- Who it suits
- People with capital already deployed who can earn points as a side effect of positions they wanted anyway. Much less suited to anyone borrowing or stretching to farm.
- What it costs
- Capital and time, both potentially for months. In several programmes the largest allocations went to participants who kept significant sums deployed across multiple seasons.
How to take part
A blueprint rather than a guarantee. Following every step improves your chances; nothing makes a distribution certain.
Read what actually earns points
Programmes weight differently: some reward deposit size, others volume, others time. Optimising for the wrong metric wastes the whole season.
Check whether the formula is published
Hyperliquid never published a precise points-to-token formula, which made it considerably harder to game — and meant participants genuinely did not know what they were earning.
Work out your real cost
Capital locked in a points programme is capital not earning yield elsewhere. That opportunity cost is the true price of participation.
Prefer activity you would do anyway
If a programme rewards trading you were going to do, or deposits you already hold, the marginal cost is near zero. If it requires new behaviour, price that honestly.
Expect the rules to change mid-season
Multipliers, categories and weights are frequently revised. Plans built on current rules should be able to survive a revision.
Note the snapshot risk
Snapshots are rarely announced in advance. Withdrawing early because a season 'feels over' has cost people entire allocations.
What this has paid historically
Figures below are from the distributions named, on the dates named. They describe what happened once and are not a forecast. Most campaigns in every category pay nothing at all.
Hyperliquid (HYPE) — November 2024
Approximately 310 million HYPE, about 31% of total supply, distributed to roughly 90,000–94,000 wallets in a single event. Points were earned across testnet and mainnet activity from 2023 through 2024, with no VC or exchange allocation. Widely described as one of the largest distributions of that cycle.
Source: CoinDesk, November 2024; Hyper FoundationCommon mistakes
- Treating points as an asset. They are a record of activity, not a claim on anything, until the project says otherwise.
- Borrowing to farm. Leverage turns an uncertain payout into a certain liability.
- Ignoring the withdrawal timing. Leaving early to chase the next farm has repeatedly cost people the drop they had already earned.
- Believing secondary points markets. Prices there reflect speculation, not any commitment from the project.
Finding current campaigns
We publish campaigns of this type to our Telegram channel and X profile as they open, with the entry requirements and deadlines stated plainly. Anything we have not posted, we have not checked.
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