In the past few days, HyperEVM has suddenly transitioned from the infrastructure of Hype's exclusive chain to a "high volatility trading venue" - amidst the backdrop of HYPE reaching a historical high and rapid rotation of Memes, Gas on the HyperEVM chain once skyrocketed to over ten dollars per transaction, far exceeding the ETH mainnet!
The underlying drivers of the market first stem from Trump calling the shots after HYPE's strong performance. HYPE is currently priced at about $79.65, up 35.4% in 7 days and 38.7% in 30 days, reaching a historical high of $83.27 yesterday.
I have compiled a summary of popular Memes and projects on HyperEVM.
Meme: EGG and CHAMELEON Ignite Sentiment
EGG: Current Leader of Sentiment on Hype Chain
EGG originates from an early tweet by Jeff Yan: "Just buy eggs with your shitcoins."
The community has packaged it as HyperEVM's native Meme and created mini-games and an interactive official website https://
Contract: 0xb75d5ee14708e7efbea939311090061d72265608
Summary: The 24-hour increase during EGG's explosive phase once exceeded 14,000%, with a market cap reaching around 8M–9M, but a noticeable decline has occurred since then.
CHAMELEON: Jeff's Early Entrepreneurial Narrative
CHAMELEON is tied to Jeff's real entrepreneurial experience. Before Hyperliquid, Jeff ran Chameleon Trading, and his X account handle is still @chameleon_jeff.
Contract: 0xddfed493a114d610C5709FEFd22BAEF40DC23428
Summary: CHAMELEON's market cap once surged to around $4M, but has now retraced approximately 65%–70%.
Launchpad: Motion
http://Motion.meme is akin to a HyperEVM version of http://Pump.fun. The project first completes price discovery through Bonding Curve before entering HyperSwap V3 pool trading.
Its fee structure is as follows:
·Token issuance fee: 0.05 HYPE;
·Bonding phase: approximately 0.5% platform fee;
·HyperSwap pool fee: approximately 0.01%;
Summary: Motion plays the role of "selling shovels" in this round of Meme market; if the subsequent HyperEVM Meme Season continues strongly, Motion will benefit greatly.
Staking: Kinetiq (KNTQ)
Kinetiq is the largest liquid staking protocol on HyperEVM. Users stake HYPE to obtain kHYPE, allowing them to earn staking rewards while also using kHYPE for lending and LP.
The advantage of KNTQ is its clear value capture: income from Markets, Launch, and some validators will be used to buy back KNTQ and distribute it to sKNTQ stakers.
Summary: Overall, Kinetiq is the most complete practical project in this round of HyperEVM fundamentals.
HIP-3: Kinetiq Launch
Kinetiq Launch is the launch platform for HIP-3 perpetual exchanges.
Deploying a HIP-3 exchange requires staking over 500,000 HYPE, approaching $40M at current prices. Kinetiq Launch allows the community to crowdfund this amount and isolates different exchange risks through independent exLST.
Summary: Kinetiq's Launch income is used to buy back KNTQ, adding a new narrative of "HIP-3 exchange incubation platform" to KNTQ.
Lending: HyperLend (HPL)
HyperLend is the main lending market of HyperEVM, supporting HYPE, kHYPE, and other asset collateral, positioned as Hyperliquid's credit layer.
·TVL: approximately $570M
·Loan balance: approximately $308M
Summary: HPL can be staked as sHPL to lower borrowing costs, with a rebate limit of up to 80%. The market sees its potential due to "low market cap, high TVL."
DEX: Project X
Project X is the leading centralized liquidity AMM in HyperEVM by trading volume.
·TVL: approximately $45.8M
·24h trading volume: approximately $152M
Summary: In the native AMM of HyperEVM, Project X accounts for about 50%–60% of trading volume.
Conclusion
Currently, the enthusiasm for HyperEVM seems more like an ecosystem reassessment driven by HYPE's new high. Whether it can elevate to a true HyperEVM Season will require further observation: the retention rate of users attracted by Meme enthusiasm, and whether a series of practical projects can convert into real users and actual revenue.
Moreover, every time HyperEVM's popularity rises and on-chain transactions become active, Gas will noticeably spike. During peak periods, the cost of single transactions can reach 10–20 U, and while this increases HYPE's Gas demand and burns, it limits the ceiling for Meme trading and the long-term prosperity of the HyperEVM ecosystem.
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