Everyone is waiting for the Hyperliquid Season 3 airdrop, Machi Big Brother posted on Monday. His fix is a Solana meme coin called Season 3 (S3), and he says it pays HYPE to holders.

Jeffrey Huang is the Taiwanese-American entrepreneur behind the account. His pick spiked early Tuesday, then gave back about three-quarters of the move within hours.

Machi Big Brother Says He Is Not the Dev

Huang framed the coin as a way to skip the wait. He also borrowed a phrase, “let’s dance,” from trader Ansem, who had used it days earlier for a different coin. Then he stepped back from the project itself.

That disclaimer matters given his record. In March, he absorbed roughly $75 million in liquidations on Hyperliquid. Days ago, he pulled his $1M Friend.tech offer.

The Hyperliquid Season 3 Airdrop Nobody Announced

Hyperliquid ran two-point phases, both before its Genesis Event. Farmers label them Season 1 and Season 2. The protocol never used the word season.

Nobody learned the exact rules either. Hyperliquid said only that its criteria changed on a recurring basis, and it never confirmed that points set the payouts.

That event released 310 million HYPE, or 31% of supply. No campaign and no payout have followed it.

Hope rests on the treasury. Another 388.88 million HYPE stays unminted for future emissions and community rewards.

HYPE itself trades around $84 after approaching record highs last weekend. Season 3 buyers are pricing a distribution that has no schedule.

The payout pitch does have a mechanism. Raydium lets token creators claim a cut of trading fees once liquidity reaches its main pools. Fees on the HYPE-quoted launchpad pool, therefore, arrive in HYPE.

S3 copies a template that is already running. Anonymous Cat, a Solana coin quoted in Zcash, opened on August 30 and now carries a $95 million market cap. Zcash, meanwhile, crossed $1,000 last week. Ansem promoted that one.

Neither coin runs on the chain it borrows from. S3 sits on Solana, not HyperEVM.

Liquidity stays thin. The HYPE pool carries about three-quarters of all S3 trading, near $3.6 million over 24 hours. It holds just $175,000 of depth. Total liquidity across every pool sits near $500,000.

Pools disagree on the price by more than 60%. Buyers are paying up for a claim that no named developer has confirmed.

Source: BeInCrypto