The Meme Coin craze is sweeping the crypto world, and the hundredfold wealth creation effect continues to validate its status as the most powerful market narrative at present. As of the end of July 2025, the total market value of the Meme sector has surpassed a historic peak of $840 billion, and the growth curve remains steep.

However, prosperity hides cracks: CoinMarketCap's 2025 Q2 data shows that the derivatives coverage of Meme coins is less than 3%, forming a cliff-like gap compared to the 92% derivatives penetration rate of the top 100 mainstream coins by market cap.

How to transform the high volatility of Meme coins into an Alpha engine for retail investors through derivatives? Superp has provided the answer.

As the leading Perp DEX project on BSC, Superp supports up to a maximum leverage of ten thousand times and offers a "never liquidate" experience, completely changing users' perception of Meme derivatives trading and being dubbed the "Meme Version of Hyperliqiud."

Currently, Superp has accumulated over 6 million real users, with a total trading volume of $370.7 billion. According to data from platforms DappBay and DeFiLlama, Superp ranks first in terms of active users and transaction volume on the BSC chain, demonstrating a clear leadership advantage. On August 5th, the Superp token SUP will officially be listed on Binance Alpha and several other top-tier exchanges.

As on-chain derivatives inject into the Meme frenzy, taming volatility into a programmable yield engine, Superp, as an emerging platform, may be quietly creating a new paradigm.

1. Market Pain Points: Why Do Meme Players Urgently Need Superp?

The Meme market's demand for derivatives is extremely strong. For some popular projects, users experience intense bearish sentiment but lack an effective short-selling mechanism.

For example, in the past few months, Binance Alpha has frequently listed various new Meme projects, which tend to start declining shortly after listing. However, at this time, the market lacks derivative trading for the new coins, making it nearly impossible for users to establish short positions at the beginning of the project launch to gain predictable market returns. This not only limits trading strategy diversity but also affects the overall efficiency of the market.

Why do traditional trading platforms have a gap in the Meme derivatives market?

From a platform perspective, the extreme volatility of Meme coins makes most exchanges hesitant. The daily price fluctuations of popular Meme projects often exceed 100%, with hourly price swings frequently exceeding 50% or more. This volatility also renders traditional derivative risk models ineffective, and most mainstream exchanges either do not offer contract trading for Meme coins at all or only provide products with very low leverage ratios. This "leverage discrimination" directly deprives users of the right to earn excess returns.

From the user's perspective, the "Targeted Liquidation" curse also limits trading enthusiasm. Under the risk control mechanism of traditional contracts, users often experience liquidation due to abnormal price movements of Meme coins at the beginning of the trend, or they are forcibly liquidated when the profits are too high, causing them to miss out on the main price action. This "premature liquidation" and "forced liquidation" phenomenon has become the biggest pain point for Meme traders.

These pain points have given rise to a demand for certainty: how to achieve risk control and capital efficiency improvement without sacrificing the high yield potential of Meme coins?

To address these issues, Superp has built a solution based on three major technological pillars: NoLiquidation Perp (PSC) allows users to enjoy leverage of up to a thousand times without ever being liquidated, Meme Perps (TRS) enables instant shorting functionality for Meme projects released, and Alpha Perp provides a specialized derivative solution for high-quality projects listed on Binance.

Of course, to excel in cryptocurrency derivatives trading, one must have long-term involvement in this field, accumulate professional knowledge and practical experience, and understand the unique patterns of the crypto market. The core team members of Superp all come from top exchanges, including senior experts who have worked at platforms such as Huobi and HashKey, with over 7 years of experience in CEX and DEX operations.

Started as a project in the second quarter of 2023 and meticulously polished over three years, Superp has finally been officially launched. During this period, the project was selected for the 8th phase of the BNB Chain MVB Accelerator Program, received incubation support from CoinMarketCap, garnered over $15 million in institutional funding, with lead investors including UOB Venture, ABCDE Capital, Paper Ventures, Brooker Group, and well-known institutions, as well as angel investors such as core founders of projects like Scroll, Step'N, and XAI.

Such a background and strength have also provided a solid foundation for Superp to become the "Meme Version of Hyperliquid".

II. Superp's Three-tiered Barriers Establish a Moat

Superp is a decentralized derivatives protocol built on the BNB Chain, embodying the "Meme Hyperliquid" concept through three core modules, expanding the application scope of decentralized derivatives.

NoLiquidation Perp (PSC): Up to 10,000x Leverage, Never Liquidated

NoLiquidation Perp is an innovative product under Superp, with its timed settlement mechanism completely decoupling the proportional relationship between leverage and risk, shattering the traditional belief that "high leverage inevitably leads to high risk." Users can enjoy up to 10,000x leverage trading without having to worry about liquidation risk.

Specifically, users can freely choose the contract's expiration time, including options such as 10 minutes, 1 hour, 24 hours, 48 hours, and more. It is important to note that the current version, to optimize user experience, only offers a 10-minute expiration option for users to quickly seize market opportunities. However, this is already sufficient for users to experience the core advantages of the product.

Let's understand this mechanism through a specific example: Suppose the user Justin Sun is bullish on ORDI's short-term trend and decides to open a long position when the price is $9.559, with an opening quantity of 5,000 and an initial investment of 110 USDT, resulting in an actual leverage of 434x. Within 10 minutes, ORDI rises by 10% to $10.5. At this point, his net profit is (10.505-9.559) * 5000 - 110 USDT = $4,620, with a staggering return rate of 42x. Even if ORDI's price initially drops by 5% within the 10-minute period, Justin Sun will not face liquidation. In traditional perpetual contracts, a price drop of over 0.2% would lead to liquidation, irrespective of any subsequent increase. Of course, within this 10-minute validity period, he can also close the position early to lock in profits.

Based on the above example, the core advantages of the NoLiquidation Perp mechanism are:

· No Liquidation Risk: Users will never be forcibly liquidated due to price fluctuations;

· High Capital Efficiency: Up to 10,000x leverage enables small capital to leverage large returns;

· No Slippage Impact: The timed settlement mechanism avoids the slippage issues of traditional AMM, enhances pricing transparency, ensures users can execute trades at precise predetermined prices without being affected by market liquidity fluctuations.

· No Trading Fees: The platform does not charge any additional fees, ensuring users only need to pay the fixed cost of the product itself without any hidden or extra fees, thereby streamlining the trading process and reducing costs.

Currently, NoLiquidation Perp supports trading for 40 mainstream coins, covering popular blue-chip Meme coins such as ETC, LTC, BCH, as well as BONK, SATS, PEOPLE, RATS, and more. The platform's settlement fee is set at 10% of the profit, but in the current phase, Superp is temporarily waiving the settlement fee. The fee structure will be dynamically adjusted based on market conditions in the future.

Meme Perp (TRS): Extreme Shorting to Capture Every Alpha Opportunity

Meme Perps (TRS) have pioneered a unique feature: allowing short trades within 10 minutes of a Meme coin project launching, providing users with significant strategic flexibility.

In the traditional Meme coin ecosystem, users are often limited to spot buying after a project is released. Even if they suspect issues with the project or an overvaluation, they cannot promptly establish short positions for hedging. Meme Perp fills this gap, enabling professional traders to implement a full trading strategy at the project's initial release.

In terms of implementation, similar to Hyperliquid, Superp's Meme Perp requires users to stake Meme tokens to provide liquidity (become LPs). Users stake assets in the TRS liquidity pool and earn revenue from fees generated by leverage traders. If leveraged users are liquidated with remaining funds, those funds will flow back to the staking pool as rewards for stakers. Once users provide liquidity, other traders only need to pay a dynamic interest rate to borrow assets such as stablecoins from the TRS liquidity pool to open long or short positions.

In March of this year, a whale exploited a liquidity loophole by price-manipulating the JELLY token through self-trading on Hyperliquid, causing the platform's market-making treasury HLP to nearly zero out and forcing a manual price freeze and user compensation. This centralized effort to save a decentralized failure exposed a structural flaw in the industry.

Superp, in its design, learned from the risk incident in Hyperliquid where LPs suffered losses and made several key improvements:

Firstly, there is a position limit mechanism in place. Superp rigorously limits individual users' maximum positions to avoid whales' extreme operations causing systemic risks to the pool. Additionally, the platform has implemented a dynamic position adjustment mechanism to adjust the maximum position size allowed in real-time based on market volatility.

Next is Leveraged Trading Optimization. Different from the high-risk nature of pure index derivatives, Superp adopts a more conservative and stable leveraged trading mode, providing up to 10 times leverage, with the specific multiplier dynamically adjusted based on the underlying asset's volatility; through sophisticated risk control algorithms, it ensures system stability while offering high leverage.

Simply put, the biggest advantage of leveraged trading is that each position is an actual spot trade, rather than relying solely on index derivative trading. This also makes the price more aligned with the actual spot performance, avoiding situations where futures and spot prices may diverge.

Additionally, there is a more comprehensive liquidation design, employing an automatic liquidation system to protect lenders and maintain protocol stability. Furthermore, it combines smart contracts to validate liquidation conditions in real-time. If the conditions are not met (e.g., due to market abnormality or oracle delay), the liquidation will automatically pause to prevent unfair liquidation. This mechanism ensures that traders will not experience unjust or excessive liquidation during market fluctuations. In simple terms, even if a whale tries to manipulate the price causing a significant deviation between the platform price and the spot price in other markets, user positions will not be liquidated. This also ensures the security of Superp platform LP assets, avoiding a repeat of the Hyperliquid tragedy.

According to the official plan, the initial token selection for Superp Meme Perp upon launch is primarily based on the project's market popularity and liquidity. In the future, users will be allowed to spontaneously create liquidity pools for any project and list trading pairs.

Alpha Perp: Specialized High-Quality Project Derivatives Solution

Alpha Perp is designed for the Binance-listed Alpha token, and only the most promising assets can be included. These tokens typically have better fundamentals and more stable liquidity, providing a relatively low-risk, high-efficiency trading environment for professional investors.

Compared to Meme Perp, Alpha Perp has a similar core logic, but the latter introduces stricter risk controls, more precise asset selection, and a more complete incentive mechanism. Each listed Meme token has a different LTV ratio, interest rate cap, and liquidation tolerance. Specific comparisons can be seen in the table below:

“Our goal is to provide a safer and more robust environment for meme coin speculation, while maintaining the fun and viral nature of the meme coin ecosystem,” as stated in the official documentation.

Through the organic integration of three core products, Superp has built a complete Meme coin derivatives trading ecosystem. Whether it's retail investors pursuing an ultimate leverage experience or professional traders in need of precise risk management, they can find suitable products and strategies on the Superp platform. This is also the core idea that Superp aims to convey: not only to provide an ultimate trading experience, but also to ensure that this experience is safe and sustainable.

Three, Eco Blast Engine: Tokenomics and Growth Flywheel

The quality of tokenomics design often determines a project's long-term development potential. Superp has demonstrated deep strategic thinking in the design of the SUP token, especially in innovative designs regarding airdrop distribution and liquidity management, building a sustainable growth flywheel for the project.

Carefully Designed Token Distribution Mechanism

The total token supply of SUP is set at 1 billion tokens, and the distribution plan reflects the team's emphasis on community building and long-term development. The specific allocation ratio is as follows: Team 10%, Advisors 3.4%, Liquidity 5%, Airdrop 5%, Investors 16.7%, Community Treasury 35%, Marketing 6%, Ecosystem 19%.

The highlight of this distribution plan lies in its favoritism towards the community. The Community Treasury accounts for the largest share at 35%, and these tokens will be used to incentivize community building, ecosystem development, and user growth. Combined with the 5% direct airdrop distribution, the community-related token ratio reaches 40%, which is a fairly generous design among current DeFi projects.

Of particular note is the 5% airdrop allocation. While this percentage may seem low, considering Superp's positioning as "Meme Hyperliquid" and its enormous market potential, this 5% airdrop is likely to generate significant wealth effects. Referring to Hyperliquid's airdrop performance, early users received an average airdrop value of over $30,000, and Superp's advantages in product innovation and market positioning are expected to bring even greater airdrop value.

Strategic Considerations in TGE Design

During the Token Generation Event (TGE), Superp opted for a relatively conservative liquidity release strategy. The initial circulating supply accounts for only 17.5% of the total supply, including 5% for liquidity, 2% for airdrop, 2% for marketing, and 8.5% for ecosystem development. This means that over 80% of the tokens are locked up at the TGE, providing multiple strategic benefits of this design.

Firstly, a low initial circulation supply helps reduce selling pressure at launch, providing better price support for the token. In the current market environment, many projects have experienced significant price drops after listing due to an excessive initial supply, a risk effectively avoided by Superp's design.

Secondly, the token vesting schedules for most tokens reflect the team's confidence in the project's long-term development. The team and investors' tokens are usually locked up for several years, demonstrating a "ride or die with the project" design that enhances market confidence in the project's long-term value.

Lastly, a gradual token release strategy helps maintain the token's scarcity, creating better value protection for long-term holders.

Pre-TGE Event: Innovative Practice of Zero-Slippage Trading Competition

To allow more users to experience Superp's innovative products and participate in an airdrop opportunity, the platform has launched the Pre-TGE Zero-Slippage Trading Competition. This event is set to officially start at 10:00 AM UTC on July 30 as a crucial prelude to the TGE.

The main highlight of the event is that every user will receive 1000 USDT in test funds—simply connect a wallet and link a Twitter account to claim the test coins for exploring the NoLiquidation Perp product. It is essential to note that user trades during the event will not incur real fund losses, eliminating the psychological barrier for new users to try high-leverage products. New users can deeply experience Superp's product features in a risk-free environment.

The event's reward mechanism is based on users' profit rankings, with outstanding performers receiving more airdrop rewards during the TGE. This design not only effectively identifies the platform's core users but also provides substantial incentives for these users. Experienced traders can showcase their trading skills to receive a greater share of airdrop rewards.

Community feedback indicates that this zero-slippage trading competition model has been widely welcomed, with numerous top crypto KOLs actively engaging and sharing.

IV. Superp's Future Outlook: Outperforming Competitors with Data Endorsement

As the leading BNB Chain-based Perp DEX, Superp has demonstrated remarkable development momentum in a short period. By analyzing and comparing similar projects' development trajectories and valuation levels, we can gain a clearer understanding of Superp's market position and future potential.

Data Presentation: Strong Growth Momentum

Although Superp is currently in the early stages of development, based on the existing data presentation, the project has shown strong growth momentum.

In the third quarter of 2023, Superp's predecessor Vanilla Finance officially launched in South Korea, with trading volume rapidly exceeding $30 billion; in the second quarter of 2024, within 30 days of launching on Scroll and Bitlayer, the trading volume reached $10 billion, with on-chain users reaching 70,000; in the fourth quarter of 2024, within 30 days of launching on Telegram, the trading volume reached $100 billion, with 3 million users.

Currently, Superp has accumulated over 6 million real users, with a total trading volume of $370.7 billion. According to the platforms DappBay and DeFiLlama, Superp ranks first in both active users and transaction count on the BSC chain, demonstrating a clear leadership advantage. Especially after the start of the Pre-TGE trading competition, the number of user registrations has seen a significant increase, with daily new user numbers hitting record highs.

In terms of security, Superp's smart contracts have been audited by multiple well-known security audit companies, confirming the code's security and system stability. The platform's response speed and transaction execution efficiency have also reached an industry-leading level, providing users with a smooth trading experience.

In terms of partnerships, Superp has established strategic partnerships with many leading projects, including mainstream DeFi protocols, data service providers, and wallet service providers. These partnerships have provided crucial support for Superp's ecosystem development and user growth.

Competitive Analysis: Clear Differential Advantages

In the on-chain derivatives trading field, Hyperliquid is undoubtedly the current benchmark project. Since its release in 2023, Hyperliquid's cumulative trading volume has exceeded $2 trillion, and its token HYPE once reached a peak market cap of nearly $200 billion. However, compared to Hyperliquid, Superp has differentiated advantages across multiple dimensions.

First is product innovation. Hyperliquid primarily focuses on traditional perpetual contract trading, while Superp's NoLiquidation Perp has achieved true "never liquidate" functionality, which is a breakthrough innovation in both technical implementation and user experience. Especially with the combination of ultra-high leverage and zero liquidation risk, it provides an unprecedented trading experience for high-risk tolerance traders.

Second is market positioning differentiation. Hyperliquid is more focused on professional traders and institutional users, while Superp's differentiated positioning with "Meme Hyperliquid" better aligns with the current market's significant demand for Meme coin trading. Considering the explosive growth of the Meme sector in the past two years, this differentiated positioning is expected to bring Superp a larger user base and market space.

From a valuation perspective, referencing the market performance of similar projects, Superp has significant upside potential. Taking Hyperliquid as an example, it achieved a valuation of several billion dollars without a formal token, and post-token launch, it reached a peak market capitalization of nearly 200 billion dollars.

Considering Superp's advantages in product innovation, market positioning, and ecosystem development, along with the rapid development trend of the BNB chain ecosystem, the project's theoretical valuation ceiling is quite considerable. Particularly, with the continued prosperity of the Meme coin market and the growing demand for on-chain derivatives trading, the positioning of "Meme Hyperliquid" is expected to bring Superp an excess market premium.

Future Roadmap: Ecosystem Expansion and Feature Enhancement

According to the development roadmap published by Superp, the project will achieve several key milestones in the coming quarters.

In the short term, the platform will complete support for more mainstream currencies, add more trading pairs for NoLiquidation Perp, Meme Perp, Alpha Perp, covering more popular Meme coins, RWA assets, AI tokens, etc. Additionally, Superp will integrate Solana, upgrade the recommendation system, and provide a smoother experience and more generous referral bonuses.

In the medium term, Superp plans to launch more innovative trading products, including the first encrypted stock leverage product, supporting long and short positions on RWA assets like xStocks and Roobinhood; launching standard perpetual products to build the most comprehensive on-chain perpetual contract platform. The introduction of these products will further consolidate Superp's leadership position in on-chain derivative trading.

In the future, Superp will also launch liquidity mining activities, where market makers and liquidity providers will receive SUP rewards based on their contribution to the trading depth and volume; implement DAO governance, and introduce token burning or buyback plans.

Conclusion: Reframing the Meme Trading Paradigm

Superp, in the guise of a "Meme Version Hyperliquid," has completely reshaped the on-chain meme derivative trading paradigm through three major innovative products. With its original risk control model and on-chain infrastructure, Superp has not only addressed the absence of derivatives due to the extreme volatility of meme coins on traditional exchanges but has also transformed risk into an Alpha engine. As the leading Perp DEX on the BNB chain, Superp is poised to establish dominance in the $840 billion meme sector, ushering in a new era of on-chain derivatives.

This article is a contributed submission and does not represent the views of BlockBeats

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