PandaCrypto2026

As a veteran in the cryptocurrency industry, I’ve come to realize that the survival of a project doesn’t depend on short-term price swings, but rather on whether its economic model can withstand the test of time. Recently, FILLiquid has been gaining traction within the Filecoin ecosystem, and many are comparing it to the already widely popular Hyperliquid (HYPE). Indeed, the two share a common philosophy: both emphasize giving back to users by redistributing a large portion of fees to the community.
That said, the markets and ecosystems they operate in are entirely different. In this article, I’ll break down FILLiquid’s current status and potential from three angles: data, case studies, and risks.

Market Background: High-Return Models Back in the Spotlight
As of September 2025, the total cryptocurrency market capitalization stands at around $3.9 trillion, with Bitcoin dominance at roughly 56%. Overall, the market remains relatively stable, but most altcoins are still lackluster, and capital is gravitating toward projects with clear revenue models.
In this environment, high buyback and high dividend models have once again become the center of attention. Hyperliquid is the most typical case—leveraging high-frequency trading revenue from the derivatives market to continuously buy back HYPE tokens, directly tying buybacks to platform revenue and eventually forming a strong community consensus.
FILLiquid, however, has chosen a different path: rooted in Filecoin’s storage demand, it returns nearly all of its revenue back to users.
Hyperliquid Case: Large-Scale Buybacks Driving Price Surge

In Q2 2025, Hyperliquid launched its “Relief Fund” program, directly using around $1.5 billion in trading fee revenue to buy back HYPE. The results quickly became evident: according to Coin360 data, HYPE’s price peaked at $55.46, pushing its market cap into the global top ten.
The logic behind this model is straightforward:
Trading volume → Generates fee revenue
Fee revenue → Used for token buybacks
Buybacks → Drive up price and boost user confidence
This transparent and direct value loop is one of the key reasons why HYPE managed to stand out in the market.

FILLiquid’s Path: A Financial Supplement for the Filecoin Ecosystem
In contrast, FILLiquid functions more like a “capital pool” within the Filecoin ecosystem. While Filecoin does have real storage demand, its capital efficiency has long faced bottlenecks. Through its mechanism design, FILLiquid bridges both sides:
Storage Providers (SPs) can borrow FIL to expand computing power and storage capacity.Token holders can stake FIG to receive dividends.95% of platform revenue is returned to the community, with 50% specifically allocated to buyback and burn.
The core logic of this model is to anchor the token’s value directly to the real demand of Filecoin.

Key Data Performance

As of September 10, 2025, on-chain data from FILLiquid shows:
Total FIG staked: approximately 16.1 millionFilecoin network: 11.16 million staked, with a maximum APR of 62.92%BSC chain: 4.95 million staked, with a maximum APR of 81.32%
While these high APRs have certainly attracted many users, they also raise a key question: can such high yields be sustained?

Data sourced from the network and for reference only.

Comparison and Differences
Different models: Hyperliquid is driven by derivatives trading, while FILLiquid is driven by Filecoin storage.Risk differences: The former relies on trading depth and market activity, whereas the latter depends on storage demand and the sustainability of high APRs.Value capture path: Both follow the logic of “fees → buybacks/dividends → token value increase,” but the execution contexts are completely different.
Lessons from Other Cases
Similar models are not unprecedented in DeFi.
PancakeSwap once attracted liquidity through high APYs, later gradually reducing rewards to maintain sustainability.Lido generates stable dividends through ETH staking but is more governance-oriented.
In comparison, FILLiquid’s innovation lies in combining a “high-return model” with “real storage demand,” a cross-point that is still relatively rare in the market.
FIG’s Potential and Uncertainty

At the current price of $0.004255, if it were to rise to $0.1 USDT in the future, there is indeed potential for more than 20x gains. But the conditions are far from simple:
Buybacks and burns need to be sustained and sizable.High APRs must not lead to inflation or excessive sell pressure.The Filecoin ecosystem’s demand must support long-term growth.
In other words, the logic holds, but there are many variables at the execution level.
FILLiquid’s model is quite interesting. It borrows some of Hyperliquid’s logic but does not copy it; instead, it integrates Filecoin’s real-world needs.
In the short term, its high APRs and large revenue redistribution are enough to attract users. In the long term, whether it can go further depends on the development pace of the Filecoin ecosystem and the project’s own execution capability.
For ordinary users, it may be more appropriate to treat it as a financial experiment within the Filecoin ecosystem. Participation is possible, but position sizing should be controlled. After all, whether FIG or HYPE, at its core, it is still a long-term experiment.
Risk Warning: This article is not investment advice. The main risks include smart contract vulnerabilities, the sustainability of yields (high APRs may not be maintainable long-term), and market and regulatory risks. Conduct your own research and participate only with funds you can afford to lose.

In a DeFi landscape still searching for sustainable business models, FILLiquid has introduced a bold economic design — returning 95% of its platform revenue back to the community. This model gives its governance token, FIG, strong perceived growth potential, though much depends on execution and market dynamics.
As a long-time observer of the cryptocurrency space, I’ve seen many projects come and go. FILLiquid stands out because it shares a core philosophy with one of today’s hottest projects, Hyperliquid: putting users first and building value through community-centric economic models.
At a time when most altcoins are underperforming, FILLiquid is charting a new course inside the Filecoin ecosystem. Below, I break down its strategy, tokenomics, and potential long-term value.
FILLiquid’s Path to Differentiation: Putting Users First
In 2025, most altcoins are moving sideways with limited excitement. FILLiquid, however, has made a radical decision to return the vast majority of its revenue back to users.
While many projects seek short-term capital through high fees or inflationary tokenomics, FILLiquid takes the opposite approach. Its 95% revenue return model positions the platform as one of the most community-focused players in DeFi today.
Economic Model: FILLiquid vs. Hyperliquid

Similarities
Both tie the token value directly to platform revenue.Both deploy buyback/reward mechanisms to support token appreciation.
Differences
Hyperliquid (HYPE): Focuses on derivatives trading, prioritizing liquidity and fees.FILLiquid (FIG): Anchored in the Filecoin storage ecosystem, enabling FIL staking and liquidity solutions for Storage Providers.https://coinmarketcap.com/currencies/filliquid/
📊 According to Coin360, HYPE trades at $55 and ranks among the top 10 cryptocurrencies by market cap — a success story that highlights what community-first models can achieve.
FILLiquid’s Economic Marvel: 95% of Revenue Returned

FILLiquid’s allocation is permanent, not a temporary incentive. Its mechanics include:

50% Buyback & Burn: Tokens repurchased with platform fees are permanently destroyed.45% Staking Rewards: Distributed to FIG stakers as dividends.5% Operations: Minimal costs, emphasizing automation and efficiency.
📌 On July 8, 2025, the platform burned 315,558.2794 FIG (~1.77% of circulating BSC supply). All transactions are publicly verifiable on-chain, reinforcing trust and transparency.

This structure simulates scarcity by consistently shrinking supply while rewarding long-term holders.
Ultra-High APRs Across Dual Chains

As of September 10, 2025, staking figures are as follows:
Filecoin Network: 11.13M FIG staked | Max APR 62.11%
BSC Chain: 4.9M FIG staked | Max APR 81.60%

📊 Total staked: ~16.04M FIG — a significant portion of supply locked in.

These yields are a major draw for community participation.
Technical Foundation & Ecosystem Positioning
Infrastructure: Built on the Filecoin Virtual Machine (FVM), open-source, and fully transparent.Use Case: FIL holders earn passive income; Storage Providers borrow FIL to expand capacity, strengthening decentralized storage.Automation: On-chain operations reduce costs, ensuring more value flows back to the community.

Ecosystem Roadmap: Expanding Beyond Filecoin

FILLiquid’s roadmap focuses on:

Deepening the Filecoin ecosystem through liquidity solutions.Multi-chain expansion to grow beyond FIL and BSC.AI integration to optimize yield strategies.

🚀 FIG Grant Program: Allocates 20M FIG for builders, researchers, and creators. Grants are milestone-based, transparent, and support protocol infrastructure, cross-chain tools, governance apps, and user-facing dApps.
Can FIG Replicate HYPE’s Success?
Several factors could drive FIG’s growth from $0.0042 to $0.1 USDT (24x potential) — though not guaranteed:

Deflationary Tokenomics: Ongoing buybacks & burns reduce supply.Attractive Staking Yields: Over 15M FIG staked, aligning incentives with long-term holders.Ecosystem Expansion: Grants and partnerships drive utility and adoption.
Market Sentiment: High-yield and scarcity amplify effects during bullish cycles.
Long-Term Value vs. Risks
FILLiquid’s community-first, 95% revenue return model is a unique proposition in today’s DeFi space. Its potential lies in balancing:

✅ Strengths: Transparent tokenomics, strong staking yields, Filecoin integration, community grants.

⚠️ Risks: Smart contract vulnerabilities, regulatory shifts, sustainability of high APRs, execution challenges.
Final Thoughts
FILLiquid is redefining what it means to build a DeFi protocol with users at the core. By committing 95% of revenue to the community, it sets itself apart from competitors and aligns long-term value with user growth.
Whether FIG will become the next HYPE depends on execution, adoption, and market cycles. For now, FILLiquid represents one of the most ambitious and community-aligned experiments in the Filecoin ecosystem.
Disclaimer: This article does not constitute investment advice. Participation in DeFi carries risks, including contract vulnerabilities, market volatility, and uncertain regulation. Always do your own research and invest only what you can afford to lose.