP-based compound interest system.

Points are related to borrowing, daily active behavior and social recommendations, and are automatically displayed in the wallet dashboard without manual collection.

Mining Strategy

• Deposit assets as early as possible

Deposit assets such as HYPE, LHYPE or USDXL immediately at the beginning of a new cycle.

The protocol has a TVL upper limit, the later it enters, the more points it drops.

• Borrow to increase points weight

Lending operations can increase the reward weight, and even small positions can be helpful.

Stable coins can be loaned with HYPE or LHYPE, while retaining spot exposure.

• Turn on XP daily loop

When holding ≥100 points and depositing assets ≥$50, you can receive XP every day.

XP will compound interest in a week and will eventually be converted into additional points.

• Activate all available bonuses

Testnet participants will receive a permanent bonus of points multiples.

Users holding @HypioHL NFTs will receive additional points (NFTs with HyperLend characteristics will receive a higher bonus).

The social recommendation system opens 13-layer invitation relationships and obtains additional points based on the invitation performance.

• Add the benefits of other protocols

Multi-protocol integral overlay can be added to @KittenSwaphype or @HypurrFi. You can also deposit newly launched uBTC, which can not only earn HyperLend points, but also receive rewards from HyperUnit.

HyperLend is a "post-deployment observation" strategy, and only needs low frequency operation once set. The main task is to master the entry time, receive XP every day, and adjust the positions occasionally according to the reward changes.

4.Felix Protocol – Stablecoin Income + Clearing Mining – @felixprotocol

@Felixprotocol is the first native stablecoin protocol on HyperEVM, and users can mint feUSD by staking HYPE. It provides two main earning paths: pledging feUSD to a stable pool to obtain liquidation rewards, or earning additional points using feUSD in various liquidity pools.

As the basic module of DeFi, the Felix protocol helps users achieve leverage, take risks and transfer funds between the lending agreement and DEX. Its points plan will be officially launched at 12:00 PM UTC on April 13, 2025.

Mining Strategy

• Mortgage HYPE → Casting feUSD

feUSD is an over-staked stablecoin designed for use throughout the ecosystem.

• Stake feUSD to a stable pool

These pools are used to support the clearing mechanism.

When the mortgaged position is liquidated, participants can obtain HYPE at the discounted price and share some of the agreement income.

• Add liquidity on KittenSwap or HyperSwap

For example, trading pairs such as feUSD/USDXL and feUSD/HYPE usually enjoy points bonuses from the cooperation ecosystem.

• Focus on multi-protocol integration

Felix is ​​integrated with HyperLend and can be used in the Mizu automated proceeds vault.

Using feUSD in multiple protocols has the potential to unlock overlay stimulus.

Felix is ​​a clean strategy that allows idle HYPE to work, and users can enjoy multiple income paths for agreement rewards, liquidation dividends and ecological points distribution at the same time.

5.Mizu Labs – Automated HyperEVM mining tools

@MizuLabs is a revenue aggregator in the HyperEVM ecosystem, focusing on automated mining. It provides a hypeETH and hyperBTC vault (the two are liquidity-packaged tokens that bridge ETH and BTC) and deploys these assets into high-yield protocols such as HyperLend, HypurrFi, Felix, Harmonix, etc.

This protocol is ideal for users who want to participate in HyperEVM mining but do not want to frequently rotate funds or manually track points. Mizu helps users automatically optimize their income, accumulate points and integrate rewards through unified treasury.

Mining Strategy

• Save ETH or BTC → Get hyperETH or hyperBTC

Mizu provides a guided bridge and packaging process, and native assets must be converted to hyperETH/hypeBTC before entering the vault.

• Save hyperETH or hyperBTC into Mizu vault

After depositing, Mizu will automatically deploy assets to multiple protocols to maximize returns and points acquisition.

• Earn superimposed rewards

Mizu Vault can enjoy up to eight protocols at the same time, including Hyperbeat, Harmonix, HypurrFi, Timeswap, and HyperLend. Royco Markets also reserves 1–2% of various token distribution quotas for Mizu users.

Mizu is a passive mining strategy suitable for ETH/BTC holders, with easy access to HyperEVM, multi-protocol superimposed returns without frequent operations.

6.Drip.Trade – Native NFT Market + Future Airdrop Potential

@drip__trade is the main NFT marketplace on HyperEVM, hosting local series such as @HypioHL, MechaCats, @HypersonHL and more related to points bonuses, airdrops and whitelists. Most NFT projects on HyperEVM will be launched here or used for secondary liquidity trading using Drip.

Although no official token has been launched yet, the site already has a "reward" tag, and multiple series have already suggested that active users and holders will receive future airdrops.

Mining Strategy

• Buy and hold key series

Start with Hypios (HyperLend for bonuses), MechaCats (a multiple reward for KittenSwap and a 3% $KITTEN supply), and Hypers (Drip's flagship project). These series have historically obtained whitelist locations and token allocations for cooperation agreements.

• Stay active

Regular trading, listing and removal as market activities may affect future short investment space.

7.Hyperbeat - @0xhyperbeat

@0xHyperBeat As a validator and eco-fund, it focuses on staking, earnings and long-term docking with Hyperliquid. Through vault deployment, it provides users with exposure to multiple projects and rewards through Hearts (points) that may lead to future token allocations.

As a way to avoid frequent rotation of funds, HyperBeat simplifies the mining process entering the early stages of HyperEVM protocol.

Mining Strategy

• Verifiers who pledge HYPE and HyperBeat

Accumulate Hearts over time, providing rewards based on weekly snapshots.

• Deposit into the vault via Royco Markets

Select one of the following options:

HyperETH vault for ETH → exposed on 15+ Cooperation Agreement Tokens

HyperBTC vault for BTC

HyperUSD vault for stablecoins (more than $11 million TVL)

• Earn stacking rewards

Earn points from Hearts and cooperation agreements such as HyperLend, HypurrFi, Harmonix, Timeswap, Silhouette, etc. with one deposit.

• No need to actively mining

Funds are automatically routed, and rewards are automatically tracked as new protocols are added.

Hyperbeat is a passive mining method that combines verifier staking and multi-protocol vaults. Users can mine on HyperEVM with just one setup.

8. HyperSwap – DEX with low slippage, deep ecological integration

@hyperswapx

@HyperSwapX As a low-slip AMM on HyperEVM, positioned as a lightweight and simplified alternative to KittenSwap, optimizing fast execution, low TVL mining and eco-partner activities.

The agreement’s active points are planned to distribute 2.5 million points (500,000 per week) over 5 weeks, which are distributed through the use, LP and integrated with more than 20 partnership agreements. The weekly snapshot time is 10 PM PST per Sunday.

Mining Strategy

• Provide liquidity and pledged LP tokens

Provide liquidity on HyperSwap and stake LP tokens directly. Points are allocated according to the size, duration and transaction volume of the pool. The longer the pledge time, the larger the share you get.

• Regular transactions

Trading weekly on HyperSwap, especially in a cooperative token pool, to earn activity-based points.

• Digging out the ecological pool

Some trading pairs offer additional rewards: USDXL, feUSD, KEI, LHYPE, stHYPE, uBTC/uETH. Providing liquidity to these pools will earn points for both HyperSwap and partnership agreements.

• By holding stacking

Users who hold assets such as Hypio NFTs, Buddy tokens, CatCabal, PiP, etc. can earn points per week if they are active on HyperSwap.

• Recommended system

Invite new users and earn 10% of their generated points through their transactions and LP offers.

HyperSwap is perfect for small LP and cross-protocol farmers. Since it is based only on the reward mechanism used, there is no NFT or veToken mechanism, it keeps it simple and scalable.

9.Looped HYPE - @looped_hype

@Looped_HYPE Package $HYPE into LHYPE, a rebasing token designed to achieve passive leverage without liquidation and fee tracking. It obtains enhanced staking benefits and integrates with top protocols on HyperEVM. Looped HYPE also launched a structured early user program that allocates 7% of its total token supply to those who mint and hold LHYPE, supporting use in DeFi locations.

Mining Strategy

Cast LHYPE on the official website to avoid exchange. Only those who are directly casters or those used through supported integrations are eligible for early user programs.

Participate in the second phase (online)

Quota: 3% of total token supply

Limit: 2M HYPE

Holding LHYPE for ≥8 weeks

Hold LHYPE at: native wallet, AMM pool (KittenSwap, HyperSwap, Laminar) or lending agreement (Felix, Timeswap).

Providing LHYPE liquidity in ecosystems

@KittenswapHype Centralized pool provides 20 times multiple rewards. HyperSwap incorporates LHYPE into its points program. Holding LHYPE can also count to Mizu, Harmonix and HypurrFi activities.

No need for active management

Once deployed to DeFi, LHYPE will continue to rebasing and automatically mine across layers.

$HYPE stake

Staking $HYPE on Hyperliquid is a low-effort way to earn profits and potentially meet the short investment range of future Hyperliquid and its cooperation agreements. Verifiers like HypurrCollective x Nansen have already won multiple airdrops for their stakers, including:

SENT(SENTIIENTAI)-2120K assigned

TIME(TIMESWAP)-0.5 100K

These airdrops are usually distributed in layers based on the amount of the pledge.

Staking strategy

• Visit the Hyperliquid pledge page
• Transfer $HYPE from spot account to pledge account
• Delegate to a validator (e.g. HypurrCollective x Nansen)
• Obtain pledge rewards and unlock empty investment space

If you are not involved in active mining, this is the easiest way to stay involved and get rewards through holding.

Conclusion and Thoughts

This article covers existing and related core protocols in the Hyperliquid ecosystem, but is far from covering everything that is happening. Currently, dozens of new protocols are being built on HyperEVM, many of which show potential, and some are looking for positioning. Due to space limitations, we focused on protocols with active rewards and meaningful progress. But this momentum is spreading rapidly.

The most profitable airdrops often don't announce themselves loudly. Hyperliquid has demonstrated its commitment to early users through one of the largest token allocations.

Now, the entire ecosystem surrounding HyperEVM looks like it is possible to go on a similar trajectory.

There are good reasons to assert that the current early activity in the HyperEVM ecosystem is significantly underestimated in the current value relative to future potential. The protocols mentioned in this article represent the core infrastructure that may become an important DeFi environment, and early participants are likely to receive a large amount of token allocation.

For those who missed the first Hyperliquid airdrop, the emerging ecosystem offers a rare second chance, and this time, the direction of which activities are most important has become clearer.