The HyperEVM Opportunity ($)

Sponsor: Frax — Fraxtal Ecosystem: Where DeFi Meets AI.

1. 🚫 SEC Dismisses Its Own Appeal Over Crypto "Dealer Rule." The SEC is already kicking off efforts to unwind Gary Gensler's legacy at the agency.
2. 🚔 SEC's Crypto Enforcement Unit Gets Rebranded. Meet the 'Cyber and Emerging Technologies Unit.'
3. 🇦🇷 LIBRA Memecoin Backers Lost $251M: Nansen. Some big money was lost from the collapse of the Milei-endorsed memecoin.

	Crypto $3.23T	↗ 1.6%	↗ 1.2%
	BTC $98,275	↗ 2.0%	↗ 1.9%
	ETH $2,734	↗ 0.8%	↗ 2.5%

Market Plays:

• 📢 Claiming the $KAITO airdrop
• 📊 Tracking the Volmex Prime Rate Indices
• 📱 Exploring Monad testnet apps
• 📰 Claiming a .ip domain on Story
• 🔼 Longing $KAITO on Hyperliquid
• 💚 Checking Week 3 Abstract XP rewards

Hot Reads:

• 🪙 The Meaning of Memecoins - Mannay
• ⛓️ L2 Issuance Was Fun While It Lasted - Peteris Erins
• 🎮 Are We Launching a Token for Our Crypto Game? - Tax Cuts
• ⛽ How MegaETH Is Practically Eliminating Gas Limits - BREAD
• 🌐 The Open Intents Framework: Intents as a Public Good - Misc. 
• ⏳️ The Time-Money Illusion: Are You Making the Right Trade? - Route2Fi

Farming Opps:

• 🟠 BTC: 40% APR with Aerodrome’s tBTC-cbBTC pool on Base
• 🟠 BTC: 11% APY with Pendle’s liquidBeraBTC PT on Ethereum
• 🔵 ETH: 25% APR with Convex’s ETH-xETH vault on Ethereum
• 🔵 ETH: 22% APY with Derive’s weETH Harvest vault on Derive
• 🟢 USD: 64% APR with Aerodrome’s USDC-USDT pool on Base
• 🟢 USD: 24% APY with Scallop’s mUSD vault on Sui

Airdrop Hunter:

• 💱 HyperSwap: Swap tokens and LP
• 🤖 Kaito: Claim KAITO
• 📚 Chronicle: Supply USDS to Sky
• 🦄 Uniswap: Check LP rewards

Hyperliquid is already processing billions of dollars in trades per day and has solidified itself as a go-to destination for onchain degens looking to leverage trade crypto tokens.

Its HYPE airdrop last December stunned industry observers with lucrative six-figure paydays for many participants. Now, Hyperliquid is leveling up with the HyperEVM, a general-purpose blockchain that allows developers to innovate on Hyperliquid’s existing offerings.

And the best part? The majority of HyperEVM protocols are tokenless, meaning airdrop rewards could be on the way for early network users! If you missed the first Hyperliquid airdrop, don’t sleep on this list of top drop opps. 👇

🏦 HyperLend

Website | Twitter

HyperLend is a “friendly fork” of Ethereum’s premier lending market, Aave. In exchange for a license to recycle the time-tested code of Aave, Hyperliquid intends to share 10% of its protocol revenue (plus a one-time allocation of 3.5% of its native token) with the Aave DAO.

By designing unique lending markets for the Hyperliquid ecosystem, like those for Hyperliquid Liquidity Provider (HLP) tokens, HyperLend hopes to unlock sustainable looping strategies on this high-yielding collateral, enabling users to provide more liquidity and earn more from their positions.

Whether you’re looking to borrow at low rates, reinvest your gains, or simply to explore new innovations, HyperLend’s markets stand ready to support you.

🥩 stakedhype

Website | Twitter

As its name suggests, stakedhype is a liquid staking solution for HYPE, offering HYPE depositors stHYPE tokens, which automatically accrue Hyperliquid validator rewards and redeposit these emissions into staking to earn more rewards.

Thanks to DeFi-native composability, stHYPE can be used in conjunction with various Hyperliquid lending markets in looping strategies, potentially enabling HYPE stakers to supercharge their yields by borrowing against their tokens and redepositing the borrowings into the stHYPE strategy.

💱 HyperSwap

Website | Twitter

Although Hyperliquid already offers support for automated market making through its HLP primitive, depositors into this strategy make markets for all available Hyperliquid spot and perpetual pairs.

In contrast, HyperSwap is the first native DEX deployed on the HyperEVM, offering traditional AMM markets that allow users to choose specific spot asset pairs for liquidity provision.

HyperSwap launched with a points program, meaning that liquidity providers and swappers who register for the program with a unique user name can establish eligibility for a future airdrop by simply using the platform.

🐈 Felix Protocol

Website | Twitter

Felix Protocol offers a collateralized debt position (CDP) stablecoin natively issued on the HyperEVM, meaning that users can borrow against crypto assets – including HYPE and bridged majors like BTC or ETH – to mint feUSD, a dollar-pegged stablecoin backed by these deposits.

Holders of feUSD can redeem their tokens at any time for $1 worth of collateral, and by supplying feUSD to stability pools, Felix users can earn fees by agreeing to absorb protocol losses on specific collateral types in the event a borrow position is unprofitability liquidated.

Felix has secured an exclusive license to deploy Ethereum-native stablecoin issuer Liquity’s codebase to the HyperEVM. As part of this agreement, mainnet users of Liquity’s BOLD will qualify for future Felix incentives. Further details on a Felix points program for its HyperEVM users are expected to be announced soon.

🏷️ Hyperliquid Names

Website | Twitter

Hyperliquid Names is a protocol for issuing, exchanging, and managing tokenized “.hl” domain names on the HyperEVM blockchain.

The application is slated to roll out in three phases, and to celebrate the launch of HyperEVM; whitelisted users can now mint approved “.hl” domains for 1 HYPE per year as part of Phase One. Details on subsequent public auction and open mint phases will be announced soon.

🧐 Hyperliquid’s Second Debut

Hyperliquid has already demonstrated itself as an onchain trading powerhouse. The launch of HyperEVM lets this ecosystem evolve beyond trading, bringing DeFi composability and the promise of refreshed airdrop incentives to its users.

While most HyperEVM protocols are tokenless at this time, these airdrop opportunities won’t last forever. Front run the opportunity (and the next wave of hype) by interacting with HyperEVM applications today.

FRIEND & SPONSOR: FRAX

The Fraxtal ecosystem is expanding at lightning speed—this month’s biggest highlight is IQAI.com, the newest Agent Tokenization platform from IQ and Frax. IQ is building autonomous, intelligent, tokenized agents launching on Fraxtal in Q1. Empower on-chain agents with built-in wallets, tokenized ownership, and decentralized governance—all within a fast-growing Fraxtal ecosystem.

Learn More

.  .  .

CITIZEN-ONLY TOKEN RATING

Lido V3 Turnaround?

Bankless Analyst: Kazu Umemoto

Catalyst Overview:

ETH has been unstaked at a relentless pace in recent months. With Lido being the top liquid staking protocol, how will this dynamic impact LDO price?

On November 7, the Bankless Analyst Team issued a bullish rating for Lido, rationalizing that the election of Donald Trump would spark investor optimism in the crypto space. While Trump has appointed a handful of pro-crypto politicians, little headway on key issues has been made.

Pros:

• Lido V3 Upgrade: This week, Lido announced their V3 upgrade that introduced stVaults. These stVaults have multiple use cases, but the most prominent is allowing institutional stakers to customize their staking setup.
• Market Share Dominance: Lido remains the dominant player in the ETH staking market, controlling 27% of all ETH staked and 89% of the ETH liquid staking market.

Cons:

• Decrease in Staked ETH: While Lido makes up a large amount of the ETH staking market, it has seen a big change in its holding with over 200K ETH being net withdrawn from the platform.
• Staked ETH Bearishness: Lido is not the only staking service in decline, with over 1M ETH having been unstaked since the middle of November, representing the most aggressive drawdown in ETH stacked since the Merge. 

Price Impact:

The Bankless Analyst Team is assigning a bearish rating to Lido, citing the outflow in ETH not only in Lido but other staking protocols and the bearish sentiment around the EF and ETH. For a bull case to have any chance at materializing, there must be new Lido adoption, or at least a turnaround in dismal ETH staking statistics.

---

See 45+ other active token ratings in the Citizen-only Token Hub 🔥

Open Token Hub