My Journey Into Hyperliquid (Week #1)

With the Bull Run potentially going into its last parabolic phase, I'm starting a new series of posts as I'm trying out the Hyperliquid Platform in an attempt to get something going there...

About Hyperliquid

So Hyperliquid at least for me, came out of nowhere as a new platform where all of a sudden all the whales were trading on doing massive volumes. From what I understand, it's another High Performance Blockchain somewhat similar to Solana where the main app is a Decentralized Perpetual Trading Platform which is supposed to feel like a Centralized one. It has it's own HYPE token which is bought and burned with part of the generated fees. There have been some attacks already from the big Centralized exchanges who is it as a dangerous rival and the token is mainly traded in Hyperliquid itself as Binance / Coinbase / Kraken / Upbit don't list it.

Right noiw Hype is trading at 42.79$ or a 42.79 Billion Dollar Fully Diluted Market cap with 33% of the tokens in circulation. What made me take it more seriously was the recent YouTube video from InvestAnswers (Link) where his is positive on it in a similar was how he has been positive on Solana for quite some time and skeptical about many other coins.

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First Hyperliquid Experience

My first experience was actually really positive as it is easy to get funds on the Hyperliquid Exchange if you own Metamask and have some UDSC on Abritrum. You basically just log in with you wallet, you deposit UDSC and you are good to go.

You don't need to manually sign each transaction but from time to time a popup comes up where you have to confirm the Terms of Use which I had to do multiple times already and which is quite annoying.

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My Hyperliquid Plans & Goals

So the idea I have is to first get to know the platform and better understand Hyperliquid. It's another case of actually using the product to see what it all is actually about and that way better be capable to make a judgement.

I will start off by depositing 1000$, trying to run it up with some trades in case the bull run is really on without overly taking risks. I also aim to potentially accumulate some Hype Token.

I also plan to keep everything in an Excel sheet as usual as I enjoy tracking these things avoiding to get in any kind of denial while hopefully getting better at it all. I don't consider myself a trader but more a buy & hold while getting dividends paid out along the say investor. So I'm not going to go overly deep into this at least that is the plan.

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Trading So Far

I did 1 small trade so far at 5x Leverage Long on Pump which I already traded out off. The idea behind buying pump is that it's trading below the 4 Billion ICO price while they are sitting on a ton of money so they should be able to pump it. Unless it's a total exist scam, they can't allow to have it goe much lower. I also bought 2.3 Hype on Spot.

The market already pumped too much so I'm waiting for a big red day and a pullback to possibly enter some other positions.

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Conclusion

My first impression of Hyperliquid is very positive and I'm looking forward to explore the platform more in the coming weeks bringing regular updates o what I've learend and how things are going.

Posted Using INLEO