FROM ZERO USERS TO DEFI KING: THE STORY OF HYPERLIQUID

Summary from the TLDR Crypto newsletter

Hyperliquid's founder Jeff Yan rebounded from a 2018 exchange failure by launching Hyperliquid's mainnet in February 2023 and organically growing daily volume from $3 million to $50 million in one month through relentless technical posting instead of traditional marketing. Generous cash incentives including testnet prizes, $1 per $10k weekly trading volume, and referral and open-interest rewards, paired with rapid listings of trending pairs and the community-owned HLP vault, drove TVL from $1.5 million to $6 million in 30 days and bumped daily volume past $1 billion. The November 2023 points program then trained traders to hold positions, boosting average daily volume from $100 million to $1 billion and cementing loyalty with the largest airdrop in DeFi history.