Over the past few days, HyperEVM has suddenly transitioned from building on its Hype-exclusive chain to a "high-volatility trading venue." Against the backdrop of HYPE reaching new all-time highs and rapid meme rotation, HyperEVM's on-chain gas fees surged to over $10 per transaction, surpassing that of the ETH mainnet!
The underlying market drive first came from the strong performance of HYPE after Trump's endorsement. HYPE is currently priced at around $79.65, up 35.4% in the last 7 days and 38.7% in the last 30 days, hitting a new all-time high of $83.27 yesterday.
Highlight of Popular Memes and Projects on HyperEVM
Meme: EGG and CHAMELEON Ignite Emotions
EGG: Current Leader of On-chain Emotions on Hype
EGG originated from a tweet by Jeff Yan in the early days: "Just buy eggs with your shitcoins."
The community packaged it into a native HyperEVM meme and created a mini-game and interactive website at eggonhype.com.
Contract: 0xb75d5ee14708e7efbea939311090061d72265608
Summary: During EGG's breakout phase, its 24-hour surge once exceeded 14,000%, with a market cap reaching around $8-9 million at one point, but it has since experienced a significant pullback.
CHAMELEON: Early Entrepreneurial Narrative of Jeff
CHAMELEON is linked to Jeff's real entrepreneurial experience. Before Hyperliquid emerged, Jeff operated Chameleon Trading, and his X account handle remains @chameleon_jeff to this day.
Contract: 0xddfed493a114d610C5709FEFd22BAEF40DC23428
Summary: The CHAMELEON market cap once surged to around $4M, but has since retraced by approximately 65%–70%.
Launchpad: Motion
Motion.meme is similar to a HyperEVM version of
Pump.fun. The project first undergoes price discovery through a Bonding Curve, followed by trading in the HyperSwap V3 pool.
Its fee structure is as follows:
· Minting Fee: 0.05 HYPE;
· Bonding Phase: Approximately 0.5% platform fee;
· HyperSwap Pool Fee: Approximately 0.01%;
Summary: Motion plays the role of a "sell shovels" in this Meme market cycle. If the subsequent HyperEVM Meme Season rally shows sustainability, Motion will greatly benefit.
Staking: Kinetiq (KNTQ)
Kinetiq is the largest liquidity staking protocol on HyperEVM. Users stake HYPE to receive kHYPE, which can be used for staking rewards, lending, and LP.
KNTQ's advantage lies in its clear value capture mechanism: Revenues from Markets, Launch, and some validators are used to buy back KNTQ and distribute it to sKNTQ stakers.
Summary: Overall, Kinetiq is the most comprehensive utility project in this HyperEVM cycle.
HIP-3: Kinetiq Launch
Kinetiq Launch is the launchpad for the HIP-3 perpetual trading platform.
Deploying an HIP-3 trading platform requires staking over 500,000 HYPE tokens, equivalent to nearly $40 million at the current price. The Kinetiq Launch allows the community to crowdfund this amount and mitigates the risk of different trading platforms through independent exLST isolation.
Summary: The revenue from the Kinetiq Launch is used to buy back KNTQ, adding a new narrative of the "HIP-3 Trading Platform Incubation Hub" to KNTQ.
Lending: HyperLend (HPL)
HyperLend is the primary lending market on HyperEVM, supporting assets such as HYPE and kHYPE, positioned as the credit layer of Hyperliquid.
· TVL: Approximately $570 million
· Loan Balance: Approximately $308 million
Summary: HPL can be staked as sHPL to reduce borrowing costs, with a maximum rebate cap of up to 80%. The market's optimism lies in its "low market cap, high TVL" characteristics.
DEX: Project X
Project X is a centralized liquidity AMM leading in trading volume on HyperEVM.
· TVL: Approximately $45.8 million
· 24h Trading Volume: Approximately $152 million
Summary: Within the native AMM of HyperEVM, Project X holds a trading share of about 50%–60%.
Conclusion:
Currently, the heat around HyperEVM seems more like an ecosystem reassessment driven by the new high of HYPE. Whether it can evolve into a true HyperEVM Season remains to be seen: the retention rate after the Meme frenzy attracts users and whether a series of practical projects can translate into real users and actual revenue.
Furthermore, with each surge in HyperEVM's popularity and increased on-chain transactions, Gas fees significantly spike. During peak times, the cost of a single transaction can easily reach 10–20 U, although this can boost the Gas demand and burn of HYPE, it limits the ceiling of Meme transactions and the long-term prosperity of the HyperEVM ecosystem.
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