HyperEVM生态链：Meme暂停，下一个Robinhood？

Original author: Biteye

Over the past few days, HyperEVM has abruptly shifted from being Hype's dedicated on-chain infrastructure to a "high-volatility trading arena"—amid HYPE hitting an all-time high and rapid Meme rotations, HyperEVM's on-chain Gas fees once surged to over ten dollars per transaction, far exceeding the ETH mainnet!

The fundamental driver of this market action first comes from HYPE's strong performance following Trump's endorsement. HYPE is currently trading at approximately $79.65, up 35.4% over 7 days and 38.7% over 30 days, hitting an all-time high of $83.27 yesterday.

A Rundown of Hot Memes and Projects on HyperEVM

Memes: EGG and 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 official website, eggonhype.com.

Contract: 0xb75d5ee14708e7efbea939311090061d72265608

Summary: EGG's 24-hour gain during its explosive phase exceeded 14,000%, with a market cap reaching approximately $8M–$9M, but it has since seen a noticeable pullback.

CHAMELEON: The Narrative of Jeff's Early Entrepreneurial History

CHAMELEON is tied to Jeff's real entrepreneurial journey. Before Hyperliquid emerged, Jeff ran Chameleon Trading, and his X account handle remains @chameleon_jeff to this day.

Contract: 0xddfed493a114d610C5709FEFd22BAEF40DC23428

Summary: CHAMELEON's market cap once surged to approximately $4M but has since retraced about 65%–70%.

Launchpad: Motion

Motion.meme is essentially the HyperEVM version of Pump.fun. Projects first undergo price discovery through a Bonding Curve before entering the HyperSwap V3 pool for trading.

Its fee mechanism 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 "shovel seller" role in this round of Meme market activity. If the HyperEVM Meme Season sustains its momentum, Motion stands to benefit significantly.

Staking: Kinetiq (KNTQ)

Kinetiq is the largest liquid staking protocol on HyperEVM. Users stake HYPE to receive kHYPE, earning staking yields while also being able to use kHYPE for lending and LP activities.

KNTQ's advantage lies in its clear value capture: revenue from Markets, Launch, and a portion of validator income is used to buy back KNTQ and distribute it to sKNTQ stakers.

Summary: Overall, Kinetiq is the utility project with the most complete fundamentals in 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, which at current prices is close to $40M. Kinetiq Launch allows the community to crowdfund this capital and isolates the risk of different exchanges through independent exLST.

Summary: Kinetiq uses Launch revenue to buy back KNTQ, adding a new "HIP-3 exchange incubation platform" narrative to KNTQ.

Lending: HyperLend (HPL)

HyperLend is the primary lending market on HyperEVM, supporting assets like HYPE and kHYPE as collateral, positioning itself as the credit layer of Hyperliquid.

·TVL: approximately $570M

·Outstanding loans: approximately $308M

Summary: HPL can be staked as sHPL to reduce borrowing costs, with rebate caps of up to 80%. The market's bullish thesis is its "low market cap, high TVL" profile.

DEX: Project X

Project X is the 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 roughly 50%–60% of the trading volume share.

Conclusion:

Currently, the HyperEVM hype appears more like an ecosystem re-rating driven by HYPE's new highs. Whether it can elevate into a true HyperEVM Season remains to be seen—key factors to watch include user retention after Meme hype attracts attention, and whether a series of utility projects can convert into real users and actual revenue.

Moreover, every time HyperEVM sees a rise in activity and on-chain trading picks up, Gas fees spike noticeably. During peak periods, single-transaction costs can easily reach 10–20 U. While this increases HYPE's Gas demand and burn, it also caps the ceiling for Meme trading and limits the long-term prosperity of the HyperEVM ecosystem.