Hyperliquid to Launch HYPE Token Airdrop

The decentralized trading platform Hyperliquid has announced the launch of its native token, HYPE. The genesis airdrop is scheduled for November 29.

The genesis event for HYPE will occur at 07:30 UTC on November 29.

Hyperliquid has grown to include the largest decentralised exchange by volume, open interest, and active users. Liquidity rivals the top centralised exchanges. The user experience bridges the seamless trading on… pic.twitter.com/iyIj4TxAPv

— Hyper Foundation (@HyperFND) November 28, 2024

HYPE will serve as the primary asset for staking within the HyperBFT PoS consensus mechanism and as a transaction fee in the HyperEVM execution environment. The token will also be traded against USDC on Hyperliquid ecosystem platforms.

The total supply of HYPE is capped at 1 billion tokens. The distribution is as follows:

• 38.9% for future releases and community rewards;
• 31.0% for the launch airdrop;
• 23.8% for current and future developers;
• 6.0% for the Hyper Foundation’s operational budget;
• 0.3% for community grants;
• 0.012% for Hyperliquidity.

HYPE will be released gradually, starting with the genesis event on November 29; 76.2% of the supply will eventually be allocated to the community. Details of the launch airdrop have yet to be announced. 

Tokens for developers will be issued later and will be locked for at least one year after the genesis event.

The team emphasized that the network remains community-driven, hence “no allocations for private investors, centralized exchanges, or market makers are planned.”

Hyperliquid is an L1 blockchain with a native DEX module. The network employs a modified version of the Proof-of-Stake consensus algorithm called HyperBFT. According to the team, the protocol’s throughput reaches 200,000 TPS.

Earlier in November, the trading volume on decentralized exchanges on the Solana blockchain exceeded $100 billion.