We all know the $HYPE genesis airdrop was a huge wealth creation event for the people who traded on Hyperliquid early. But the second airdrop could potentially be even larger, at least in USD terms.

Whereas the genesis airdrop distributed 31% of 1b $HYPE token supply the second airdrop could allocate up to 38.88% ($10bn USD). This is how much of the supply has been earmarked for future airdrops by the Hyperliquid Foundation. Even if they end up doing several airdrops and as opposed to distributing 38% at once the airdrop is GIGANTIC by all standards!!

Since the first airdrop a lot has happened in Hyperliquid land. Most importantly they launched HyperEVM an EVM compatible general purpose chain that shares state and can compose with the Hyperliquid orderbook and oracles - paving the way for exciting applications.

While it is clear that the second airdrop will reward traders on Hyperliquid once again it is also clear that they will reward users of the HyperEVM. This is where the edge is in our opinion since it's difficult to make a dent against very large traders. So we'll mostly focus on HyperEVM apps.

Hyperunit is something like the "official" asset issuance & bridging protocol of Hyperliquid/HyperEVM. The Hyperliquid team has accepted $uETH and $uSOL as spot assets and collateral assets on the Hyperliquid exchange and therefore it's gaining adoption on the HyperEVM side as well.

Send $ETH or $SOL to an address generated by the Hyperunit app and you will receive an equivalent amount on Hyperliquid (minus a small fee). You can then trade it on the spot exchange of Hyperliquid, use as collateral or transfer it out onto your HyperEVM wallet to use in DeFi (in one of the apps we'll cover here e.g).

For an easy bridging experience into HyperEVM you can also use Bungee which also has no token yet and allows swapping any asset on any chain into a HyperEVM token of your choice.

Bungee

@BungeeExchange

Hyperliquid.

71

2:32 PM • Jul 22, 2025

Hypurr.Fi is a DeFi superapp. It's the second largest lending protocol on HyperEVM and also the issuer of a CDP-based stablecoin called USDXL. We like Hypurr for several reasons:

• built by collective of real Hyperliquid OG's

• highest revenue grossing app from the lending protocols

• advanced features like isolated markets, e-mode & vaults

You can get a 5% point boost via this link

Hyperbeat is a yield aggregator and LST with around $200m TVL. Again they are not the largest LST (that's Kinetiq) but they only launched their LST more recently and have a tight partnership with EtherFi which should help them with distribution/token listing etc.

Mass.money is the best way to farm Hyperliquid perps if you decide to go down this route. The cool thing is that Mass is actually a full-fledged mobile wallet that also allows you to trade stocks, take out loans via Aave and earn yield. But by far the beat feature is their mobile perp trading experience, which we haven't seen implemented this nicely anywhere else.

They are issuing 30% of the $MASS token supply to farmers and by far the easiest way to farm it is to trade perps (as opposed to holding tokenized stocks e.g which is more a one time thing) + obviously farming $HYPE.

If there is one thing we've seen is that we're entering the fat app era with trading apps such as Axiom doing > $100m in revenue. Mass is growing rapidly atm and pretty overlooked.

Bonus for those who read until here. Rysk Finance is a nice new project doing option selling vaults on alts like $HYPE or $PUMP but currently they have deposit caps in place.

We hear they might open them on Friday this week.

Happy farming!