Binance Wallet's new gameplay debut: What are the highlights of Aptos leader DEX Hyperion?

Author: Alex Liu, Foresight News

On July 16th at 16:00, Binance Wallet will host the first Bonding-Curve version TGE, launching the native token RION of the Aptos ecosystem DEX project Hyperion. This event requires eligible users to use Binance Alpha points to participate in the subscription, providing liquidity for the dynamic pricing and trading of RION through the "Bonding-Curve" algorithm.

Taking this opportunity, we will comprehensively sort out the project positioning, technical features, financing history, data indicators, token economy, airdrop plan, etc. of Hyperion, while also introducing other popular projects in the Aptos ecosystem and the overall activity level.

Protocol features: Mixed order book + AMM + aggregation

Hyperion is a hybrid decentralized exchange (DEX) natively deployed on the Aptos chain, integrating order book matching and advanced automated market making mechanisms. The core design is based on a centralized liquidity model (similar to Uniswap V3), allowing liquidity providers to allocate funds within specified price ranges, thereby enhancing capital efficiency.

Hyperion also features a Directional Liquidity Market Maker (DLMM) mechanism, which dynamically adjusts the fund distribution within the x+y=k curve to achieve zero slippage trading for highly volatile assets. This allows Hyperion to efficiently serve the trading needs of stablecoin pairs while also accommodating the demand for long-tail assets, making it the first DEX on Aptos to satisfy this scenario.

In June 2025, Hyperion launched the aggregation routing feature, shifting its positioning from a single DEX to a full-chain liquidity hub. This feature intelligently splits trading paths, aggregating liquidity from all DEXs on Aptos, providing users with the best prices and lowest slippage.

Hyperion's official documentation states that its "fully on-chain hybrid order book - AMM DEX" natively utilizes the Aptos parallel execution engine, catering to the needs of both professional traders and retail investors. In addition, Hyperion is also developing a limit order feature and incorporates a yield vault, along with Drips incentives, forming a complete trading infrastructure layer.

Financing situation: Institutions such as OKX and Maelstrom are entering the market.

Hyperion quickly gained support from multiple institutions shortly after its inception. In April of this year, Hyperion completed a round of strategic financing, led by OKX Ventures, with Aptos Labs (supporting team of Aptos founders) participating as well. Subsequently, capital from Maelstrom (the family office of BitMEX founder Arthur Hayes), Mirana Ventures, and others joined, but the specific amounts have not been disclosed.

Project data: High trading volume and active users

In just a few months, Hyperion has rapidly become the liquidity center of the Aptos ecosystem. Hyperion is currently the largest protocol by trading volume on Aptos, with a cumulative on-chain transaction amount exceeding $6.5 billion. As of July, Hyperion's TVL (Total Value Locked) surpassed $130 million. The daily trading volume fluctuates between $125 million and $150 million, reaching as high as $174 million in early July.

According to DefiLlama data, Hyperion's total trading volume in the past 30 days exceeded $4 billion, ranking 12th among all DEXs.

It has also launched many user incentive activities in conjunction with mainstream wallets and platforms. For example, the USDC DeFi event in collaboration with OKX Wallet, and trading mining and airdrop activities in collaboration with Bitget Wallet and Gate Wallet, have brought users and liquidity to the protocol.

Hyperion has launched the Drips points system, allowing traders, LPs, and community contributors to accumulate points through on-chain interactions, linked to airdrops and governance. These various measures have collectively promoted user growth: as of now, the total participants in Hyperion's on-chain interactions have approached 940,000.

Token Economics: Dual Token Model and Distribution

Hyperion adopts a dual-token model: a tradable native token RION (with a total supply of 100 million) and a governance token xRION generated through staking. RION is the functional token of the Hyperion platform, used for paying fees, settling transactions, and distributing rewards. xRION is a non-transferable governance certificate, where users can lock RION (for a maximum of 52 weeks) in exchange for xRION, which is used for platform governance and allocation for new project launch pools. The weight of xRION is designed to linearly decrease over time, aiming to encourage long-term holding and continuous participation.

Hyperion has announced the genesis airdrop arrangement: a total of 5% of RION is allocated to reward early participants in the protocol. Among them, 3% is released at the time of token generation, and the remaining 2% is unlocked linearly one month after TGE. The uses of RION also include platform operations, ecological development rewards, etc. (the official documentation states that RION will be distributed as participation incentives on the platform and will only be distributed based on actual on-chain activities; inactive users will not receive additional tokens). RION will be issued through Binance Wallet's Bonding Curve mechanism, with its price determined by supply and demand, and will transition to regular trading assets after the event concludes.

Airdrop details and participation methods

Hyperion has set up community incentives and airdrop mechanisms to attract users. As mentioned earlier, its genesis airdrop covers traders, liquidity providers, and community contributors of the protocol, accounting for 5% of the total RION. The key to obtaining airdrop eligibility is to participate in the Hyperion ecosystem: users can earn Drips points by trading, providing liquidity, or completing community tasks. Points are directly linked to subsequent token airdrops and governance weight, and can be used to redeem future airdrop rewards or gain Launchpad whitelist eligibility.

The Hyperion airdrop has set up a lucky draw for the 2022 Aptos airdrop addresses, with approximately 800 addresses randomly selected to be eligible to claim RION.

Participate in Binance Wallet Bonding Curve TGE

This RION TGE is exclusively issued by the Bonding-Curve version of the Binance wallet TGE, marking the first of its kind for Binance Alpha. The subscription time is set for July 16, 2025, from 16:00 to 18:00, and participation requires Binance Alpha points.

The rules of the event are: Each user can invest a maximum of 3 BNB to participate in the subscription. The smart contract will dynamically calculate the current price based on the total amount of RION sold. Once a user confirms their investment, the BNB is locked, and an equivalent amount of RION is allocated to their Alpha account; during this phase, RION cannot be withdrawn to the outside of the chain and can only be traded with other users on the event page. Once an order is submitted, it cannot be revoked; as long as there is a matching order from another user, it will be executed. After the event ends, all unexecuted BNB will be automatically returned to the wallet, and the RION held by the user will be unlocked, becoming freely tradable assets.

In simple terms, it means "buy early at a low price, buy late at a high price". Before the end of the event, only "internal trading" is allowed, and after it ends, free trading is permitted.