Henrik
815 posts collected
Henrik
@Henrik_on_HL
@hyperliquidx is the most liquid venue for crypto price discovery in the world
This archive holds 815 posts and 9,043 replies back to 9 Apr 2026
Lighter has closed the Open Interest gap to Variational. Just one week ago, Lighter was sitting below $950M in OI. Since then, it has surged to roughly $1.25B, putting it much closer to Variational again. x.com/Henrik_on_HL/status/2092…
Retroactive airdrops might actually have a legal advantage under the SEC’s new crypto framework because the key difference is whether users were promised something before they acted. If a protocol announces a points season and tells people to trade, provide liquidity or complete certain tasks in order to qualify for a future token, there is a much clearer link between the user’s activity and the expected reward. That makes Hyperliquid s3 pretty interesting. If Jeff wanted to reward users again, there may actually be a regulatory incentive to never announce a s3 at all. No points page, no farming campaign and no explicit promise of future tokens. They could simply keep tracking organic activity and reward users retroactively later like they did during hidden seasons back then. So the fact that there is no S3 announcement does not necessarily mean there will be no S3 rewards. Hyperliquid
Reasons why I think a second Hyperliquid airdrop is very likely: > Jeff clearly values decentralization. Right now, less than 50% of the supply is in the hands of the community, that’s something he’ll likely want to change ASAP. > The 38.888% allocation explicitly says “future emissions and COMMUNITY REWARDS.” It would make little sense to phrase it that way if it only referred to staking emissions. > Around 4% of the first airdrop went unclaimed. Those tokens were originally intended for community distribution via airdrop, so repurposing them to staking emissions would not make much sense. > Hyperliquid’s user base has grown massively since the first airdrop. A huge number of organic users still don’t own any HYPE at all. There are only 282k $HYPE holders on Hyperliquid. > Retroactive airdrops may have a legal advantage under the SEC’s new crypto framework: rewarding past activity with no prior promise may avoid being treated as an investment contract, while announced points campaigns tied to future trading or tasks could face more regulatory risk. So if Hyperliquid wanted to reward users, it may actually have an incentive to say nothing and do it retroactively. Hyperliquid
> Multicoin partners allegedly asked Kyle Samani why they owned 47 different governance tokens but no $HYPE for so long. Nobody has seen him since. Insider sources claim Multicoin’s investment process now starts with one question: “What would Kyle do?” Then they do the opposite. > a16z begged me to unlock some spot $HYPE. They said every dip gets bought instantly and their traders can’t source enough inventory anymore. Chris Dixon asked me what’s the best way to farm s3. I answered that they get a multiplier if they send their spot hype to 0x0000000000000000000000000000000000000000. > Goldman Sachs heard the rumours that every IPO deal will be frontrun by Hyperliquid traders. They asked if my $HYPE position was “negotiable.” I told them it depends. They asked what price. I said: “higher.” > Bloomberg called me because their terminals apparently keep getting searches for “HYPE FDV at $100.” They asked if this was a bug. I said no, just price discovery for the house of finance. > Paradigm asked me to OTC some $HYPE. Fred Ehrsam sounded stressed. Said the desks are completely dry and clients keep asking for exposure. I told him: That’s what happens when your president shills Hyperliquid to the entire world. > Sequoia called me today at 3am asking if I’d lend them some $HYPE liquidity. Apparently every founder in crypto suddenly became a Hyperliquid maxi overnight. The partner sounded exhausted. I told him: “Makes sense. Price discovery happens on Hyperliquid now.” > Jump Trading offered me “strategic partnership opportunities” if I’d part ways with my $HYPE bag. I said no. They immediately increased the bid. I said ”keep going, now you understand“. > Jane Street tried to calculate fair value for $HYPE. They asked me what’s the underlying of a Hyperliquid? After 14 spreadsheets and 3 models they concluded: “there’s not enough spot available.” > The New York Stock Exchange called at 3am asking why everyone was staring at Hyperliquid. I said: “Because the market was open.” They said: “Which market?” I said: “Exactly.” > BlackRock asked why their analysts suddenly have Hyperliquid open next to Bloomberg. I said: “One tells you what the market thinks. The other costs $30k a year.” > CME called asking why traders were increasingly looking at Hyperliquid. They said it was getting embarrassing to watch an asset find its price somewhere else while they waited for Monday morning. I told them: “You spent decades convincing everyone you were the center of global price discovery. Then Jeff added weekend trading.“ Hyperliquid
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- launch using @LiquidLaunchHL because these guys have been here during the whole bear market - airdrop to existing hype holders but cap it to a max amount per wallet - airdrop Hypurrs & Purr holders - sell a fixed amount to a certain group of HYPE OGs - make sure to have enough liquidity in the pool right from the start
How do we launch a HyperEVM meme while making sure every native Hyperliquid user makes money and all the fomo/pumpfun trenchers get brutally rugged? Asking for a friend
Hyperliquid reached over $13B Open Interest! x.com/Henrik_on_HL/status/2091…
I truly believe Variational points should be valued well above $50, with upside into the triple digits. People have forgotten how to dream. TGE will likely happen within the next three months, and personally I struggle to see Variational launching below a $2B FDV. Dragonfly invested $50M, the Variational team brings experience from Google, Meta, Jane Street and other top-tier firms and I’m sure that the tokenomics will be great. Coinbase ventures is another VC, which makes a Coinbase spot listing likely for $VAR at TGE.
I know people who sold their entire $HYPE airdrop below $10. I know people who used portfolio margin, put their $HYPE up as collateral, and zeroed the entire account. I know people who sold their whole stack trying to buy back lower and never got the chance. You wouldn’t believe HOW many people are sitting on the sidelines today simply because they sold way too early.
Lighter‘s FDV is 2,85B With ~9,6m points and 25% at TGE, one Variational point would be worth over $80 with the same FDV. x.com/Henrik_on_HL/status/2090…
$VAR will be the new shiny coin on the market, with genuinely differentiated tech through its RFQ model. And it’s launching right after Trump put the entire DEX meta in front of the world. Everyone wants to get exposure. New coin + differentiated product + hot DEX narrative through Trump If you can put 1+1 together, you know what that implies for the value of Variational points right now
