Author: Azuma, Odaily Planet Daily
As the overall market relatively recovers, the crypto community's enthusiasm for airdrop interactions seems to be picking up again.
This is especially true after Variational announced its tokenomics and airdrop details, explicitly stating that 32% of the total token supply will be allocated to the community (for details, see "Variational Announces Airdrop Details: How Much Are Your Points Really Worth?"). Interaction in the Perp DEX sector has clearly become much livelier. In addition to Variational, from Lighter Robinhood's independent market with a clear prize pool to Arcus, the new work from the dYdX team... users are actively looking for the next platform worth committing time and capital to in hopes of earning substantial returns.
For ordinary users who do not know how to make choices, whale interaction behavior itself is worth watching — they have previously built massive positions in early protocols and have also received airdrops large enough to change their wealth curves. Where these people are now directing their capital and trading volume may offer an interesting angle for observing the next round of Perp DEX competition.
The subject of this article, an0n2498.hl, is a highly recognizable representative among these whales.
Who is an0n2498.hl? A9 from the HYPE airdrop in one battle
an0n2498.hl is a whale who is relatively active on social media and has not overly hidden personal information. His X account is @punk2498_, and his main on-chain address is 0x7bfee91193d9df2ac0bfe90191d40f23c773c060.
On November 29, 2024, Hyperliquid conducted its genesis airdrop. Thanks to early active interaction, an0n2498.hl received 474,719 HYPE in the genesis airdrop, worth as much as $37.74 million at the current price of $79.5.
More noteworthy than the one-time airdrop gain is what an0n2498.hl did afterward. Unlike other whales who profited substantially, an0n2498.hl did not rush to cash out after the HYPE airdrop arrived. Instead, he long treated HYPE and related ecosystem assets as core holdings and continued to participate in the Hyperliquid ecosystem through various staking and yield products. He has publicly confirmed multiple times that he has sold almost no HYPE, which basically allowed him to capture the full extent of HYPE's massive past rally.
Debank data can be used to verify his description. an0n2498.hl is currently actively participating in HYPE staking through various forms such as hlHYPE, vkHYPE, kHYPE, kmHYPE, d2HYPE, liquidHYPE, and hbHYPE, with total staked value exceeding $30 million. This means that an0n2498.hl still retains the vast majority of the HYPE position obtained during the airdrop.
After HYPE, what is the big brother's new choice?
If HYPE was an0n2498.hl's most successful bet over the past two years, then Variational may be the next opportunity he is most looking forward to right now.
According to Variational's trading leaderboard, an0n2498.hl currently ranks second on the platform's all-time trading volume list, with cumulative trading volume of about $3.546 billion. Even more noteworthy is his user level — an0n2498.hl has reached the highest "Infinity" level and is the only "Infinity" level user across the entire network.
an0n2498.hl has also publicly expressed on X his extreme bullishness on VAR: "I won't sell a single VAR at TGE, and I will add to my position through spot and contracts. My bullishness on VAR is simply beyond words."
From HYPE to VAR, an0n2498.hl's approach seems unchanged — rather than quickly cashing out after the airdrop arrives, it is better to continue betting on protocols he believes have long-term value.
Another Perp DEX repeatedly mentioned by an0n2498.hl is Entropy. In a pinned post on X, an0n2498.hl said that the Entropy team is outstanding and that the project is currently relatively uncrowded, with potential return space worth watching. He also specifically mentioned that he is the top trader by trading volume on Entropy, and by a clear margin.
After being pressed by the community about his selection logic, an0n2498.hl summarized the directions he favors into three groups: first, Hyperliquid and its surrounding ecosystem, including Entropy and Kinetiq; second, Variational and the surrounding ecosystem it may form in the future; and third, Ink, Nado, Quotrons, and the Kraken-related ecosystem. He believes these three directions are each different and cannot simply be lumped together.
As for Lighter, an0n2498.hl's attitude is unequivocal — he does not like it, has never participated, and does not plan to participate in the future...
Can be used as a reference, but do not blindly trust it
For users who are looking for the next interaction target, an0n2498.hl's choices provide an observation sample worth watching — Variational is the target he is currently betting heavily on, Entropy is another line in which he is deeply involved, and his trade-offs among different Perp DEXs also reflect his judgment on ecosystem development and potential returns.
However, a whale's interaction record is ultimately only a reference, not homework that can be directly copied. The capital lock-up, trading costs, and potential losses he can bear may not be suitable for ordinary users; high trading volume does not equal high returns, nor does it mean that ideal airdrop returns will definitely be obtained in the end.
What is truly worth studying may not just be what he is farming, but why he chose these projects, and whether the risks and rewards behind these choices match one's own situation. As the airdrop boom heats up again, rather than blindly following whales, it is better to first understand a project's incentive mechanism and then decide which ones are worth participating in and which ones do not need to be followed.