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The HyperEVM Ecosystem and Incentives
Nicolai Søndergaard
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Key Takeaways
5 min read
  • HyperEVM protocols commonly reward behaviors like liquidity provision, stablecoin usage, borrowing, and NFT interaction.
  • Users are seemingly encouraged to engage across protocols, by looping various assets in order to maximize exposure and bonus points.

Why HyperEVM Matters

Following Hyperliquid’s high-profile $HYPE airdrop in late 2024, which saw over 30% of the token supply distributed to early users, attention has shifted to its smart contract layer: HyperEVM. Unlike Hyperliquid’s core order book, HyperEVM is an open platform for DeFi experimentation and it’s currently in the early stages of bootstrapping liquidity and user activity.

Roughly 39% of the $HYPE supply remains unallocated. While no roadmap guarantees how it will be used, a second or third wave of ecosystem rewards seems structurally plausible. Simultaneously, a growing number of HyperEVM-native protocols DEXs, lending markets,...