In the fast-paced world of decentralized finance (DeFi), new projects can explode onto the scene overnight. That's exactly what's happening with Project X on Hyperliquid, as highlighted in a recent tweet that's got the crypto community buzzing. Posted by community builder and Project X enthusiast @srinigoes, the tweet points out how liquidity is shifting to this emerging DEX, propelling it into the top 30 protocols for 24-hour DEX volume on DeFiLlama—all within just one month of launch.

The tweet quotes another post from @Hyper_Strategy, featuring a short clip with the playful caption "Steady lads deploying on @prjx_hl." This nods to a classic crypto meme from the Luna crash era, but here it's flipped positively to signal growing confidence in deploying capital on Project X. The main message? "Slowly.... Then all at once 🔥" – a perfect description of how adoption can snowball in DeFi.

For those new to the space, Project X is a decentralized exchange (DEX) built on Hyperliquid's HyperEVM ecosystem. Think of it as a Uniswap-style automated market maker (AMM), where users can swap tokens seamlessly without intermediaries. Hyperliquid itself is a high-performance blockchain known for its perpetual futures trading, and HyperEVM extends that to support Ethereum Virtual Machine (EVM)-compatible smart contracts. This setup promises low fees, lightning-fast transactions, and robust liquidity—ideal for trading volatile assets like meme tokens.

According to the DeFiLlama screenshot shared in the tweet, Project X ranks at #28 with a whopping $49.12 million in 24-hour volume, operating on just one chain so far. That's impressive for a project that's barely a month old. What's even more exciting is that Phase 2 hasn't launched yet. From the tweet's replies, it seems Phase 2 could expand to more EVM chains, potentially unlocking even greater liquidity and features. One reply from @srinigoes clarifies: "these stats are only on HyperEVM... Once they launch phase 2 for EVMs...."

Why This Matters for Meme Token Traders

Meme tokens thrive on hype, community, and quick trades. Platforms like Solana's Pump.fun have shown how a user-friendly DEX can become a launchpad for viral memes, turning small ideas into massive trends. Project X could do something similar on Hyperliquid. With its focus on making DeFi more accessible and "dopamine-inducing" (as described in a Decrypt article), it aims to simplify trading while rewarding users—possibly through airdrops or farming points.

In fact, recent updates mention farming opportunities on Project X, where users can earn points boosts for providing liquidity, like in KHYPE/HYPE LP pools. This gamified approach is perfect for the meme crowd, who love stacking rewards while riding the next big token wave. As liquidity builds, expect more meme projects to flock here, drawn by Hyperliquid's performance edge over congested chains like Ethereum.

Community Reactions and What's Next

The tweet sparked a flurry of replies, with users like @Psy3woo calling it "Hyperliquid alpha" and @GadgetLeo wondering if it's set to "take the defi world by storm." Others are hyped for Phase 2, predicting a "breakout moment." There's even talk of a future token generation event (TGE), which could distribute rewards to early adopters.

If you're into meme tokens or DeFi, keep an eye on Project X's Twitter and Hyperliquid. As the tweet suggests, liquidity is moving fast—don't get left behind. For more insights on emerging meme ecosystems and blockchain tech, stick with Meme Insider.

Check out the original tweet here for the full thread and join the conversation.