Written by: 0xResearcher

Step 1: Product design is the foundation, but the key is to find the demand pain points

In the area In the blockchain industry, product design is often the first step to success or failure. What Ethena and HyperLiquid have in common is that they do not try to innovate comprehensively, but achieve differentiated breakthroughs by accurately grasping the pain points of the existing market.

Ethena: From yield to liquidity, new ideas to solve “old problems”

Ethena’s stablecoin protocol is not the first to try a decentralized stablecoin project, but it solves the liquidity dilemma faced by similar products in the past. By introducing centralized liquidity support from custodians, it not only makes the protocol more scalable, but also earns income through stETH and heavily pledged assets, providing users with a higher rate of return. In addition, Ethena designed a dual-token structure of USDe and sUSDe, similar to the relationship between ETH and stETH, allowing users to not only obtain basic returns, but also enjoy liquidity premiums. This micro-innovation makes Ethena’s stablecoin model even more attractive.

HyperLiquid: Speed ​​and stability, redefining the derivatives trading experience

Although HyperLiquid's decentralized derivatives platform is not the first, it uses speed, stability and The liquidity pool (HLP) design has won the trust of users. Users' deposits and withdrawals are extremely efficient and arrive almost instantly; while the design of the HLP liquidity pool effectively avoids traditional DEX's dependence on market makers and reduces transaction costs. More importantly, HyperLiquid is known for its extremely high system stability. Even when other platforms experience frequent downtime or rollbacks, HyperLiquid always maintains reliable operation, providing users with a seamless trading experience. This strategy of "sustaining victory" allowed it to quickly occupy a place in the derivatives market.

Step 2: From “users” to “hardcore fans”, community operation is the key

The vitality of blockchain projects cannot be separated from community support. Although Ethena and HyperLiquid have different strategies in community operations, they both achieve the effect of “turning users into die-hard fans.”

Ethena: Leverage the "external network"

The Ethena team understands the principle of "leverage to leverage" and quickly open up the market through the network of industry KOLs and investment institutions. . For example, Ethena and SeCooperating with senior players like raphim, it reaches target groups such as the TempleDAO team and large traders. This strategy not only helps the project quickly accumulate a user base, but also enhances the community's trust in the project. Through the endorsement of KOL, Ethena has successfully made its brand deeply rooted in the hearts of the people, and even attracted industry "big guys" such as Crypto Hayes to join, further expanding its influence.

HyperLiquid: Direct dialogue community

In contrast, HyperLiquid adopts a more extensive user reach strategy. Team members connect with multiple levels of users from Hsaka Trades to ordinary traders through direct chat. More importantly, HyperLiquid makes users feel heard and valued by continuously iterating product features (such as the "Vault" feature that introduces community needs). This "user-driven" community operation model not only enhances user participation, but also makes the community one of HyperLiquid's most powerful moats.

Step 3: Moat and network effects, how to consolidate advantages

Any successful project will attract imitators. But truly outstanding projects can often maintain their competitive advantage by building a moat. HyperLiquid and Ethena’s efforts in this regard are worth pondering.

Ethena: Liquidity and composability are core barriers

Ethena’s moat lies in its liquidity and protocol integration capabilities. Through deep integration with mainstream DeFi protocols, Ethena has made its tokens the first choice for users. Even if there are competitors offering slightly higher yields, users are more inclined to use Ethena's assets because they are easier to use in the DeFi ecosystem. This combination of composability and high yields gives Ethena’s products a natural appeal.

HyperLiquid: Positive Cycle of Liquidity Network Effects

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 creates a user network effect that is difficult to replicate. As the number of users grows, market depth and pricing advantages are further strengthened, which in turn attracts more users to join, achieving a positive cycle. In addition, HyperLiquid plans to launch an EVM-compatible chain to further enhance the capital efficiency and functional diversity of its ecosystem. This layout will undoubtedly further consolidate its market position.

Step 4: Weighing Financing and Airdrop Strategies

Ethena and HyperLiquid have very different choices in financing and token distribution strategies, but both successfully serve their respective core goals.

Ethena: The accelerating effect of external financing

Ethena chose the traditional financing path and attracted support from many parties including exchanges and well-known investors. This not only provided Ethena It provides abundant financial support and helps it quickly build trust in the industry and the ability to integrate resources. For a protocol that needs to rely on existing platform expansion, this strategy is undoubtedly a wise move.

HyperLiquid. ：Self-reliance, maximizing community interests

HyperLiquid Based on its high-frequency trading (HFT) background, the team launched the project with its own funds, avoiding possible selling pressure from institutional investors, while allocating more tokens to community users because of its $HYPE airdrop. The simple model "no lock-up, no complex rules" has been highly praised, which greatly enhances users' sense of participation and confidence in the project. This "user first" strategy allowed HyperLiquid to win the support of the community in the early stages.

Conclusion: There is no fixed formula for success, but the path is highly dependent

The success of Ethena and HyperLiquid proves that there is no fixed template for the growth path of blockchain projects. They chose the most suitable strategy based on their respective product characteristics and market positioning, and won market recognition through continuous execution. This strategic choice of “customizing for products” may be the real secret to the success of blockchain projects.

For a wide range of project parties, the story of Ethena and HyperLiquid undoubtedly provides important enlightenment: understand the product, serve users, and establish a core moat, and finally achieve success in the future. Stand out in a highly competitive market.