Original Article Title: The Ultimate Guide to Farm the Hyperliquid Ecosystem
Original Article Author: @castle_labs
Original Article Translation: zhouzhou, BlockBeats

Editor's Note: This article introduces multiple DeFi protocols in the HyperEVM ecosystem, covering protocols such as Felix, Mizu Labs, Drip.Trade, HyperSwap, which offer opportunities for staking, liquidity mining, and airdrop rewards. By participating in these protocols, users can earn multiple rewards and ecosystem points, and potentially receive future token allocations. The HyperEVM ecosystem demonstrates significant potential, with the value of early activities being underestimated, providing users who missed the first airdrop with a second chance.

The following is the original content (slightly reorganized for better comprehension):

Unless you've completely disconnected from the crypto community, you must have noticed: Hyperliquid is everywhere. This is one of the few projects that has precisely executed its TGE strategy, creating significant wealth and maintaining ecosystem growth momentum.

While most traders have focused on the perpetual contract layer, which has indeed found product-market fit and built one of the most active "follower communities" in crypto, the expanding application layer around HyperEVM is often overlooked. The real opportunity lies here.

Castle has covered the core of Hyperliquid in this analysis:

This guide will delve into the mining gameplay forming around HyperEVM, including its evolution, who is most likely to receive rewards, and how to proactively position oneself in the early stages.

What Happened, and What's Next?

@hyperliquidx's inaugural airdrop in November 2024 became a historic event, distributing 31% of its total token supply to over 90,000 users. The token's initial price was $3.20, peaking at $34. This airdrop reached a peak value of over $10.5 billion, becoming one of the largest wealth transfers in crypto history.

The current opportunity is immense and still in its early stages. HyperEVM has been launched, the core protocol is up and running, and various reward systems are incentivizing user behavior.

The overall ecosystem's liquidity is still thin, which often presents the best opportunity to maximize gains. Hyperliquid has distributed 31% of the total supply so far, with another 39% yet to be allocated. Based on current valuation, this means that nearly $4 billion in $HYPE could still be distributed to future participants.

And it's not just about $HYPE itself. Native protocols like @KittenswapHype, @HyperLendx, and @HypurrFi are also running their own reward programs, enabling participants to earn rewards for their actions now and potentially stack rewards from future ecosystem incentives.

The market has not fully caught on yet. Overall participation is still relatively low, attention is scattered, and few have honed in on precise strategies. If this cycle unfolds similarly to the previous one, the earliest and most active participants will reap the greatest rewards.

So, who is most likely to benefit next?

Looking at the history and current state of Hyperliquid, several key groups are worth paying attention to:

· Perpetual contract traders maintaining stable trading volume and continued activity

· Users holding Hyperliquid's native NFTs

· "Protocol farmers" engaged in activities within the HyperEVM protocol (such as lending, providing liquidity, borrowing, etc.)

Considering these factors, here are the top 10 mining opportunities currently in the Hyperliquid ecosystem.

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

KittenSwap is the flagship DeX on HyperEVM, utilizing a ve(3,3) model similar to Velodrome and Solidly. It supports stablecoin and volatile token pairs and rewards long-term users through fee sharing, reward programs, and governance mechanisms.

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

KittenSwap has recently launched a centralized liquidity pool that allows for custom price ranges and has temporarily increased the points multiplier. Some trading pairs are currently receiving up to a 20x points multiplier (such as LHYPE/HYPE and USDXL/HYPE), while the standard pool multiplier has been reduced. This indicates that the protocol will lean more towards supporting centralized liquidity in the future.

Mining Strategy

Adding liquidity to high-yield pools—focus on pools with high multipliers, such as PURR/HYPE, LHYPE/HYPE, and USDXL. Avoid pools with excessively high total locked value that dilutes rewards.

Stake LP tokens to earn points—after adding liquidity, stake your LP tokens on KittenSwap to earn points. Points are updated weekly and determine your allocation in future token distributions.

Boost earnings with MechaCats NFTs—holding MechaCats NFTs provides a points boost:
1–9 NFTs = 1.25x
100–199 = 1.4x
500 and above = 1.5x

MechaCats holders will also ensure a 3% veKITTEN allocation at token launch.

2. HypurrFi – Leveraged Lending and Stablecoin Yield - @hypurrfi

@HypurrFi is a leveraged lending platform on HyperEVM and is also the issuer of the native overcollateralized stablecoin USDXL. Users can borrow USDXL by collateralizing $HYPE or stHYPE while still earning interest on the collateralized assets.

The protocol invests its revenue into a tokenized US Treasury bond reserve to enhance the long-term stability and asset backing of USDXL.

Mining Strategy

· Deposit $HYPE → Borrow USDXL
Simplest mining method: maintain exposure to HYPE while leveraging USDXL for other yield opportunities.

· Add borrowed USDXL to liquidity pool
You can pair the borrowed USDXL with HYPE, LHYPE, or feUSD on KittenSwap or HyperSwap to earn high points multipliers.

·Hold or Lend USDXL
Simply holding or lending USDXL may also result in future rewards from the protocol or ecosystem.

According to HypurrFi, early users are typically able to receive the best rewards, even if points are not displayed at that time. The platform tracks user behavior in the background, including actions such as borrowing, providing liquidity, or transferring USDXL, all of which may participate in multiple incentive activities.

The points system is now live and regularly updated, making it one of the simplest mining strategies on the HyperEVM.

3. HyperLend – Lending Infrastructure, Points System Now Live - @hyperlendx

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

The public points program launched on April 7, 2025, includes weekly rewards and an XP-based compounding system.

Points are related to lending, daily active behavior, and social referrals, automatically displayed on the wallet dashboard without the need for manual claiming.

Mining Strategy

·Deposit Assets Early
Deposit assets such as HYPE, LHYPE, or USDXL immediately at the start of a new cycle.
The protocol has a TVL limit, and the later you enter, the more points decrease.

·Borrow to Increase Point Weight
Borrowing operations can increase reward weight, even small positions can help.
You can collateralize HYPE or LHYPE to borrow stablecoins while retaining spot exposure.

·Activate XP Daily Cycle
Holding ≥100 points and depositing ≥$50 in assets allows for daily XP claiming.
XP will compound within a week, eventually converting into additional points.

·Activate All Available Bonuses

Testnet participants will receive a permanent points multiplier bonus.

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

The social referral system opens up to a 13-layer invitation relationship, with additional points based on the inviter's performance.

· Overlay Other Protocol Yields
You can add USDXL or LHYPE borrowed from HyperLend to @KittenSwaphype or @HypurrFi to stack rewards across multiple protocols. You can also deposit the newly listed uBTC to earn HyperLend points and rewards from HyperUnit.

HyperLend follows a "set and observe" strategy, requiring low-frequency operations once set up. The main tasks are to time the entry correctly, claim XP daily, and occasionally rebalance based on reward changes.

4. Felix Protocol – Stablecoin Yield + Liquidation Mining - @felixprotocol

@Felixprotocol is the first native stablecoin protocol on HyperEVM, allowing users to mint feUSD by collateralizing HYPE. It offers two main revenue paths: staking feUSD in the stability pool for liquidation rewards or using feUSD in various liquidity pools to earn additional points.

As a foundation module of DeFi, the Felix protocol helps users leverage, take risks, and transfer funds between lending protocols and DEXs. Its points system will officially launch on April 13, 2025, at 12:00 PM UTC.

Mining Strategy

· Collateralize HYPE → Mint feUSD
feUSD is an overcollateralized stablecoin designed for ecosystem-wide use.

· Stake feUSD in the stability pool
These pools support the liquidation mechanism.
When a collateral position is liquidated, participants can receive HYPE at a discounted price and share in some protocol earnings.

· Add liquidity on KittenSwap or HyperSwap
For example, trading pairs like feUSD/USDXL and feUSD/HYPE usually come with a bonus from the partner ecosystem.

·Focus on Multi-Protocol Integration
Felix has integrated with HyperLend and is usable in the Mizu automated yield treasuries.
Using feUSD across multiple protocols may unlock stacking incentives.

Felix is a clean strategy that puts idle HYPE to work, allowing users to simultaneously benefit from protocol rewards, liquidation bonuses, and ecosystem points distribution for multiple streams of income.

5.Mizu Labs – Automated HyperEVM Mining Tool

@MizuLabs is a yield aggregator in the HyperEVM ecosystem focusing on automated mining. It offers hypeETH and hypeBTC treasuries (both are liquidity-wrapped tokens bridging ETH and BTC) and deploys these assets to high-yield protocols like HyperLend, HypurrFi, Felix, Harmonix, and more.

This protocol is ideal for users looking to participate in HyperEVM mining without the need to rotate funds frequently or manually track points. Mizu automatically optimizes yield, accumulates points, and integrates rewards for users through a unified treasury.

Mining Strategy

·Deposit ETH or BTC → Receive hypeETH or hypeBTC
Mizu offers a guided bridging and wrapping process where native assets must first be converted to hypeETH/hypeBTC to enter the treasury.

·Deposit hypeETH or hypeBTC into Mizu Treasury
After deposit, Mizu automatically deploys assets to multiple protocols to maximize yield and point accrual.

·Earn Overlay Rewards
The Mizu Treasury can concurrently earn rewards from up to eight protocols, including Hyperbeat, Harmonix, HypurrFi, Timeswap, and HyperLend. Royco Markets also reserves 1–2% distribution quotas of various tokens for Mizu users.

Mizu is a passive mining strategy suitable for ETH/BTC holders, providing easy access to HyperEVM, multi-protocol stacking rewards, and minimal manual intervention.

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

@drip__trade is a primary NFT marketplace on HyperEVM, hosting native series such as @HypioHL, MechaCats, @HypersonHL, associated with point boosts, airdrops, and whitelists. Most NFT projects on HyperEVM will launch here or use Drip for secondary liquidity trading.

Although an official token has not yet been released, the website already has a "Reward" label, and multiple series have hinted that active users and holders will receive future airdrops.

Mining Strategy

· Purchase and hold key series
Start with Hypios (used for boosts in HyperLend), MechaCats (multiple rewards on KittenSwap and 3% of $KITTEN supply), and Hypers (Drip's flagship project). These series have historically received whitelist allocations and token distributions through partnership agreements.

· Stay active
Regularly trade, list, and delist as market activity may impact future airdrop eligibility.

7. Hyperbeat - @0xhyperbeat

@0xHyperBeat, as a validator and ecosystem fund, focuses on staking, rewards, and long-term integration with Hyperliquid. Through vault deployment, it provides users exposure to various projects and, through Hearts (points) rewards, may lead to future token distributions.

As a way to enter early-stage protocols on HyperEVM without frequent fund rotation, HyperBeat streamlines the mining process.

Mining Strategy

· Stake HYPE with HyperBeat's validator
Accumulate Hearts over time, providing rewards based on weekly snapshots.

· Deposit into Royco Markets vault

Choose one of the following options:

 HyperETH vault for ETH → Exposure to 15+ partnered protocol tokens

 HyperBTC Treasury for BTC

 HyperUSD Treasury for Stablecoin (with over $11 million TVL)

· Earn Stack Rewards
Earn Hearts and points from collaborating protocols like HyperLend, HypurrFi, Harmonix, Timeswap, Silhouette with a single deposit.

· No Active Mining Required
Funds auto-route, and rewards automatically follow as new protocols join.

Hyperbeat is a passive mining method that combines validator staking and multi-protocol treasury, allowing users to mine on HyperEVM with a one-time setup.

8. HyperSwap – Low Slippage DEX, Deep Ecosystem Integration @hyperswapx

@HyperSwapX, as a low slippage AMM on HyperEVM, positioned as a lightweight, streamlined alternative to KittenSwap, optimizes for fast execution, low TVL mining, and eco-partner activations.

The protocol's active point plan distributes 2.5 million points within 5 weeks (500k weekly) allocated through usage, LP provision, and integration with over 20 collaborating protocols. Weekly snapshots occur every Sunday 10 PM PST.

Mining Strategy

Provide liquidity and stake LP tokens
Provide liquidity on HyperSwap and stake LP tokens directly. Points are allocated based on pool size, duration, and trading volume, with longer staking periods earning a larger share.

Regular Trading
Trade weekly on HyperSwap, especially within partnered token pools, to earn activity-based points.

Mine Ecosystem Pools
Certain pairs offer additional rewards: USDXL, feUSD, KEI, LHYPE, stHYPE, uBTC/uETH. Providing liquidity for these pools earns points from both HyperSwap and collaborating protocols simultaneously.

Stacking Additive Rewards
Users holding Hypio NFTs, Buddy tokens, CatCabal, PiP, and other assets can earn weekly points if they are active on HyperSwap.

Referral System
Inviting new users can earn them 10% of the points generated through their trades and LP provision.

HyperSwap is tailored for small LPs and cross-protocol farmers. Due to its reward mechanism based solely on usage, without an NFT or veToken mechanism, it maintains simplicity and scalability.

9. Looped HYPE - @looped_hype

@Looped_HYPE wraps $HYPE into LHYPE, a rebasing token designed for passive leverage without liquidation or fee tracking. It can earn enhanced staking rewards and integrates with top protocols on HyperEVM. Looped HYPE also introduced a structured early user program, allocating 7% of its total token supply to those minting and holding LHYPE to support its use in DeFi positions.

Mining Strategy

Mint LHYPE on the official website, avoiding exchanges. Only direct minters or those used through supported integrations are eligible for the early user program.

Participate in Phase Two (live now)

Allocation: 3% of total token supply

Cap: 2M HYPE

Hold LHYPE for ≥8 weeks
Hold LHYPE in the following places: native wallet, AMM pool (KittenSwap, HyperSwap, Laminar), or lending protocol (Felix, Timeswap).

Provide LHYPE liquidity in the ecosystem
@KittenswapHype offers a 20x multiplier in its pool. HyperSwap incorporates LHYPE into its points system. Holding LHYPE also counts towards activities in Mizu, Harmonix, and HypurrFi.

No active management needed
Once deployed in DeFi, LHYPE will continue to rebase and mine across chains automatically.

$HYPE Staking
Staking $HYPE on Hyperliquid is a low-effort way to earn rewards and potentially qualify for future airdrops from Hyperliquid and its partner protocols. Validators like HypurrCollective x Nansen have already secured multiple airdrops for their stakers, including:

SENT(SENTIIENTAI)-2120K Allocated

TIME(TIMESWAP)-0.5 100K

These airdrops are typically distributed in tiers based on the staking amount.

Staking Strategy

· Visit the Hyperliquid staking page

· Transfer $HYPE from your spot account to your staking account

· Delegate to a validator (e.g., HypurrCollective x Nansen)

· Earn staking rewards and unlock airdrop eligibility

 If you are not actively participating in mining, this is the simplest way to stay involved and earn rewards through holding.

Conclusion and Reflection

This article covers the existing and relevant core protocols within the Hyperliquid ecosystem, but by no means encompasses everything that is happening. Currently, there are dozens of new protocols being built on HyperEVM, many of which show promise, and some are still finding their place. Due to space constraints, we focused on discussing those protocols with active rewards and meaningful progress. But this momentum is spreading rapidly.

The most lucrative airdrops often do not loudly announce themselves. Hyperliquid has already demonstrated its commitment to early users through one of the largest token distributions of its kind.

Now, the entire ecosystem around HyperEVM appears poised to follow a similar trajectory.

There is ample reason to argue that the current early activity in the HyperEVM ecosystem is significantly undervalued relative to its future potential. The protocols mentioned in this article represent core infrastructure that could become vital to the DeFi landscape, with early participants likely receiving significant token allocations.

For those who missed out on the initial Hyperliquid airdrop, the emerging ecosystem offers a rare second chance, this time with clearer direction on which activities are most critical.

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