TL;DR:
- Upheaval is a DEX and liquidity ecosystem built on HyperEVM, with trading, liquidity pools, cross-chain routing, and token-launch infrastructure.
- The Season 1 airdrop has already taken place, with 20% of the total token supply — 200 million tokens — allocated to $PUP holders, Based XP holders, and Upheaval Points holders.
- Season 2 is an officially announced airdrop and points program, designed around protocol activity and growth.
- 5 million Season 2 points are distributed daily: 35% for LP fees generated, 35% for eligible trading activity, 20% for PUP/UPHL spot holdings, and 10% for in-range TVL.
- The final points-to-token conversion and individual future token allocations have not been published, so points should not be treated as a guaranteed fixed amount of UPHL.
- You can track Upheaval and other HyperEVM opportunities through Arkada Drop Hunting.
If you're researching the Upheaval airdrop, the key thing to know is that this is no longer a speculative pre-TGE opportunity. Upheaval has already completed its first airdrop and moved into Season 2, where users can continue earning points through specific types of activity across the protocol.
What Is Upheaval?
Upheaval is a decentralized trading and liquidity protocol built on HyperEVM. It positions itself as an onboarding gateway, launchpad, and liquidity layer for the broader Hyperliquid ecosystem.
The platform includes its DEX and liquidity pools alongside a swap aggregator that routes across Upheaval pools and other HyperEVM liquidity sources. Its cross-chain functionality, powered by LI.FI, can combine bridging and swapping into a single transaction.
Upheaval is also developing JumpPad, a bonding-curve token-launch system designed to route newly launched assets into Upheaval liquidity pools as they progress through the ecosystem.
Has the Upheaval Airdrop Already Happened?
Season 1 has. Season 2 is ongoing.
For the Season 1 airdrop, Upheaval allocated 20% of its total token supply, or 200 million tokens. Of that airdrop allocation, 15% went to PUP holders, 40% to Based XP holders, and 45% to Upheaval Points holders.
Upheaval then announced a Season 2 airdrop system, shifting its focus from initial onboarding toward protocol sustainability and growth. The team has stated that Season 2 points and future token allocations are intended for users contributing to key protocol metrics.
So if you're farming Upheaval today, you're participating in an official Season 2 incentive program, rather than waiting for the project's first token distribution.
How Upheaval Season 2 Points Work
Upheaval currently distributes a fixed 5 million Season 2 points per day across four categories.
- 35% — LP fees generated: distributed according to the fees liquidity providers generate on the Upheaval DEX.
- 35% — trading activity: based on eligible trading fees paid, including activity on Upheaval and PUP/UPHL trading through Based Terminal on HyperCore.
- 20% — PUP and UPHL holdings: distributed to spot holders across HyperCore and HyperEVM. Locked UPHL is included, while PUP and UPHL LP positions are excluded from this category.
- 10% — in-range TVL: distributed according to each user's qualifying share of in-range liquidity.
The structure means trading and fee-generating liquidity provision account for 70% of the daily points supply, while token holdings and in-range TVL make up the remaining 30%.
Upheaval has confirmed Season 2 as an airdrop and points program, but it has not published a fixed points-to-token conversion rate or guaranteed individual allocation.
How to Participate in Upheaval Season 2
Users targeting Season 2 points can interact with the activities included in the official scoring system: trading, generating LP fees, holding PUP or UPHL, and maintaining qualifying in-range liquidity positions.
For LPs, remaining within the selected price range matters because concentrated-liquidity positions stop earning trading fees when the market price moves outside that range.
Before committing capital, users should compare the four Season 2 categories rather than assuming that a single swap or token holding automatically offers the best route to points.
Why Upheaval Is Worth Watching
Upheaval recorded rapid growth during its initial launch period. In September 2025, the project reported roughly $150 million in TVL and a top-five position among revenue-generating Hyperliquid protocols outside Hyperliquid itself, based on DefiLlama data cited by the team at the time.
Season 2 shifts the incentive model toward measurable protocol activity, including trading fees, liquidity generation, token holdings, and active TVL, making Upheaval one of the HyperEVM opportunities with an explicitly documented points framework.
Track Upheaval and Other HyperEVM Opportunities
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👉 Explore current opportunities, including Upheaval, at Arkada Drop Hunting.
Upheaval's Season 1 airdrop has already taken place. Season 2 is an officially announced points and airdrop incentive program, but the final token allocation and points-to-token conversion have not been published. This article is for informational purposes only and is not financial advice.