Hyperliquid Launches Hypurr NFTs on HyperEVM Amid Token Volatility

Hyperliquid (HYPE), a leading decentralized exchange (DEX), has introduced a new community-focused initiative with the rollout of its Hypurr NFT collection. The project aims to strengthen user sentiment as the network faces ongoing volatility. A total of 4,600 NFTs were distributed automatically on the HyperEVM, requiring no action from users. According to the Hyper Foundation, 4,313 NFTs went to Genesis Event participants, 144 to the Foundation, and 143 to contributors, including developers and artists. Each NFT reflects unique elements of Hyperliquid’s culture, such as community moods, hobbies, and interests. Notably, CEO Jeff Yan contributed 16 NFTs that were randomly allocated.

The NFTs were minted directly on the HyperEVM, a programmability layer launched in February 2025. This architecture connects smart contracts with Hyperliquid’s Layer-1 via HyperBFT consensus, enabling developers to build applications like lending protocols, vault tokenization platforms, and liquid staking tokens.

Alongside the NFT release, Hyperliquid introduced permissionless spot quote assets on its mainnet. This feature allows stable asset deployers to activate quote status under on-chain governance rules. USDH, Hyperliquid’s stablecoin backed by cash and U.S. Treasuries, became the first permissionless quote asset, launching trading pairs like HYPE/USDH. Analysts note that this move positions Hyperliquid to compete more effectively with rivals, including Aster, which has recently overtaken Hyperliquid in trading volumes.

Despite these developments, the HYPE token price showed only modest growth, rising 0.8% to $45.61. Market concerns persist due to a looming $12 billion token unlock and recent instability of kHYPE, Hyperliquid’s staked governance token, which briefly lost its peg before recovering. Additionally, security concerns emerged after blockchain investigator ZachXBT reported that attackers stole eight Hypurr NFTs worth around $400,000 from compromised wallets.

While Hypurr NFTs highlight Hyperliquid’s commitment to community engagement, ongoing stability challenges—particularly token volatility—remain key hurdles. Still, the combination of NFTs, stablecoin infrastructure, and on-chain innovation underscores Hyperliquid’s determination to expand its ecosystem and reinforce long-term network effects.