Overview of Hyperion: What is the background of Binance's new play project in its first phase?

RION will launch the Bonding-Curve version TGE on Binance Wallet today at 16:00. Is it worth participating?

Written by: Alex Liu, Foresight News

On July 16 at 16:00, the Binance Wallet will host the first Bonding-Curve version TGE, launching the native token RION of the Aptos ecosystem DEX project Hyperion. This event requires eligible users to participate in the subscription using Binance Alpha points, providing liquidity for RION through the "Bonding-Curve" algorithm for dynamic pricing and trading.

Taking this opportunity, we will comprehensively sort out Hyperion's project positioning, technical features, financing history, data indicators, token economy, airdrop plan, etc., while also introducing other popular projects in the Aptos ecosystem and the overall activity level.

Protocol Features: Hybrid Order Book + AMM + Aggregation

Hyperion is a hybrid decentralized exchange (DEX) natively deployed on the Aptos chain, integrating both order book matching and advanced automated market making mechanisms. The core design is based on a concentrated liquidity model (similar to Uniswap V3), allowing liquidity providers to allocate funds within specified price ranges to enhance capital efficiency.

Hyperion also features a Directional Liquidity Market Maker (DLMM) mechanism that dynamically adjusts the fund distribution within the x+y=k curve to achieve zero slippage trading for highly volatile assets. As such, Hyperion is the first DEX on Aptos to efficiently serve stablecoin pairs while also addressing the trading demands of long-tail assets.

In June 2025, Hyperion launched its aggregation routing feature, shifting its positioning from a single DEX to a full-chain liquidity hub. This feature intelligently splits transaction paths, aggregating liquidity from all DEXs on Aptos to provide users with the best prices and the lowest slippage.

Hyperion's official documentation states that its "fully on-chain hybrid order book -AMM DEX" natively leverages the Aptos parallel execution engine to cater to the needs of both professional traders and retail investors. In addition, Hyperion is also developing a limit order feature and has a yield vault, forming a complete trading infrastructure layer.

Financing situation: Institutions such as OKX and Maelstrom have entered the market.

Hyperion quickly gained support from multiple institutions shortly after its inception. In April of this year, Hyperion completed a round of strategic financing, led by OKX Ventures, with follow-on investment from Aptos Labs (the backer of the Aptos founding team). Subsequently, capital from Maelstrom (the family office of BitMEX founder Arthur Hayes), Mirana Ventures, and others participated, but the specific amounts have not been disclosed.

Project data: High trading volume and active users

In just a few months, Hyperion has quickly become the liquidity center of the Aptos ecosystem. Hyperion is currently the largest protocol by trading volume on Aptos, with a cumulative on-chain transaction amount exceeding 6.5 billion dollars. As of July, Hyperion's TVL (Total Value Locked) surpassed 130 million dollars. The daily trading volume fluctuates between 125 to 150 million dollars, reaching as high as 174 million dollars at the beginning of July.

According to DefiLlama data, Hyperion's total trading volume over the past 30 days exceeded $4 billion, ranking 12th among all DEXs.

It has also launched many user incentive activities in conjunction with mainstream wallets and platforms. For example, the USDC DeFi event in collaboration with OKX Wallet, and trading mining and airdrop activities in partnership with Bitget Wallet and Gate Wallet, which bring users and liquidity to the protocol.

Hyperion has launched the Drips points system, allowing traders, LPs, and community contributors to accumulate points through on-chain interactions, linked to airdrops and governance. These initiatives collectively promote user growth: as of now, the total number of participants in Hyperion's on-chain interactions has nearly reached 940,000.

Token Economics: Dual Token Model and Distribution

Hyperion adopts a dual-token model: a tradable native token RION (total supply of 100 million coins) and a governance token xRION generated through staking. RION is the functional token of the Hyperion platform, used for paying fees, settling transactions, and distributing rewards. xRION is a non-transferable governance credential; users can lock RION (up to 52 weeks) to exchange for xRION, used for platform governance and new project launch pool quotas. The weight of xRION is designed to linearly decrease over time, aimed at encouraging long-term holding and continuous participation.

Hyperion has announced the genesis airdrop plan: A total of 5% of RION is allocated to reward early participants in the protocol. Among them, 3% will be released at the time of token generation, and the remaining 2% will be unlocked linearly one month after TGE. The uses of RION also include platform operations, ecological development rewards, etc. (The official documentation points out that RION will be distributed as platform participation incentives and will only be distributed based on actual on-chain activities; inactive users will not receive additional tokens). RION will be issued through Binance Wallet's Bonding Curve mechanism, with its price determined by supply and demand, and will become a regular trading asset after the activity ends.

Airdrop details and participation methods

Hyperion has established community incentives and airdrop mechanisms to attract users. As mentioned earlier, its genesis airdrop covers traders, liquidity providers, and community contributors in the protocol, accounting for 5% of RION. The key to qualifying for the airdrop is participation in the Hyperion ecosystem: users can earn Drips points by trading, providing liquidity, or completing community tasks. The points are directly linked to subsequent token airdrops and governance weight, and can be used to redeem future airdrop rewards or obtain Launchpad whitelist eligibility.

The Hyperion airdrop has set up a lucky draw targeting the Aptos airdrop addresses from 2022, with approximately 800 addresses randomly selected to qualify for claiming RION.

Participate in Binance Wallet Bonding Curve TGE

The RION TGE is exclusively issued by the Bonding-Curve version of the wallet on Binance, marking the first such event for Binance Alpha. The subscription time is set for July 16, 2025, from 16:00 to 18:00, and participation requires Binance Alpha points.

The rules of the event are: each user can invest a maximum of 3 BNB to participate in the subscription, and the smart contract will dynamically calculate the current price based on the total amount of RION sold. Once the user confirms the investment, the BNB is locked, and an equivalent amount of RION is allocated to their Alpha account; during this phase, RION cannot be withdrawn to the chain and can only be traded with other users on the event page. Once an order is submitted, it cannot be revoked, and it will be executed as long as there are other users' orders that match. After the event ends, all unexecuted BNB will be automatically refunded to the wallet, while the RION held by users will be unlocked and become freely tradable assets.

In simple terms, it is "buy cheap early, buy expensive late". Before the end of the event, only "internal trading" is allowed, and after it ends, free trading is permitted.

.