Perilous Perp Pits Or Spot & Chill?

One of the easiest ways to generate outsized returns in crypto is by being early to new ecosystems. If you’re reading this, you’re late to the Hyperliquid points season but still early to the spot market and Hyperliquid’s Layer 1 blockchain launch.

If you’re a Hyperliquid user, you’ve probably noticed a ton of random tokens airdropped to your account. While many of these tokens are pure garbage, there are a few worth keeping your eye on. This article gives a bird’s eye view of the Hyperliquid spot market, which you can use to asses which tokens are worth your attention.

HFUN

HFUN is a sniper tool people can use to control their Hyperliquid account through Telegram.

Holding HFUN improves your execution speed when using the sniper tool. For each sniper transaction, an artificial delay is included depending on your rank. Holding more HFUN = less artificial delay. Users are divided into ranks based on their HFUN balance. A new update makes it so you need to hold at least 1 HFUN token to configure the sniper tool.

The HFUN bot has 1% fee on your notational size, paid in USDC. Currently HFUN is the best tool for sniping new launches on Hyperliquid.

To start using the sniper tool, join the Telegram, message the bot, and use the /start command. This is where you can create a wallet, export the private key, and adjust your settings for the HFUN bot. The HFUN sniper tool is one of the easiest ways to manage your perp trades while you’re away from the screen.

• Supply At Launch: 1,000,000
• Current Supply (including burns): 998,018
• Circulating Supply: 998,018
• Holders: 25,618
• Current Market Cap: $25.5M

PURR

At its current market capitalization of $120M, PURR isn’t going to give you outsized returns like other tokens on this list. However, PURR is Hyperliquid’s flagship memecoin and it’s a fairly safe bet that PURR will be a significant part of the Hyperliquid L1 at launch.

Like with all spot tokens, you pay transaction fees in PURR when you trade PURR. Right now, these fees are being burned, which has been lowering the supply since launch. In the future, Hyperliquid may use these fees to reward stakers or fund the HIP-2 liquidity strategy. You can watch how much PURR is burned using the purrburn website, built by a community member. PURR launched with 1 billion tokens and the current circulating supply is $598 million.

https://www.purrburn.fun

Not only is Hyperliquid becoming one of the leading DEXs by volume, but their TVL has also passed $500M, and they do nearly $1 billion in derivatives volume per day. If you believe in the growth of Hyperliquid and are bullish on the launch of their new blockchain, PURR is the most liquid way to express your bullishness.

• Max Supply: 1,000,000,000
• Total Supply: 598,746,478
• Circulating Supply: 598,746,478
• Holders : 48,930

VEGAS

Stuck in a meeting? Bored out of your skull waiting at the dentist? About to nod off visiting the in laws? Whenever you feel the degenerate need for speed, the VEGAS gambling bot has you covered.

Currently, you can use the VEGAS token to gamble on coin flips and play Russian Roulette in Telegram. The bot uses the code below to ensure random outcomes.

https://codesandbox.io/p/sandbox/vegas-probability-checker-5wmq3x

The VEGAS form of Russian Roulette allows players in the telegram to wager against each other. 1 player puts up an initial bet and people can match that bet. At the end, 1 winner gets the pot.

The VEGAS developer has mentioned a blackjack game is currently in production and there’s a potential for more tokens to get added to the bot. If you’re interested in joining new beta tests, you just need to reply to messages in the Telegram group. The developer will fund your test wallet to test new functionalities.

To start using the bot, join the Telegram, find the VEGAS bot in the coinflip channel, and message the bot the /start command. Click “create wallet” which will create a unique address you can use. Don’t forget to save you private key in case you need to access your newly created wallet.

Now you can go into your Hyperliquid account, click send next to the VEGAS token, and send tokens to the wallet you just created. Once you send VEGAS to the new wallet, you can start using the bot.

• Max Supply: 10,000,000
• Total Supply: 9,995,553
• Circulating Supply: 9,995,553
• Holders : 12,540
• Current Market Cap: $3.7M

JEFF

JEFF is a memecoin based on one of Hyperliquid’s core contributors, JEFF. JEFF is the 2nd token deployed on Hyperliquid after PURR. You can check out the JEFF website here.

ILIENS

ILIENS is another memecoin based on iliensinc, who is another core contributor to Hyperliquid.

• Supply : 692,728,906.57
• MarketCap : 614,540.59$
• Holders : 8,518

POINTS

$POINTS is a memecoin taking off the points meta that dominated crypto in Q4 and is a big part of the current Hyperliquid ecosystem.

40% of the supply was airdropped to PURR holders, and another 40% was airdropped to HFUN holders.

There is no bull case for POINTS. This token generates volume solely on the meme, the developer having a good reputation, $POINTS being on the strict token list, and the liquidity being relatively deep. $POINTS holders were recently airdropped $PANDA.

• Current Market Cap : $5,3M
• Holders: 14,331
• Max Supply: 100,002,500
• Total Supply: 99,813,790
• Circulating Supply: 99,813,790

CZ

4. CZ token is another memecoin with the potential to pump once one of the greatest minds in the crypto industry is released from FCI Lompoc II in California.

If you were holding PURR & JEFF, you probably got a decent amount of CZ airdropped to your wallet. Otherwise, at $5M market cap, it could be worth throwing some cash at CZ in anticipation of Hyperliquid season. Check out their website with a countdown until CZ’s release.

• Supply : 4,440,825.74
• MarketCap : 5,831,248.27$
• Holders : 12,738

What Makes A Hyperliquid Spot Token “Good” Or “Bad”?

While all of these tokens are extremely risky and speculative, there are some benchmarks you can look at to separate the good tokens from ones destined to go to zero:

• How was the token allocation distributed? How much did the developer keep for themselves?
• How much liquidity is locked? How much money would it take to move the price by 1%?
• What kind of reputation does the developer have? Are they an active part of the Hyperliquid community?
• What are the tokenomics like? Are developers hiding their true allocation by airdropping a second token to holders and then selling from inactive wallets?
• Are there any large TWAPs on the token? Which wallet is it coming from?

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