How to Earn Handsome Rewards in HypeVM Mining?

Editor's Note: The HyperEVM ecosystem has attracted miners due to the HYPE token's solid tokenomics and value accrual. Surrounding protocols such as @upshift_fi, @stakedhype, @HyperSwapX, @hyperlendx, @HypurrFi, and @felixprotocol, the article explores strategies such as staking, LP, and lending, with rewards including APY, points, and potential airdrops. However, the ecosystem is still in its early stages, so caution is advised to avoid risks associated with unverified protocols.

The following is the original content (slightly restructured for readability):

Why Choose HyperEVM?

Intuition tells me it will be very profitable, and HYPE is one of the few meme coins with value accrual, product-market fit (PMF), and a solid tokenomics.

A premium DeFi ecosystem is forming around high-quality collateral.

This is the easiest "set-it-and-forget-it" mining strategy.

The hbHYPE treasury dynamically allocates deposits to DeFi protocols in the HyperEVM. It utilizes delta neutral strategies, capital arbitrage, and various other methods to maximize returns.

By depositing WHYPE, you can receive a 6.0% Annual Percentage Yield (APY) + ecosystem points (5x Upshift, Hyperbeat, @hyperlendx, @hyperpurrfi, @HyperSwapX, @TimeswapLabs, and @silhouette_ex).

Upshift is backed by @dragonfly_xyz, with $235 million in deposited assets on the platform.

HYPE's primary liquidity staking token (LST) can be used in DeFi to earn additional rewards.

This is built by @thunderheadxyz; I am not sure if there will be a protocol token, but stHYPE holders can be quite confident they will be rewarded through Jeff's HYPE airdrop in the future.

Wrap your stHYPE with HyperSwapX and provide liquidity on different pairs (e.g., HYPE/stHYPE).

Earn rewards + HyperSwapX points.

Deposit HYPE, wstHYPE, or UBTC (using @hyperunit) to earn rewards + HyperLend points.

The current pool is full, so please check for availability or a potential limit increase.

HyperLend has been officially recognized by AAVE DAO as a friendly fork, and will share revenue and tokens with AAVE.

Borrow USDXL by collateralizing wstHYPE.

You can also use @hyperunit to supply BTC and ETH as collateral and borrow USDXL. Earn HypurrFi points.

Swap USDXL for feUSD and deposit into the Felix protocol.

The returns in the current HYPE pool are higher than the borrowing cost of USDXL + you can earn Felix points.

Felix currently has a considerable TVL and borrowing volume.

There are more applications to explore, but this is my current summary (not an expert, still figuring it out).

I focus on audited protocols with a higher TVL (of course, there is still risk). There will certainly be more high-risk, high-reward opportunities.

We know Hyperliquid will allocate incentives for HyperEVM users, so I believe earnings will be boosted through retroactive HYPE.

However, please note that the HyperEVM ecosystem is still in its very early stages. I wouldn't risk more than I'm willing to lose. Don't do stupid things and invest too much in protocols that haven't been battle-tested for a long time.

「Original Article Link」

Tonight, a liquidity crisis sparked by the JellyJelly-associated Memecoin $JELLY, created by former Facebook Vice President of Product lessin, has thrust derivative DEX Hyperliquid into the eye of the storm. From whale price manipulation, CEX sniper attacks, to protocol emergency "pulling the plug" self-rescue, this crisis has not only exposed the governance weakness of decentralized protocols but has also evolved into a face-off between CEX and Perp DEX.

Hyperliquidity Pulling the Plug

Tonight, another exciting whale battle unfolded on-chain, with address "0x20e8" opening a 2.5 billion $JELLY long position in the 0.0095 price range at 8:53 on the 26th, amounting to approximately $2.1 million at the time (link).

Then, 10 minutes later, around 9:00 on the 26th, address "0xde95" first opened a 3.98 billion $JELLY short position on Hyperliquid perpetual futures, amounting to approximately $4.5 million at the time (link), while also buying $JELLY spot on-chain to artificially raise the spot price and subsequently removing collateral from the short position.

This triggered the mechanism of HLP, as HLP's market-making strategy calculates a fair price by integrating tick data from Hyperliquid and mainstream CEX, and executes strategies to continuously provide 24/7 liquidity. Therefore, when the $JELLY price drops, HLP acts as a counterparty during the liquidation period, inheriting the short positions amounting to approximately $5 million.

Subsequently, the address continued to buy back $JELLY, causing a significant price surge due to low liquidity. At this point, HLP held a passive short position of 3.98 billion $JELLY (valued at approximately $15.3 million at the time) due to the token price rise, resulting in nearly a $12 million loss for HLP. According to on-chain data analyst @ai_9684xtpa, if the counterpart raises the coin price to around $0.17, the Hyperliquid Vault will face liquidation and lose the $240 million it currently holds. At this time, the price fluctuates between $0.035-$0.045, only requiring roughly a threefold increase for one of Hyperliquid's treasuries holding $240 million to vanish into thin air.

Renowned crypto influencer CryptoSkanda "@thecryptoskanda" ignited a spark on Twitter, suggesting that Binance should list JELLY for spot trading or merely hinting at considering JELLY listing. Through his own influence, he further boosted the JELLY price to outcompete Hyperliquid. In response, Binance's co-founder He Yi replied, "Noted."

Around 11 PM on the 26th, several community members noticed that the $JELLY token's K-line on HyperLiquid had stopped updating, indicating a potential delisting of $JELLY. As retail and large-scale holders collectively "attacked" HyperLiquid, the project's treasury funds were reduced to $50 million to minimize risks, and the liquidation price dropped to $0.14.

10 minutes later, both OKX and Binance announced the listing of JELLY perpetual contracts. Subsequently, Hyperliquid responded on Discord, stating that upon detecting suspicious market activity, the Validator Council voted to delist the JELLY perpetual contract. Except for tagged addresses, all user losses will be fully compensated by the Hyper Foundation. This meant that after the so-called "vote," they directly settled on-chain activities at a price of $0.0095, enraging community members. "DEX" turned into "CEX" overnight, and Hyperliquid even profited $700,000 from this liquidation.

CZ referenced a previous tweet about "DEX vs. CEX" on social media and wrote, "I know I'm not that smart. I admit when I don’t know. I often feel those smart people must have a trick I don't, to do things that I can't. But occasionally, I find: the most fundamental rules still apply."

Arthur Hayes even claimed that Hyperliquid mishandled the JELLY incident, indicating that it is not truly decentralized. He expressed that traders do not care about decentralization and believed that the HYPE would quickly plummet back to zero.

The impact of this event is still unfolding, whether it be the previous DEX insider trading or the recent large holders on PolyMarket coercing a "prediction outcome." CEX customer data breaches or market maker manipulation of CEX prices events, nearly every day reminds cryptocurrency practitioners of the many issues they still need to address. BlockBeats will continue to monitor the event's developments.

Editor's Note: The article introduces various opportunities to earn yield by providing liquidity in the current risk-off environment, covering on-chain strategies such as Sonic, Arbitrum, and Hyperliquid. This includes Shadow (Sonic's main DEX) earning high APR and Sonic Points through liquidity provision, Rings Protocol x Pendle earning stable yield through scUSD, Pear Protocol (Arbitrum) capturing high funding rates through reverse trading, and Harmonix (Hyperliquid) conducting low-risk arbitrage through HYPE Delta-neutral treasury.

The following is the original content (lightly edited for readability):

Since the November 2024 election, the crypto market has retraced about 25% from its peak of $3.7 trillion, with the total market cap dropping to $2.76 trillion as of March 10, 2025. The market is currently clearly in a risk-off mode. In this environment, stablecoins, Delta-neutral products, and yield farming opportunities typically attract more attention and users.

Below are some innovative yield opportunities on different blockchains, yes, we still love loyalty rewards.

Shadow is the core decentralized exchange on Sonic that utilizes a concentrated liquidity mechanism to provide users with a high-yield annual percentage rate. Its primary strategy involves providing liquidity on both S and staked S (with minimal impermanent loss) and hedging risks through shorting.

Expected Returns:

30-80% APR (Liquidity Provision Yield)

Sonic Points Rewards

Pros and Cons:

High APR (Significant liquidity mining rewards)
Requires active liquidity management

Operation Steps:

Buy S, and convert part of it to stS through beets.fi (ratio depends on liquidity range).

Open a 1x short position on @HyperliquidX or @vertex_protocol to hedge price volatility risk.

Rings offers scUSD, a yield-bearing stablecoin backed by USDC and ETH. The strategy involves minting scUSD and earning yield through its treasury, while also passively acquiring Sonic points by holding scUSD, or providing liquidity on @pendle_fi for additional rewards.

Pros and Cons:

No need for active management

Pendle has a strong track record

Requires trust in Rings' stablecoin and Veda treasury

Operation Steps:

Mint scUSD by collateralizing stablecoins on Rings.

Stake scUSD to earn a 5% yield + Sonic points.

On Pendle:

· Buy wstkscUSDPT to enjoy a 13.75% APR and hold until the maturity date (May 29, 2025).

PearProtocol recently launched a new feature—the MarketPage, used to discover trading opportunities and filter out the most attractive funding rate opportunities from thousands of trading pairs.

Strategy Core: Reverse Trading to Earn Funding Rate

The core idea of this strategy is "reverse trading to earn the market sentiment premium." The opportunity arises from trading setups where the market sentiment is opposite to one's own view:

· Go long on assets that are heavily shorted by the market

· Go short on assets that are heavily longed by the market

Considering that the market often sees Open Interest liquidation, this strategy is reasonable. However, one needs to actively manage their position, monitor whether the funding rate is favorable, and whether the 24-hour funding rate change is positive.

Pros and cons:

· High funding rate reward can be obtained

· Suitable for mean reversion trading strategy

· Requires active position management

· High risk

Operating steps:

· Go to the Market Page

· Filter by Net Funding to find the best trading opportunity

After some research, you can discover high-quality trading opportunities.

Harmonix has now launched the HYPE 'DeltaNeutral' Treasury, where users can deposit USDC to earn yield while receiving Hyperliquid Points and Harmonix Points.

This Treasury generates returns through funding rate:

Half of the deposit is used to purchase Hyperliquid's native token HYPE

The other half simultaneously opens a short position on HYPE for hedging

This is a Delta-neutral strategy that allows risk-free exposure to the Hyperliquid ecosystem. However, the HYPE funding rate may change at any time, so the overall risk is considered medium.

Pros and cons:

· High yield while also being able to position in the HL ecosystem

· Need to monitor funding rate changes weekly

Operating steps:

· Visit the Harmonix platform: https://app.harmonix.fi

· Select USDC/Hyperliquid Vault

· Deposit USDC and complete the transaction

「Original Article Link」