Hyperliquid is a performant L1 optimized from the ground up. The vision is a fully onchain open financial system with user built applications interfacing with performant native components, all without compromising end user experience. The flagship native application is a fully onchain order book perpetuals exchange, the Hyperliquid DEX. Further developments include a native token standard, spot trading, permissionless liquidity, etc.

The Hyperliquid L1 is custom built around a performant derivatives exchange as the flagship native component. A new season of points was announced on May 29th for users of their L1, following the successful implementation of the native spot tokens standards HIP-1 and HIP-2.

A total of 700,000 points will be distributed weekly for 4 months. The first snapshot will be for May 29-June 4. Points criteria will be updated on a recurring basis. Distributions will be based on weekly activity ending Wednesdays at 00:00 UTC and take place on Fridays. There will be 1:5 affiliate points matching. Affiliates will need to reapply. 2,000,000 points per week will be distributed for activity from May 1-28. This bonus multiplier is to reward organic usage.

Step-by-Step Guide:
  1. Head to Hyperliquid and connect your wallet.
  2. Bridge some USDC to Arbitrum and then deposit.
  3. Trade spot assets to begin earning points for the L1 season.
  4. Go to “Trade”, “Select instrument” then click on “Spot” to see the assets available to trade.
  5. The higher the volume traded on spot assets, the more points you’ll likely earn.
  6. Also, you can trade perpetuals to earn points. Go to “Trade”, “select instrument”, then click on “All Coins”
  7. A more passive approach is to deposit USDC into the HLP, which provides liquidity to the markets on Hyperliquid.
  8. Go to “Vaults”, select “Hyperliquidity Provider”, and enter the amount of USDC you want to deposit. Note that your deposit will be locked for 4 days.
  9. Generate a referral code from by going to “Referrals” and then “Create code”. Invite others to earn rewards and potentially boost the number of points you can earn.
  10. There’s speculation that holding and trading the PURR memecoin (which was launched as a test for Hyperliquid’s L1) could earn you more points.
  11. The exact formula for earning points is not yet publicly known. You may also want to provide liquidity to the HLP, generate a referral code to invite friends and launch your own spot assets to max qualify.
  12. Points are distributed on a weekly basis on Fridays. Check the amount of points you’ve earned each week from “Points”.

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