By Alex Liu, Foresight News

At 16:00 on July 16, Binance Wallet will hold the first Bonding-Curve version of TGE and launch RION, the native token of the Aptos ecosystem DEX project Hyperion. This event requires eligible users to use Binance Alpha Points to participate in the subscription and provide liquidity for RION dynamic pricing and trading through the "Bonding-Curve" algorithm.

Taking this opportunity, we will comprehensively review Hyperion’s project positioning, technical features, financing history, data indicators, token economy, airdrop plan, etc., and introduce other popular projects and overall activity in the Aptos ecosystem.

Protocol Features: Hybrid 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. The core design is based on a centralized liquidity model (similar to Uniswap V3), allowing liquidity providers to allocate funds in a specified price range to improve capital efficiency.

Hyperion also has a Directional Liquidity Market Maker (DLMM) mechanism, which enables zero-slippage trading of highly volatile assets by dynamically adjusting the distribution of funds within the x+y=k curve. In this way, Hyperion can efficiently serve stablecoin pairs while taking into account the trading needs of long-tail assets. It is the first DEX on Aptos that meets this scenario at the same time.

In June 2025, Hyperion launched the aggregation routing function, which shifted its positioning from a single DEX to a full-link liquidity hub. This function will intelligently split the transaction path, aggregate the liquidity of all DEXs on Aptos, and provide users with the best price 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 to meet the needs of both professional traders and retail investors. In addition, Hyperion is also developing a limit order function, and has a revenue vault (Vault) and Drips incentives to form a complete trading infrastructure layer.

Financing: OKX, Maelstrom and other institutions have joined

Hyperion received support from many institutions soon after its launch. In April this year, Hyperion completed a round of strategic financing, led by OKX Ventures and followed by Aptos Labs (the supporter of the founding team of Aptos). Subsequently, Maelstrom (the family office of BitMEX founder Arthur Hayes) and Mirana Ventures also participated, but the specific amounts were not disclosed.

Project data: high transaction volume and active users

In just a few months, Hyperion has quickly become the liquidity center of the Aptos ecosystem. Hyperion is currently the largest protocol on Aptos, with cumulative on-chain transaction volume exceeding $6.5 billion. As of July, Hyperion TVL (total locked value) exceeded $130 million. The average daily transaction volume fluctuates between $125 million and $150 million, and even reached $174 million in early July.

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

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

Hyperion launched the Drips points system, which allows traders, LPs and community contributors to accumulate points through on-chain interactions, which are linked to airdrops and governance. These measures have jointly promoted user growth: as of now, the total number of participants in Hyperion on-chain interactions has reached nearly 940,000.

Token Economics: Dual Token Model and Distribution

Hyperion adopts a dual token model: the tradable native token RION (total supply of 100 million) and the governance token xRION generated by staking. RION is the functional token of the Hyperion platform, used to pay handling fees, settle transactions and issue rewards. xRION is a non-transferable governance certificate. Users can lock up RION (up to 52 weeks) in exchange for xRION, which is used for platform governance and new project launch pool quotas. The weight of xRION is designed to decrease linearly over time to encourage long-term holding and continuous participation.

Hyperion has announced the Genesis airdrop arrangement: a total of 5% of RION will be used to give back to early participants of the protocol. 3% of them will be released when the token is generated, and the remaining 2% will be unlocked linearly one month after TGE. RION's uses also include platform operations, ecological development rewards, etc. (official documents point out that RION will be used as a platform participation incentive and will only be distributed based on actual on-chain activities, and inactive users will not receive additional tokens). When RION is issued through the Bonding Curve mechanism of the Binance wallet, its price will be determined by supply and demand, and it will be converted into a normal trading asset after the event ends.

Airdrop Details and Participation Methods

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

A lucky draw was set up in the Hyperion airdrop for the 2022 Aptos airdrop addresses, and about 800 addresses were randomly selected to be eligible to claim RION.

Participate in Binance Wallet Bonding Curve TGE

The RION TGE is exclusively issued by the Binance Wallet Bonding-Curve version of TGE, and is the first such event of Binance Alpha. The subscription time is scheduled for 16:00-18:00 on July 16, 2025, and Binance Alpha points are required to participate.

The rules of the event are: each user can invest up to 3 BNB to participate in the subscription, and the smart contract will dynamically calculate the current price based on the total amount of RION sold. When the user confirms the investment, the BNB is locked, and the same amount of RION is allocated to his Alpha account; at this stage, RION cannot be withdrawn from the chain, and can only be traded with other users on the event page. Once the order is submitted, it is irrevocable, and it will be traded as long as there are other users' orders matching. After the event ends, all untraded BNB will be automatically returned to the wallet, and the RION held by the user will be unlocked and become a freely tradable asset.

Simply put, it means "buy early and it's cheaper, buy late and it's more expensive". You can only "trade on the inside" before the end of the event, and you can trade freely after the end.