Hyperliquid started 2024 as a barely-known perp dex and ended the year as one of the largest decentralized financial hubs, processing billions in volume per day with a thriving ecosystem of builders, traders, and community members. Thank you to everyone who came together for a record-breaking 2024. All of this was achieved without taking any external funding and giving all trading fees to the community. Part of what makes Hyperliquid special is how the community is its strongest advocate and the largest beneficiary of its success. It's humbling to see Hyperliquid's vision resonate with so many of you. Hyperliquid was built with a strong belief in returning to the core ethos of crypto  -  changing entrenched and predatory centralized practices to be fair and permissionless. In 2025, even more builders and users will join the flourishing ecosystem on a mission to house all finance. Looking back on 2024, some milestones and metrics are highlighted below. Notable product and tech releases included: Native spot token standards: HIP-1 and HIP-2 HyperBFT consensus Testnet EVM Builder codes HYPE genesis event Staking Teams built exclusively on Hyperliquid. Some highlights include: HypurrFun, an app where you can launch and trade memecoins, snipe new launches, access whale chats, and form your own cabal to compete against others pvp. trade, a Telegram bot where you can trade and share alpha with your clan and against others HypurrScan, an explorer that makes it easier to investigate popular features of the blockchain, such as token auctions, token holders, TWAPs, and more Many projects chose to launch natively, such as VAPOR and FARM. Cults formed around memecoins like CATBAL and PIP Projects integrated Hyperliquid: Bridges: deBridge, Synapse, HyBridge Analytics: DEX Screener, Velo, ASXN, PURR Burn / HYPE Burn, Coinalyze, HyperDash, HyperScanner, Hypervisor Trading terminals: Insilico, Sandwich, Tealstreet, ChainPro, Newsly Trading software: CCXT, Hummingbot, Katoshi Trading apps and aggregators: Okto, RageTrade, Vooi Copytrading: STFX, Copin Notifications: Notifi, Push Portfolio trackers and journals: Octav, Tradestream And many more. Note: This only includes mainnet deployments. This does not include the many projects already building on the testnet HyperEVM Grassroots initiatives took off: HypurrCo, a community-led collective that organized events and spread awareness about the ecosystem HyperActive, an investor syndicate supporting early stage projects building on Hyperliquid Hyperliquid KR, a passionate community of Korean users And many more community-led regional groups Quantitatively, a lot changed since 2023: $1B 24h ATH volume to $15B (15x) $178M open interest to $4.3B (24x) $56M TVL to $2.1B (37x) 31k users to 300k (9x) 100 perps to 158 perps and 128 native spot assets 24h revenue from trading fees and spot auctions exceeded $3.5M Thank you to all the teams who played a part in Hyperliquid’s growth.

Tuesday is an important day for $EIGEN, as transfers will be enabled. In the reply post below, you can find an outline of the token utility for $EIGEN, but the market side of the equation is vital for creating a wholistic understanding of the token. Here's what you need to know👇 Supply Dynamics: At launch, EIGEN's supply 1,673,646,668, between the first and second stakedrop, the circulating supply at launch is set to be: 6.75% from Stakedrop 1 5.2% from Stakedrop 2 So in total, the circulating supply at launch should be roughly 200,000,776 EIGEN (11.95%) However, when diving a bit deeper, we can see the float is actually different. Here's why: For the first season (stakedrop), only 85.4% of tokens were claimed (95m EIGEN). So far, for season two, only 21.7% have been claimed at the time of writing (18.6m EIGEN) So, in total the "circulating supply" is 114m at the time of writing. In addition to that, 73m EIGEN has been restaked via EigenLayer. Therefore, the actual float is currently 40.43m EIGEN. At current pre-market prices ($3.84 via HyperLiquid) that comes out to $155m. This price implies an FDV of $6.42 billion. It's fair to assume that a 2.42% float is likely to drive a great deal of volatility as price discovery takes place. It's important to note that operator claims won't be live until after Oct 6th, which may be delaying claims. Additionally, the slow claims may be attributed to tax reasons, as the Claim window ends March 25th of next year. Who were some of the biggest claimers? When examining two different claim queries on Dune, we are able to see some of the largest claims by wallet for season 1 and 2 combined. For some reason, the data didn't align perfectly with these two queries, but we checked via Etherscan to make sure these wallets had valid claims. Note that entity tags may not be 100% accurate. We arrived at these tags by a mix of Arkham and Nansen tags, and also by following fund origination for the wallets. With a low float due to slow claims and EIGEN staking serving as a supply sink, these wallets, given their high allocations, could potentially have significant impact on market condition. It is also important to note that some of them have restaked their EIGEN, or a portion of it It's also important to note that $EIGEN unlocks won't begin until 1 year from Tuesday. During this time, There is still 3% of the supply to be distributed as part of Stakedrop 2, as well as programatic incentives which will total 4% of the total supply for the first year. Overall, as the supply continues to come online, that will likely coincide with more platform functionality, such as slashing, etc. All these factors should help users and market participants better assess the demand drivers for EIGEN itself. We'll continue to provide coverage on $EIGEN throughout the week - be sure to follow if you found this helpful! ______________________________________________________ Disclaimer: The information provided by Kairos Research, including but not limited to research, analysis, data, or other content, is offered solely for informational purposes and does not constitute investment advice, financial advice, trading advice, or any other type of advice. Kairos Research does not recommend the purchase, sale, or holding of any cryptocurrency or other investment.