Author: Biteye
Over the past few days, HyperEVM has abruptly transitioned from Hype's proprietary blockchain infrastructure to a "high-volatility trading arena" — against the backdrop of HYPE hitting a new all-time high and rapid meme rotation, on-chain gas fees on HyperEVM once skyrocketed to over ten dollars per transaction, far exceeding those on the ETH mainnet!
The underlying driver of the market movement stems first from HYPE's strong performance following Trump's public endorsement. HYPE is currently priced at approximately $79.65, up 35.4% over the past 7 days and 38.7% over the past 30 days, hitting a new all-time high of $83.27 yesterday.
We've compiled a list of popular Memes and projects on HyperEVM for our readers:
Memes: EGG & CHAMELEON Ignite Sentiment
EGG: The Current Sentiment Leader on the Hype Chain
EGG originates from an early tweet by Jeff Yan: “Just buy eggs with your shitcoins.”
The community packaged it into a native HyperEVM Meme and created a mini-game and interactive website, eggonhype.com.
Contract: 0xb75d5ee14708e7efbea939311090061d72265608
Summary: During its explosive phase, EGG saw a 24h gain exceeding 14,000%, with its market cap once reaching approximately $8M–$9M, but it has since seen a significant correction.
CHAMELEON: Narratives from Jeff's Early Entrepreneurial History
CHAMELEON is tied to Jeff's real entrepreneurial experience. Before Hyperliquid existed, Jeff operated Chameleon Trading, and his X (formerly Twitter) handle remains @chameleon_jeff to this day.
Contract: 0xddfed493a114d610C5709FEFd22BAEF40DC23428
Summary: CHAMELEON's market cap once surged to approximately $4M but has since retraced by about 65%–70%.
Launchpad: Motion
Motion.meme is akin to a HyperEVM version of Pump.fun. Projects first undergo price discovery via a Bonding Curve before being listed for trading in HyperSwap V3 pools.
Its fee mechanism is:
· Token Launch Fee: 0.05 HYPE;
· Bonding Phase: Approximately 0.5% platform fee;
· HyperSwap Pool Fee: Approximately 0.01%;
Summary: Motion plays the "pickaxe seller" role in this Meme cycle. If the subsequent HyperEVM Meme Season proves sustainable, Motion stands to benefit significantly.
Staking: Kinetiq (KNTQ)
Kinetiq is the largest liquid staking protocol on HyperEVM. Users stake HYPE to receive kHYPE, gaining staking rewards while also being able to use kHYPE for lending and liquidity provision.
KNTQ's advantage lies in its clear value capture: Revenue from Markets, Launch, and a portion of validator revenue is used to buy back KNTQ, which is then distributed to sKNTQ stakers.
Summary: Overall, Kinetiq is the most well-rounded utility project in terms of fundamentals within this HyperEVM cycle.
HIP-3: Kinetiq Launch
Kinetiq Launch is a launch platform for HIP-3 perpetual exchanges.
Deploying a HIP-3 exchange requires staking over 500,000 HYPE, close to $40M at current prices. Kinetiq Launch allows the community to crowdfund this capital, isolating the risks of different exchanges through independent exLST tokens.
Summary: Launch revenue earned by Kinetiq is used to buy back KNTQ, adding a new narrative of "HIP-3 exchange incubator platform" to KNTQ.
Lending: HyperLend (HPL)
HyperLend is the primary lending market on HyperEVM, supporting collateral like HYPE and kHYPE, positioned as the credit layer for Hyperliquid.
· TVL: Approximately $570M
· Borrowed Balance: Approximately $308M
Summary: HPL can be staked as sHPL to reduce borrowing costs, with a rebate cap reaching up to 80%. The market views it favorably due to its "low market cap, high TVL" profile.
DEX: Project X
Project X is a leading concentrated liquidity AMM on HyperEVM by trading volume.
· TVL: Approximately $45.8M
· 24h Trading Volume: Approximately $152M
Summary: Among native HyperEVM AMMs, Project X commands a trading volume share of about 50%–60%.
Conclusion:
Currently, the heat around HyperEVM feels more like an ecosystem revaluation driven by HYPE's new highs. Whether this can evolve into a true HyperEVM Season depends on further observation: the retention rate of users attracted by Meme hype, and whether a series of utility projects can convert into real users and actual revenue.
Furthermore, every time HyperEVM's activity rises and on-chain transactions become lively, gas fees spike noticeably. During peak periods, the cost per transaction can easily reach $10–20. While this increases demand for HYPE gas and token burns, it also caps the potential ceiling for Meme trading and the long-term prosperity of the HyperEVM ecosystem.
