Hyperliquid Eco New Project Project X Sparks Follow

Recently, the new project Project X in the Hyperliquid ecosystem has attracted the attention of numerous investors. As an emerging decentralized exchange (DEX), Project X achieved a total locked value (TVL) of over 40 million dollars within just three days of its launch. This remarkable start has sparked widespread discussion about its future development potential.

To fully understand the background of Project X, we need to trace back to its founding team's previous project, Pacmoon. As a social meme token project on the Blast chain, Pacmoon achieved great success in a short period of time thanks to its unique "Yap model" (which drives token value through social fission and community consensus), with a peak market cap exceeding $200 million. However, as the hype around the Blast network cooled down, Pacmoon's token PAC also rapidly depreciated, and its current market cap is only about $35,000.

Although Project X has not publicly disclosed the identity of its founders, official documents indicate that the core team consists of 7 members. This includes Lamboland, who is responsible for growth, BOBBY, who handles product operations, hisho, who is in charge of product design, and Ali, who provides creative direction. Additionally, the team includes a CTO with a Y Combinator background and two backend developers focused on DeFi. Notably, Lamboland and BOBBY are considered the founders of Pacmoon, bringing valuable industry experience to Project X.

The goal of Project X is to create an innovative AMM DEX. The team hopes to stand out in the increasingly homogeneous DeFi market through innovative distribution mechanisms, incentive designs, and user experiences. They believe that the competition in the future DeFi space will not be limited to the technical level, but will more depend on how to effectively allocate value, design incentive mechanisms, and enhance user stickiness.

Project X has adopted a phased development strategy. Currently, the team is focusing on the construction of the "HyperEVM DEX" in the first phase. In this phase, they launched an AMM DEX similar to Uniswap, but made innovations in user experience and incentive mechanisms. For example, in the V3 version, 86% of transaction fees are directly allocated to liquidity providers, which is a relatively high level among similar products. The future V2 version plans to introduce more complex market-making strategies, such as dynamic fees and cross-chain liquidity aggregation, to further enhance LP returns.

After completing the first phase, Project X plans to enter the second phase, developing the "EVM Aggregator". This feature aims to address the current fragmentation issue of multi-chain DEXs, allowing users to access liquidity across multiple EVM-compatible chains with one click.

To encourage user participation, Project X has designed a unique point system. Users can earn points by providing liquidity, trading, and inviting friends. It is important to note that the acquisition of points is closely related to the actual contributions of the users. For example, in terms of providing liquidity, users who generate more trading fees will earn more points, rather than just relying on the scale of the liquidity provided.

Project X has also launched some short-term incentive measures, such as a daily 1 million points pool and a first-month points multiplier reward, to quickly attract users. However, the specific token airdrop rules have not yet been announced, and investors need to closely follow official announcements.

Unlike many DeFi projects that rely on venture capital, Project X claims to be 100% self-funded and does not depend on any external investment. This model allows the team to maintain stronger control over the project, which is beneficial for long-term development. However, it also means that the project may face greater financial pressure, especially when dealing with extreme market conditions or potential smart contract vulnerabilities.

Overall, Project X, as a rising star in the Hyperliquid ecosystem, demonstrates unique innovative ideas and development potential. However, considering the high-risk nature of the cryptocurrency market, investors should remain cautious when participating and closely follow the project's subsequent developments.