HYPE's bulldozer-like rise, how does its "crowdfunding" platform Hypurr Fun work?

By: blockbeats|2024/12/16 15:15:01

Original title: "Hyperliquid Ecosystem Wind Rises: One Article Quickly Passes Pump-like Platform Hypurr"

Original author: Nan Zhi, Odaily Planet Daily

Last Saturday, Farm, a token born from Hypurr Fun, was listed on the Hyperliquid spot market, and its market value soared to 20 million US dollars. While HYPE maintained a "bulldozer"-style rise, the success of Farm attracted many users to the Hypurr Fun ecosystem. As an order book DEX, Hyperliquid's listing is different from the permissionless form of Raydium and others. How does Hypurr, a pump.fun platform, combine with it? What are the specific rules and transaction processes behind it? Odaily will sort out and interpret them in this article.

Essential basic knowledge: Hyperliquid spot listing auction

According to the official document, HIP 1 is a supply-capped (FT) token standard, which is the form of most tokens in Hyperliquid. Dev in HIP 1 tokens can define multiple parameters, the most critical of which include maximum supply, initial supply, and Dev retention.

HYPE's bulldozer-like rise, how does its

Hyperliquid's listing process is a 31-hour Dutch auction, during which the token deployment fee will drop linearly from the initial price to 10,000 USDC until a token is auctioned and listed on the Hyperliquid spot market. If the last auction fails, the initial price will be restored to 10,000 USDC, otherwise the starting price of the auction will be twice the previous price.

For example, as of the time of posting, the winner of the last auction was MON, with a winning bid of $487,936, so the starting price of the next auction will start at 975,873 USDC and continue to drop over time.

Hyperliquid Ecosystem Pump

Hypurr Fun was born in response to Hyperliquid's coin auction mechanism. The protocol is equivalent to establishing a "crowdfunding" platform, where participating users invest money and then compete for the spot coin quota on Hyperliquid (the term in Hyperliquid is Spot Deployment).

Token Information Query Platform

You can query Hypurr token information and transaction status through the web version, including project introduction, token price, market value, transaction volume and other basic information.

You can also obtain new coins through the Telegram channel. The path is Hypurr official bot→Prelaunch market channel→Launch Alert sub-channel. Telegram can be used to know which new tokens have been added in a more real-time manner without refreshing the web page to obtain them.

In addition, there is an X platform account called Hyperliquid News that also provides relevant information, but it is not certain whether it is an officially supported account. Therefore, it is recommended to only obtain information from it and not to perform any trading operations through this account.

Trading method

Currently, Hypurr Fun only supports purchases through Telegram Bot. After entering the Bot, a pop-up message will be displayed to provide the wallet address. You can also get more information through the Wallet module. Currently, it only supports transfers from Hyperliquid L1 or Arbitrum. Please note that it only supports native USDC recharges (USDC.e is not supported).

Purchasing tokens is quite peculiar. The most universal way is to jump to the token channel from the web version, and then jump to the Trade interface through the pinned message (the author has not yet found a way to search for tokens directly from Telegram).

Another way is to purchase through the "/launches" (optional transaction volume or price sorting) or "/chat" on the Telegram homepage. The former is an official data screening tool. Click it to directly select the purchase quantity. The latter is a public chat channel where you can find popular tokens and trade them by clicking on them.

Personal opinion: Wilderness and rising period

Based on the author's subjective experience, Hypurr is still in its early stages and continues to rise, so there may be more "gold digging" opportunities.

The tools are obviously very imperfect and cannot be compared with other mature pump ecosystems. In addition, the information is currently incomplete. For example, it is very difficult to find the specific location and information of the spot listing rules (the first picture in this article). Although many KOLs have mentioned the listing rules, no one has listed the specific information source. Currently, only one picture is seen.

In terms of popularity, Farm set the highest record of listing fees at the time, $180,000, and then SOVRN set a record of $260,000 yesterday. When the article was published today, MON directly broke through to $480,000. It can be seen that the popularity is getting higher and higher.

Original link

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

The US AI Startup Is Loving China's Open Source Model

80% of US AI Startups Are Using Chinese Open Source Models

Three Weeks of the US-Iran War: Who's Making Money, Who's Paying the Bill?

Global Losing 10 Million Barrels of Oil Each Day, Russia Earns Over $800 Million in Just Over Two Weeks

Interpreting Polymarket's Major Update Last Night: Fee Expansion, Self-Regulation, and New Incentives

Although there is no information about a token airdrop, the overall community sentiment is optimistic. The real good news is to rhythmically control the positive promotion.

From Human Application to Intelligent Collaboration: How GOAT Network Builds the Next Generation Digital Economy

Embracing the Era of Super Individuals: GOAT Network launches Bitcoin-secured Layer 2 exclusive infrastructure, fully empowering AI entities to usher in a new era of fully automated digital economy.

CZ Washington Dialogue: Crypto Entrepreneurs are Accelerating Their Return to the United States

CZ connects with the DC Blockchain Summit: The prison memoir is about to be published, harshly criticizing the inaccuracies of traditional media reports, and pointing out that if the U.S. wants to become the "global crypto capital," it urgently needs to introduce more sufficient market competition t...

Morning Report | Strategy increased its holdings by 1,031 bitcoins last week; Katana Blockchain acquires IDEX; NYSE completes rule change to eliminate trading limits on crypto ETF options

Overview of Important Market Events on March 23

WEEX P2P now supports JOD, USD & EUR—Merchant Recruitment Now Open

To make crypto deposits easier, WEEX has officially launched its P2P trading platform and continues to expand fiat support. We're excited to announce that the Jordanian Dinar (JOD), United States Dollar (USD ) and Euro (EUR) are now available on WEEX P2P!

Electric Capital: Tracking 501 types of yield-generating RWA assets, we discovered these patterns

From private credit to GPU leasing, from catastrophe bonds to music royalties, the range of tokenizable assets is much richer than the market perceives. However, the biggest challenge is not technology, but distribution—existing RWAs heavily rely on a few large deployers, and the concentration of ri...

Those who are cut off by AI will not disappear; they will become the creators of the next round of the economy

AI is not eliminating people, but rather the superstition of "stable careers": those who break the shackles of organizations and understand how to rewrite themselves are ushering in the ultimate revenge.

Stablecoins reshaping cross-border payments in Asia? Strategic panorama and investment opportunity analysis