21/09/2025 - Upheaval Season 2
Dear Upheaval community,
2 days ago, Upheaval survived its first ever “JellyJelly” incident. Malicious rumours were spread to not only erode trust in our ability to deliver, but also to serve to actively undermine what we set out to do: To Upheave the norm, to create transparent processes for tokens, to remove backroom deals – community first. It really begs the question; what are they afraid of? That said, we simply soldier on. Today, we are back at above 90m TVL.
We have also just secured the $UPHL ticker which represents UPheaval on HyperLiquid.
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Season 2
Season 1 was all about rewarding early users who truly cared enough to read about our goals as a team and protocol; in short, onboarding. With Season 2, we’re entering Phase 2: sustainability and growth. This means points and future token allocations will now be issued only to users who contribute meaningfully to the health of the protocol.
S2 Points Allocation (Daily Fixed Supply of 5,000,000)
Season 2 has started. Season 2 requirements for the time being will be similar to Season 1, including TVL in range, $PUP and $UPHL spot holdings on HyperEVM & HyperCore.
We will transit to this new system below over time, across few phases, letting our users ease into the new system which will deliver maximum efficiency for our protocol.
This will be the end game for Season 2 which will be implemented around early october which we will officially announce:
Total Upheaval points allocated daily: 5,000,000
35%: Allocate to LP fees generated by LP contributors on HyperEVM Upheaval dex. Eg, if total fees earned is $1,000 today and you earned $100 in fees, you get 10% of the points in this pool.
35%: Allocate to swappers based on fees paid. If you paid $100 in fees, the total fees paid on our protocol is $1,000, you get to earn 10% of the points in this pool. This applies to both trading done on HyperEVM Upheaval dex and trading done on HyperCore for $PUP and $UPHL ticker when trading via Based Terminal (our partner).
20%: Distributed to all PUP & UPHL spot token holders across both HyperCore and HyperEVM. Locked UPHL is included in this pool too using the boosted amount. This excludes PUP & UPHL LPs.
10%: Based on your TVL contribution proportionate to the total TVL which are in range. All LPs in all tiers and all pairs qualify (includes PUP & UPHLP LPs), regardless of fees generated.
Why the Change?
Season 1 was the foundation. Season 2 maximizes efficiency by rewarding only those strengthening the ecosystem. Our focus is now on sustainability, protocol revenue, and treasury accumulation. All this in preparation for UIP-3.
UIP-3
After $UPHL launchpad & airdrop, we will conduct the first ever governance proposal to vote into effect UIP-3. This is an improvement proposal built to accelerate protocol fundamentals. More information will be made on this shortly. In the mean-time, an Upheaval Assistance Fund (UAF) has been setup to acquire $PUP and $UPHL tokens (Address: 0xa3b39938Ee168650aD096b98d6D30a499B1B5c2C).
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Based on 1 week trading volume, 95% of trading fees have been used to accumulate $PUP tokens as our means of supporting $PUP token holders. A total of 2.3mil $PUP tokens has been accumulated over 7 days, which represents 0.32% of token supply (At current prices about 500,000 PUP tokens are acquired daily). Current top holder accounts for 2.61% of token supply. This is a commitment that 90% of all trading fees generated on $PUP trading will be used to acquire $PUP tokens for the UAF. As trading volume increases over the weeks, we anticipate this $PUP acquisition to ramp up, which acts as a rising price floor for the $PUP token. As a data point, Upheaval Hypercore has generated over $200,000 in fees in the past 7 days. We expect $UPHL listing next week on Hypecore to also help accumuate even more fees on the protocol. We are more than just a Dex on HyperEVM.
Upheaval Assistance Fund & UIP-3
The role of $PUP and $UPHL tokens will be revealed in due time for UIP-3. The goal is to accelerate the rate of revenue growth while giving back 90% to token holders by use of the UAF. At the same time, UAF will be utilised extensively within UIP-3 to accelerate the growth of the ecosystem, representing a powerful virtuous cycle that perpetuates.
We will be releasing our roadmap shortly.
– Firelord
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