jakiro
Written article: 0xresearcher
Step 1: Product design is the basis, but the key is to find the pain point of demand
In the blockchain industry, product design is often the first step in success or failure.The common point of Ethena and Hyperliquid is that they did not try to innovate in an all -round way, but achieved differentiated breakthroughs through the accurate grasp of the pain points of the existing market.
Ethena: From yield to liquidity, solve the new idea of ”old problems”
Ethena’s stabilization currency protocol is not the first project to try to decentralize stable currency, but it solves the liquidity dilemma faced by similar products in the past.By introducing the centralized liquidity support of the custodian agency, it not only allows the agreement to have stronger scalability, but also earns income from STETH and heavy pledged assets to provide users with a higher return rate.In addition, Ethena has designed the USDE and Susde dual -generation structure, similar to the relationship between ETH and STETH, so that users can not only get basic income, but also enjoy liquidity premium.This micro -innovation makes Ethena’s stable currency model more attractive.
Hyperliquid: speed and stability, redefine derivatives trading experience
Although Hyperliquid’s derivative derivative platform is not the first, it has won the trust of users through the design of speed, stability and liquidity pool (HLP).User withdrawal efficiency is extremely high, and the accounts of HLP liquidity pools are almost available. The design of the HLP liquidity pool effectively avoids the dependence of traditional DEX on the marketor and reduces transaction costs.More importantly, Hyperliquid is known for its high system stability. In the case of frequent downtime or rolling of other platforms, Hyperliquid has always maintained reliable operation and provides users with seamless trading experience.This “steady victory” strategy makes it quickly occupy a place in the derivative market.
Step 2: From “user” to “iron powder”, community operation is the key
The vitality of the blockchain project is inseparable from community support.Although Ethena and Hyperliquid’s strategies in community operations are different, they have achieved the effect of “turning users into iron powder.”
Ethena: Borrowing “external network”
The Ethena team is well versed in the principle of “reinstalizing force”, and quickly opens the market through the industry KOL and the network of investment institutions.For example, Ethena cooperates with senior players such as Seraphim to touch target groups such as the TempleDao team and large traders.This strategy not only helps the project to quickly accumulate the user base, but also enhances the community’s trust in the project.Through KOL’s endorsement, Ethena successfully made his brand deeply rooted in the hearts of the people, and even attracted industry “big guys” like Crypto Hayes to join, further expanding its influence.
Hyperliquid: Direct dialogue community
In contrast, Hyperliquid has adopted a wider range of user touch strategies.The team members establish a connection with multi -level users from HSAKA Trades to ordinary traders by direct chat.More importantly, Hyperliquid makes users feel listened and valued through continuous iterative product functions (such as the “vault” function that introduces community needs.This “user -driven” community operation model not only enhances the user’s sense of participation, but also makes the community one of Hyperliquid’s most powerful moat.
Step 3: How to consolidate the advantages
Any successful projects attract imitators.However, truly excellent projects can often maintain a competitive advantage by building a moat.Hyperliquid and Ethena’s efforts in this area are worth pondering.
Ethena: Llerance and combinedability are core barriers
Ethena’s moat is its liquidity and the integration of protocol.Through the in -depth integration with the mainstream DEFI protocol, Ethena makes its tokens the first choice for users. Even if competitors provide a slightly higher return, users are more inclined to use Ethena’s assets because they are more likely to use in the DEFI ecosystem.This combination of combined and high returns has made Ethena products form a natural attraction.
Hyperliquid: Positive cycle of liquidity network effect
Hyperliquid’s core advantage comes from its liquidity pool (HLP).The design of the HLP liquidity pool not only attracts a large number of traders, but also establishes difficulty in copying user network effects.With the increase of users, the market depth and pricing advantages have been further strengthened, and in turn attract more users to join, achieving positive circulation.In addition, Hyperliquid plans to launch a chain compatible with EVM to further enhance the capital efficiency and functional diversity of its ecosystem. This layout will undoubtedly further consolidate its market position.
Step 4: Weess of financing and airdrop strategies
Ethena and Hyperliquid’s choices in financing and token distribution strategies are completely different, but they have successfully served their core goals.
Ethena: The acceleration effect of external financing
Ethena chose the traditional financing path, attracting multi -party support including exchanges and well -known investors.This not only provides rich financial support for Ethena, but also helps them quickly establish the ability of trust and integration of resources in the industry.This strategy is undoubtedly wise for an agreement that needs to rely on existing platform expansion.
Hyperliquid: self -reliance, maximize community interests
Based on its high -frequency transaction (HFT) background, the Hyperliquid team started the project through its own funds to avoid the selling pressure of institutional investors, and at the same time distributed more token to community users.Its $ Hype airdrop has been well received because of the simple model of “no lock and no complicated rules”, which has greatly enhanced the user’s sense of participation and confidence in the project.This “user -priority” strategy allowed Hyperliquid to win the community support in the early days.
Conclusion: Successful and non -fixed type, but the path dependency is very heavy
The successful proof of Ethena and Hyperliquid, the growth path of blockchain projects does not have a fixed template.They have selected the most suitable strategies based on their product characteristics and market positioning, and have won market recognition through continuous execution.This “tailor -made” strategy choice may be the real secret of the success of the blockchain project.
For extensive project parties, the story of Ethena and Hyperliquid undoubtedly provides an important inspiration: understanding products, serving users, and establishing a core moat, and finally can stand out in a fierce competitive market.
