After reading the launch details of HyperSwap's $SWAP, my first reaction is not that this is amazing,
but rather: the thinking behind this project at least does not treat users as cash machines.
Now many new coins follow the old path:
Small circulation rises to a high FDV, and users are chasing imagination,
only to realize when the unlock begins to dump that they are early liquidity providers, not a community.
I feel that HyperSwap has two very practical points this time:
First, high circulation really dares to do it.
Directly releasing 50% to the market means that the project party does not gamble on scarcity to create FOMO,
but instead seems to say: if you want to speculate, do it openly, don’t operate in the dark.
Second, the buyback mechanism is not just a pie-in-the-sky promise.
75% of protocol revenue is used for buybacks,
and the on-chain trading volume over the past six months can support a buying power, which translates to over five million dollars a year.
You don’t need to believe in the roadmap; just look at the trading volume to know whether this mechanism is strong.
This logic of increasing revenue stability and stronger buybacks can be validated, rather than just shouted about.
The remaining designs (team locked for a year, xSWAP with a six-month linear release + half must be burned for early exit)
I personally feel are not innovative points,
but indeed show a very positive attitude:
it’s not in a hurry to cash out; it’s genuinely trying to cultivate the market first.
I won’t rush to label it as a great AMM,
nor do I think it can become a legend as soon as it goes live.
But in the current environment,
it is already worth watching for being able to avoid exploiting users and even committing the buying logic to the blockchain.
There is one thing I can't help but say:
it’s not that this project will definitely succeed,
but rather that this approach of returning value to the blockchain
is much cleaner than most that cash out first while telling stories.
#Hyperswap #Hyperliquid