Hyper EVM Ecological New Star Project X Rises

Hyperliquid, as one of the standout trading platforms in this bull market, has seen daily trading volumes surpassing $15 billion, capturing over 74% of the on-chain perpetual contract market share. Its native token HYPE currently ranks 12th in the cryptocurrency market capitalization leaderboard. Hyperliquid's vision is not limited to becoming a singular on-chain trading platform, but is dedicated to building an ecosystem network centered around itself, Hyper EVM.

Recently, the new project Project X in the Hyper EVM ecosystem has attracted widespread attention from the community. This decentralized exchange (DEX) has surpassed a total value locked (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 exploring in depth.

To understand the birth of Project X, we need to look back at its founding team's earlier project, Pacmoon.

Pacmoon was once a well-known social Meme project on the Blast chain, and through the "Yap model" (utilizing social fission and community consensus to drive token value), it once pushed its fully diluted valuation (FDV) to over $200 million, becoming a representative project of the Blast ecosystem. However, the current FDV of the project's token PAC is only $35,000, nearly approaching zero. This reflects the gradual silence of the Blast network on one hand, and highlights the fleeting nature of the project on the other.

According to the official documentation, the core team of Project X consists of 7 members, with Lamboland responsible for growth strategy, BOBBY overseeing product operations, hisho focusing on product design, and Ali serving as the creative director. The team also includes a Chief Technology Officer (CTO) with a background in Y Combinator and two DeFi-native backend developers.

The four publicly disclosed members have all participated to varying degrees in the construction of the Pacmoon or Blast networks, among which Lamboland and BOBBY are the co-founders of Pacmoon.

Currently, the team is focusing on DeFi infrastructure, particularly Automated Market Maker Decentralized Exchanges (AMM DEX). The planning of Project X shows that the team hopes to break through the framework of "imitating Uniswap" by innovating in "distribution mechanisms, incentive design, and user experience" to reshape the competitive logic of trading platforms. As stated on their official website: "Technology is becoming more homogeneous, and the key to the next round of DeFi will be how to allocate value more efficiently, design incentives, and keep users engaged."

Project X adopts a phased development strategy, currently focusing on the first phase "HyperEVM DEX", which will later expand to "EVM Aggregator" and an undisclosed third phase, with the ultimate goal of becoming "the preferred trading platform for crypto traders".

As the current core product, HyperEVM DEX is positioned as "Uniswap-style AMM DEX", but has differentiated its design in user experience and incentive mechanisms:

• Fee Distribution: In the V3 version, 86% of the trading fees are directly allocated to liquidity providers (LP), with the remaining portion used for protocol operations. This ratio is considered to be in the "high LP return" tier among similar AMMs.
• V2 Pool Preparation: Although the V2 version has not yet been launched, the team has revealed that they will further enhance LP returns through more complex market-making strategies (such as dynamic fees and cross-chain liquidity aggregation) in the future.

After the completion of the HyperEVM DEX construction, Project X will enter the second phase, focusing on the development of "EVM Aggregator". This feature will enable cross-chain trading aggregation, allowing users to access the liquidity of multiple EVM-compatible chains with one click through Project X, addressing the current issue of "multi-chain DEX fragmentation."

Participation Method

The points mechanism of Project X is key to the current growth of activated users. At present, points are the core credential for users participating in the ecosystem and may directly relate to token airdrops or ecosystem rights in the future.

The current ways to earn points mainly include:

• Liquidity Providing (LP): Users can deposit assets into the liquidity pool of the HyperEVM DEX (such as the currently promoted kHYPE pool) and earn points based on the transaction fees generated. It is worth noting that the points calculation is strongly correlated with "fee output".
• Trading: Users can earn points by completing spot trades on the platform, with the number of points calculated based on the scale and frequency of trading.
• Invite Friends: By sharing a unique invitation code, users can receive double rewards: earn 10% of the points generated by the friend as a referral reward, while the friend's base point earning efficiency is increased by 10%.

To quickly cold start the ecosystem, Project X has also set up short-term incentive measures:

• Daily 1 million points pool: In the current stage, the platform releases a fixed 1 million points daily, and all users' points are obtained from this pool.
• First month points multiplier: In the first 30 days, users ranked in the top 100 for daily points will receive a minimum of 1x points multiplier reward.

It should be noted that the project team has recently adjusted the points system interface, and the current points earned are now reflected in real time on the user interface. However, the specific airdrop rules (such as the exchange ratio of points to tokens and the airdrop time) have not yet been announced and should be based on official subsequent announcements.

Risk Warning

Unlike most DeFi projects that rely on venture capital, Project X's funding source is more grassroots: the official website clearly states "100% self-raised funds, no institutional investment, no angel investment, no private placement." The advantage of this model is that the team has stronger control over the project and is more inclined towards "long-termism."

However, this also comes with potential risks. The lack of external financing means that the project's risk resistance capability is relatively weak, and if faced with extreme market conditions or vulnerabilities in the smart contract, it may encounter difficulties in compensating users for their losses.