Upheaval is more than just a decentralized exchange (DEX). As its tagline, "The Primo Uomo of Decentralized Exchanges," suggests, it is being built to become the flagship protocol of the HyperliquidEVM ecosystem on the new-generation L1 blockchain, "Hyperliquid."

In the world of DeFi (Decentralized Finance), a DEX is the heart of an ecosystem, the central hub of liquidity. Upheaval aims to solve the challenges that previous DEXs have faced—speed, fees, and capital efficiency—by fully leveraging the overwhelming performance of Hyperliquid. This article will delve into the details of how Upheaval is attempting to "upheave" the conventional wisdom of DEXs.

At the core of Upheaval lies a clear purpose: to solve the common challenges faced by DeFi users, namely "transaction delays," "high network fees (gas fees)," and "inefficient liquidity."

Many DEXs suffer from transaction congestion and soaring gas fees, especially during periods of high market activity. Furthermore, in traditional AMM models, the funds of liquidity providers (LPs) are spread thinly across a wide price range, meaning a large portion of the capital does not contribute to actual trades, leading to an inefficient state.

Upheaval confronts these issues with the following vision:

1. Providing an Ultra-Fast, Low-Cost Trading Experience: Built on Hyperliquid's 200,000 TPS engine, it will create an environment where users can trade without stress and at a low cost.
2. Maximizing Capital Efficiency: By introducing a concentrated liquidity model (v3), it will build a system where LPs can earn higher returns with less capital.
3. A Gateway to the HyperliquidEVM Ecosystem: Through its "Jumppad" (launchpad) feature, which allows new projects to secure liquidity and users to participate early, it will become a hub that drives the growth of the entire ecosystem.

Upheaval aims to be not just a place for swapping tokens, but the starting point for all DeFi activities on HyperliquidEVM.

Upheaval is equipped with several core functions to provide users with a comprehensive DeFi experience.

1. Hyper-efficient AMM DEX (Swap)

At the heart of Upheaval is its hyper-efficient AMM DEX. Users can seamlessly exchange (swap) various tokens issued on HyperliquidEVM.

• Overwhelming Performance: Since it operates on the high-speed L1 of Hyperliquid, swap execution and confirmation are completed almost instantly. This makes it easier for users to execute trades at their intended prices even in highly volatile markets, minimizing "slippage."
• Low-Cost Transactions: Users can directly benefit from the low gas fees of HyperliquidEVM, allowing for a significant reduction in transaction fees compared to DEXs on many other blockchains.
• Intuitive UI: A simple and easy-to-understand interface is provided, allowing anyone from beginners to advanced users to perform swaps easily. Additionally, market information such as price, liquidity, and FDV (Fully Diluted Valuation) can be checked on the same screen, enabling quick, informed decision-making.

2. Concentrated Liquidity (Liquidity Provision)

One of the most innovative aspects of Upheaval is its liquidity provision mechanism, "Upheaval v3." It is based on the concept of "Concentrated Liquidity," popularized by Uniswap V3.

In traditional AMMs (e.g., Uniswap V2), when an LP deposited a token pair, the liquidity was supplied evenly across the entire price range from zero to infinity. However, for pairs with very small price fluctuations, like many stablecoin pairs, most of the liquidity was placed far from the current trading price and was effectively unused. This is described as having "poor capital efficiency."

In Upheaval v3, LPs specify a particular price range when providing liquidity. For example, if the current price of the HYPE/USDT pair is $100, an LP can narrow down the range and contribute funds, such as, "use my liquidity only between $95 and $105."

How to do it:

1. Select a Token Pair: Choose the two tokens you want to provide liquidity for (e.g., HYPE/USDT).
2. Select a Price Range: Set the upper and lower price limits where your funds will be used for trading (e.g., $95 - $105).
3. Deposit Tokens: Deposit the two tokens into the pool in the required ratio according to the selected price range.
4. Earn Fees: As long as the market price of the tokens stays within your set range and trades occur within that range, you will earn a portion of the transaction fees.
5. Monitor and Adjust: If the market price moves outside your set range, your liquidity will no longer be used for trades, and you will stop earning fees. In this case, you may need to close your position or provide liquidity again in a new price range.

Key Concepts:

• Capital Efficiency: By concentrating funds in the active trading price range, LPs can aim for equal or greater fee returns with less capital than in traditional AMMs.
• Fee Tiers: Depending on the volatility of the token pair, you can choose pools with different fee rates, such as 0.25% or 1.00%. It is common to set higher fees for highly volatile pairs and lower fees for stable pairs.
• Risk of Impermanent Loss: While concentrated liquidity can bring high returns, there is a trade-off. It carries the risk of the price moving out of range and is more susceptible to the effects of impermanent loss due to price fluctuations. It can be considered a feature for advanced users who can actively manage their positions.

3. Bridge Feature

Upheaval also provides a "bridge" function that connects different parts of the Hyperliquid ecosystem. Specifically, it allows for the mutual transfer of Spot assets used in Hyperliquid's main order book-based Perpetual DEX and tokens on HyperEVM where smart contracts operate.

For example, Upheaval's native token, $PUP, is traded on Hyperliquid's Spot market. By using the bridge feature to move it to HyperEVM, it can be used in Upheaval's liquidity pools or in other DeFi protocols. This enhances the asset liquidity and interoperability of the entire ecosystem.

4. Jumppad (Coming Soon)

The "Jumppad," planned on the roadmap, is a launchpad feature for new projects. It will enable newly launching projects on HyperliquidEVM to efficiently conduct initial fundraising and secure liquidity.

For users, this will be an excellent opportunity to access promising projects earlier than anyone else and participate in token sales. Through Jumppad, Upheaval will expand its role from a simple exchange to an ecosystem incubator.

Upheaval is planning an airdrop of its native governance token, $UP, to drive the protocol's growth together with the community. Below is a comprehensive guide to the strategies for obtaining the airdrop and important points to know, based on official information as of September 15, 2025.

$UP Point Program: The Path to the Airdrop

The $UP token airdrop will be conducted through the "$UP Points Programme." This system awards points based on contributions to the protocol, and at the end of the program, $UP tokens will be distributed in proportion to the points held.

An important point is that this program is for a limited time and is not a perpetual farming opportunity. According to the official announcement, the program is expected to end in September or October 2025, when the $UP token is scheduled to launch. This is intended to reward users who contributed from the very beginning of the protocol, meaning that early participants who join while the TVL (Total Value Locked) is still low will be able to earn points more efficiently.

Two Key Tokens: $UP and $PUP

To understand the airdrop strategy, it is essential to distinguish the roles of the two main tokens in the Upheaval ecosystem: $UP and $PUP.

$UP is the native governance token of the Upheaval protocol. In the future, it is expected to have core utility, such as voting on protocol governance proposals (UIP: Upheaval Improvement Proposal) and distributing protocol revenue.

The total supply is fixed at 1 billion $UP, a portion of which is allocated to "Community & Emissions" as the source for the airdrop. This allocation is designed to be released gradually as a long-term incentive, adopting tokenomics that prioritize the protocol's sustainability.

More information about the $UP token can be found Here.

$PUP is the utility token of Upheaval, a unique entity designed with the community first. It was distributed through a "fair launch" with no allocation to the team or insiders and no presale. Much of it was airdropped for free to users of the partner platform, Based.

In the $UP airdrop strategy, $PUP plays a crucial role. Holding $PUP allows you to earn bonus points in the $UP points program, making it key to maximizing your airdrop allocation.

Furthermore, any unclaimed $PUP airdrop will be burned by September 20, 2025, which may increase the token's scarcity by reducing its supply.

More information about the $PUP token can be found Here.

Let's look at the specific action plan for earning $UP points. Points can be earned primarily in three ways.

1. Providing Liquidity (LP)

The most basic way to earn points is by providing liquidity on Upheaval's DEX.

• Eligible Pools: Almost all liquidity pools are eligible. This includes token pairs from partner projects, such as hwHYPE/HYPE and thBILL/USDC.
• Calculation Method: Points are calculated in proportion to the TVL (value of provided liquidity) and are recorded and issued through snapshots taken at random times each day.
• Important Note: To favor $PUP holders, the PUP/HYPE pair LP is not eligible for points. The optimal strategy is to hold $PUP while providing liquidity in other pairs.

2. Holding $PUP

In addition to providing liquidity, you can also earn points just by holding $PUP tokens in your wallet.

• Where to Hold: You are eligible whether you hold it in Hyperliquid's spot market (HyperCore) or in a wallet on HyperEVM.
• Strategy: Users who want to avoid LP risks (like impermanent loss) can still be eligible for the airdrop simply by holding $PUP.

3. Utilizing the Referral Program

You can accelerate your point earnings by inviting friends and acquaintances.

• How it Works: When a friend starts using Upheaval through your referral link, both the referrer and the referee receive a 15% boost on their earned points.
  • If you first create an account through this link, you can earn a 15% boost.
  • If the referral code field is empty, please enter "CANDYDROPS".
• Point Tracker: You can check your point status and referral link on the official tracker site.

Tips for Maximizing Points

• Participate Early: As mentioned earlier, the lower the TVL, the higher the point-earning efficiency. Since the program is for a limited time, acting now is recommended.
• Utilize Partner Pools: By providing liquidity to pools of partner protocols like Hyperwave (hwHYPE) or Theo Network (thBILL), you may be able to earn points from those partners simultaneously with Upheaval points.
• Small Users Are Welcome: The protocol values contributions from small users and has adjusted the point emissions to ensure incentives reach even those who provide small amounts of liquidity. You are eligible for the airdrop with as little as 1 point, so it's well worth participating even with a small amount.

Partner Collaboration: Crossover Benefits with Based

The collaboration with Upheaval's key partner, the "Based" platform, creates additional airdrop opportunities. In addition to their past cooperation, a large-scale $UP token airdrop campaign hosted by Based has been confirmed.

• History of $PUP: The very first airdrop of the $PUP token was for Based users. This relationship continues today.
• Earning Based Points: By trading $PUP on the Based trading platform, you can earn Based's unique points separately from Upheaval's points.
• Joint Events: Both projects frequently hold joint events like trading competitions, offering chances to win prize money, NFTs, and additional points.

Separate from Upheaval's main points program, its partner Based will be conducting a massive airdrop campaign worth a total of 20 million $UP. This is to reward contributors to both ecosystems.

The campaign details are as follows. The period until the snapshot (eligibility date) is very short, so it is strongly recommended to start preparing immediately.

What should you do now?

The snapshot will be taken on September 21, 2025. By completing any of the following actions before then, you can become eligible for this additional airdrop.

1. Buy and Hold $PUP: This is the most direct method. Purchase it on the HyperCore spot market or Upheaval DEX and hold it in your wallet.
2. Earn Upheaval Points: You can still become eligible by providing liquidity and earning Upheaval points now.
3. Earn Based XP: Using the Based platform and accumulating XP through activities like trading is also effective.

This campaign is a golden opportunity for users who have contributed to both the Upheaval and Based ecosystems to be doubly rewarded. Even if you haven't participated yet, you can seize a great chance by taking action before the snapshot.

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Click Here for an introductory article on Based
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Upheaval's superiority lies in its underlying technology and design philosophy.

Underlying Hyperliquid and HyperliquidEVM

Upheaval's performance is entirely dependent on the L1 blockchain, Hyperliquid. Hyperliquid has a consensus engine based on Tendermint with its own improvements, achieving a phenomenal processing capacity of 200,000 transactions per second (TPS). This speed provides a powerful foundation for executing operations common on a DEX, such as swaps and liquidity provision, without delay. HyperliquidEVM is an EVM-compatible layer that runs on this high-speed L1, allowing developers to deploy smart contracts using the familiar Solidity language and users to use existing wallets like MetaMask as they are.

Reliability as a PancakeSwap v3 Fork

The smart contracts of Upheaval's AMM DEX are a fork (a copy with modifications) of the code from PancakeSwap v3, one of the largest DEXs on the BNB Chain. This is a significant strength for Upheaval.

• Reliability and Security: The PancakeSwap v3 code is "battle-tested," having already handled billions of dollars in assets and processed countless transactions. This reduces the risk of hidden, unknown vulnerabilities.
• Rapid Development: By building on a proven codebase, Upheaval can skip the effort of developing a complex AMM from scratch and focus its resources on optimizing for HyperliquidEVM and developing unique features.
• Transparency: Like its source, Upheaval has made its smart contract code completely open-source, allowing for third-party verification. This ensures the protocol's transparency and reliability.

Sustainable Fee Structure

Upheaval's fee structure is designed to benefit both LPs and the protocol.

• Fee Rate: Set within a range of 0.01% to 1% for each pool.
• Fee Distribution:
  • 84% is returned to liquidity providers (LPs).
  • 16% is secured as revenue for the protocol (Upheaval's treasury).

This high LP return rate serves as a powerful incentive to attract liquidity. At the same time, by securing stable revenue, the protocol can fund future development, ecosystem maintenance, and rewards for $PUP token holders, ensuring sustainable growth.

Upheaval has achieved remarkable results in a relatively short period since its launch.

Achievements (based on information provided as of September 2025):

• TVL (Total Value Locked): Exceeded $126M.
• Total Volume: Over $149M.
• Total Fees: Over $362K.

These numbers indicate that Upheaval is rapidly gaining trust and liquidity within the HyperliquidEVM ecosystem.

Future Outlook

Upheaval has a mission to "accelerate liquidity on HyperliquidEVM." The future roadmap is expected to include the following developments:

• Official Launch of Jumppad: A key feature for promoting ecosystem growth.
• Strengthening Partnerships: Deepening collaborations with existing partners like Hyperwave, Liquidlaunch, and KyberSwap to attract more projects and users.
• Decentralization of Governance: Introducing a system where $PUP token holders can be directly involved in the protocol's operation.
• Further Expansion of DeFi Features: Beyond swaps and liquidity provision, the addition of new financial primitives such as lending and yield farming is also conceivable.

Upheaval is not just a fork of PancakeSwap; it is the flagship DEX of the HyperliquidEVM ecosystem, strategically designed to maximize the potential of the next-generation L1, Hyperliquid.

Its overwhelming performance, capital-efficient concentrated liquidity model, and future potential as a gateway to the ecosystem hold the promise of setting a new standard for DeFi. As shown by its TVL and trading volume, many users and a significant amount of capital have already been drawn to its potential.

As the Hyperliquid ecosystem grows, it is well worth watching how Upheaval, in its central role, will evolve. For traders, LPs, and investors looking for the next Web3 projects, Upheaval is a platform that cannot be ignored.

For more detailed information about the project, please refer to the official documentation.