Author: Biteye

In the past few days, HyperEVM suddenly switched from building infrastructure on the exclusive chain of Hype to a "high volatility trading market"—against the backdrop of HYPE reaching an all-time high and rapid rotation of memes, the Gas on the HyperEVM chain soared to over ten dollars per transaction, far exceeding that of the ETH mainnet!

The underlying market drive primarily comes from the strong performance of HYPE after Trump's call. HYPE is currently priced at about $79.65, up 35.4% in 7 days and 38.7% in 30 days, hitting a historic high of $83.27 yesterday.

The editor has summarized the popular memes and projects of HyperEVM for everyone

Meme: EGG and CHAMELEON ignite sentiment

EGG: The current sentiment leader on the Hype chain

EGG originated from an early tweet by Jeff Yan: “Just buy eggs with your shitcoins.”

The community packaged it as HyperEVM's native meme and created a mini-game and interactive official website eggonhype.com.

Contract: 0xb75d5ee14708e7efbea939311090061d72265608

Summary: During the outbreak phase, EGG's 24h rise exceeded 14,000%, and its market cap once reached about 8M–9M, but has now shown a significant correction.

CHAMELEON: Narrative of Jeff’s early entrepreneurial history

CHAMELEON is bound to Jeff's real entrepreneurial experience. Before Hyperliquid emerged, Jeff operated Chameleon Trading, and his X account handle is still @chameleon_jeff.

Contract: 0xddfed493a114d610C5709FEFd22BAEF40DC23428

Summary: CHAMELEON's market cap once surged to about $4M, and currently, it has retraced about 65%–70%.

Launchpad: Motion

Motion.meme is similar to the HyperEVM version of

Pump.fun. The project first completes price discovery through a Bonding Curve, and then enters the HyperSwap V3 pool for trading.

Its fee mechanism is:

· Token issuance fee: 0.05 HYPE;

· Bonding phase: about 0.5% platform fee;

· HyperSwap pool fee: about 0.01%;

Summary: Motion serves as the "shovel seller" in this round of meme trading; if the subsequent Hype EVM Meme Season maintains strong continuity, Motion will benefit greatly.

Staking: Kinetiq (KNTQ)

Kinetiq is the largest liquid staking protocol on HyperEVM. Users stake HYPE to obtain kHYPE, and while earning staking rewards, they can also use kHYPE for lending and LP.

The advantage of KNTQ is that value capture is relatively clear: income from Markets, Launch, and some validators will be used to repurchase KNTQ and distribute to sKNTQ stakers.

Summary: Overall, Kinetiq is the most comprehensive utility project in the fundamentals of this round of HyperEVM.

HIP-3: Kinetiq Launch

Kinetiq Launch is the launch platform for the HIP-3 perpetual exchange.

Deploying a HIP-3 exchange requires staking more than 500,000 HYPE, which is close to $40M at the current price. Kinetiq Launch allows the community to crowdfund this amount and isolates the risks of different exchanges through independent exLST.

Summary: The income from Kinetiq's Launch is used to repurchase KNTQ, adding a new narrative of "HIP-3 exchange incubation platform" for KNTQ.

Lending: HyperLend (HPL)

HyperLend is the main lending market of HyperEVM, supporting collateralization of assets like HYPE, kHYPE, and positions itself as the credit layer of Hyperliquid.

· TVL: about $570M

· Loan balance: about $308M

Summary: HPL can be staked as sHPL to reduce borrowing costs, with rebates up to 80%. The market is optimistic about it due to "low market cap, high TVL."

DEX: Project X

Project X is the leading concentrated liquidity AMM in HyperEVM.

· TVL: about $45.8M

· 24h trading volume: about $152M

Summary: In HyperEVM's native AMM, Project X's trading share accounts for about 50%–60%.

Conclusion:

Currently, the popularity of HyperEVM seems like an ecological reassessment driven by HYPE's new highs. Whether it can upgrade to a true HyperEVM Season needs to be observed: the retention rates after meme popularity attracts users and whether a series of utility projects can convert to real users and actual revenue.

Moreover, every time HyperEVM's popularity rises and on-chain trading becomes active, Gas will significantly spike. During peak periods, the cost of a single transaction can reach 10–20U, although this can increase HYPE's Gas demand and burn, it limits the ceiling for meme trading and the long-term prosperity of the HyperEVM ecosystem.

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