Airdrop-Driven Growth in DeFi: Is EdgeX the Next Hyperliquid?

The decentralized finance (DeFi) landscape is undergoing a transformative phase, where token airdrops and incentive-driven engagement models are reshaping user participation and platform scalability. Two platforms—Hyperliquid and EdgeX—stand at the forefront of this evolution, each leveraging distinct strategies to attract liquidity and foster community growth. While Hyperliquid's airdrop-driven success in 2024 set a benchmark for token distribution, EdgeX's Points-based system and potential NFT integrations are now challenging the status quo. This article examines whether EdgeX's rapid total value locked (TVL) and volume growth signal a compelling investment opportunity in the next wave of onchain perpetuals.

Hyperliquid: A Case Study in Airdrop-Driven Dominance

Hyperliquid's 2024 Genesis Event—airdropping 31% of its HYPE token supply—cemented its position as a DeFi powerhouse. By distributing tokens to 90,000 users without manual claims, the platform democratized access and incentivized immediate liquidity provision. The strategy paid off: Hyperliquid's TVL surged to $1.27 billion by mid-2025, with daily trading volumes averaging $470 million. Its tokenomics, which allocate 6% of HYPE to the Hyper Foundation and 23.8% to core contributors, prioritize community-driven growth over venture capital backings.

Hyperliquid's success lies in its dual incentive structure: staking rewards for network security and HLP vaults redistributing trading fees to liquidity providers. This model has created a self-sustaining ecosystem where users benefit directly from the platform's growth. The HYPE token's price trajectory—rising from $10 in early 2024 to $25 in early 2025—reflects strong demand, with analysts projecting a potential $35 target if buying pressure persists.

EdgeX: Points, NFTs, and the Future of Engagement

EdgeX's Points Alpha season, launched in 2025, takes a different approach. Instead of a one-time airdrop, the platform rewards users with “Points” based on trading volume, referrals, and feature usage. Each $1 traded earns one Point, which is convertible 1:1 to EdgeX tokens upon launch. Early adopters can also earn 5 Points for a $100 deposit, with off-market valuations suggesting each Point could be worth $5.

The Points system is designed for sustainability. Weekly leaderboards, real-time dashboards, and sub-accounts for hedging strategies create a gamified experience that encourages consistent participation. EdgeX's referral mechanics further amplify growth: for every 4 Points earned by a referred user, the referrer receives 1 Point. This viral incentive structure mirrors Hyperliquid's community-first ethos but introduces a continuous reward cycle rather than a single event.

While NFT integration is not explicitly detailed in EdgeX's current roadmap, its broader ecosystem—such as the Edge of NFT podcast and partnerships with AI-driven platforms—hints at future possibilities. NFTs could tokenize trading achievements, sub-account identities, or exclusive governance rights, adding a layer of digital ownership that aligns with Web3's long-term vision.

Sustainability and Scalability: A Comparative Analysis

Hyperliquid's airdrop model excels in rapid user acquisition but faces challenges in sustaining engagement post-distribution. EdgeX's Points system, by contrast, offers ongoing incentives, potentially reducing reliance on one-time token dumps. However, the effectiveness of Points depends on user retention and the perceived value of future token conversion.

Scalability is another critical factor. Hyperliquid's TVL growth—surpassing Ethereum's weekly revenues—demonstrates the power of a well-structured airdrop. EdgeX's TVL, while impressive (rising from $13 million to $86.4 million in six months), must prove its ability to compete with established platforms like GMX and Jupiter. The platform's use of Arbitrum for low gas fees and its support for 100x leverage trading suggest a focus on accessibility and flexibility, key drivers for mass adoption.

Investment Implications and Risk Assessment

For investors, the question is not just about growth but about durability. Hyperliquid's HYPE token has already demonstrated resilience, with its price correlated to the platform's trading volumes and TVL. EdgeX, however, presents a higher-risk, higher-reward proposition. Its Points model hinges on user loyalty and the eventual token launch, which could be volatile if expectations outpace execution.

Yet, EdgeX's strategic partnerships—such as with ELIZA and Amiko for AI agent integration—and its focus on modular infrastructure position it as a contender in the next phase of DeFi. If NFT-based rewards are introduced, they could further differentiate the platform, creating a hybrid model of utility and collectibility.

Conclusion: The Next Wave of Onchain Perpetuals

Both Hyperliquid and EdgeX exemplify the power of incentive-driven growth, but their approaches reflect different philosophies. Hyperliquid's airdrop prioritizes immediate liquidity, while EdgeX's Points system emphasizes long-term engagement. The latter's rapid TVL and volume growth, coupled with a scalable referral and sub-account structure, suggest it is well-positioned to capture a significant share of the onchain perpetuals market.

For investors, the key is to balance optimism with caution. Hyperliquid remains a proven winner, but EdgeX's innovative Points model and potential NFT integrations could redefine user engagement in DeFi. As the sector evolves, platforms that combine airdrop mechanics with sustainable, gamified incentives may emerge as the next generation of leaders.