Hyperliquid Eco New Project Project X Draws Attention

Hyperliquid, as one of the standout trading platforms in this cycle, has a daily trading volume exceeding 15 billion USD, capturing over 74% of the on-chain Perps share. Its native token HYPE currently ranks high in the cryptocurrency market capitalization rankings. Hyperliquid's goal is not only to become a single on-chain trading platform but also to build an ecosystem centered around itself, Hyper EVM.

Recently, the new project Project X in the Hyper EVM ecosystem has attracted community attention, with the decentralized exchange surpassing a TVL of 40 million dollars just three days after its launch. As an emerging project, the ecological positioning and team background of Project X are worth noting.

Understanding the birth of Project X requires knowledge of its founding team's prior project, Pacmoon. Pacmoon is a social Meme project that achieved remarkable results on a certain blockchain, but is now nearing zero. This experience reflects the impact of online trends and also illustrates the ephemeral nature of projects themselves.

According to the official documentation, the Project X team consists of 7 members, including Lamboland, who is responsible for growth, BOBBY, who handles product operations, hisho, who is in charge of product design, and Ali, who oversees creative direction. Additionally, there is a CTO with a well-known incubator background and two DeFi-native backend developers. The four publicly identified individuals have all participated in earlier projects or related network construction.

The team is now focused on DeFi infrastructure, developing automated market maker decentralized exchanges. Project X plans to change the competitive logic of trading platforms through innovative distribution mechanisms, incentive design, and user experience. They believe that in the case of technological convergence, the next round of competition in DeFi will center on value distribution, incentive design, and user stickiness.

Project X adopts a phased development strategy, currently focusing on the "HyperEVM DEX" phase, with plans to expand to the "EVM Aggregator" and an undisclosed third phase. The ultimate goal is to become the preferred platform for crypto traders.

As a core product, Project X has undergone differentiated design based on the Uniswap-style AMM DEX:

1. Fee Distribution: In version V3, 86% of the transaction fees are directly allocated to liquidity providers, while the remaining is used for protocol operations, aiming to enhance LP returns.
2. V2 Pool Preparation: Plan to further enhance LP yields through more complex market making strategies.

After completing the HyperEVM DEX, the "EVM Aggregator" phase will focus on cross-chain trading aggregation to solve the fragmentation issues of multi-chain DEX.

Project X activates user growth through a points mechanism. Currently, points are the core credential for participating in the ecosystem, and may be linked to token airdrops or ecosystem rights in the future. Points can mainly be obtained through the following ways:

1. Liquidity Provision: Users provide liquidity and earn points by generating trading fees.
2. Trading: Users earn points by completing spot trades.
3. Invite Friends: Get double rewards by sharing the invitation code.

To quickly launch the ecosystem, Project X has set up short-term incentives, including a daily pool of 1 million points and a points multiplier reward for the first month.

It is worth noting that Project X adopts a 100% self-funded model with no external investment. This model gives the team stronger control over the project, but it may also face challenges with weaker risk resistance.