Hyperliquid Launches HYPE Token and Airdrop on November 29
A decentralized trading platform and Layer 1 blockchain, Hyperliquid, will launch its native token HYPE as part of its genesis event on November 29 at 07:30 UTC. The token is expected to play a crucial role in the platform's operations, facilitating its transition to full decentralization.
Genesis Event: A Major Milestone for Hyperliquid
The Hyper Foundation confirms high expectations for the genesis event, particularly regarding the HYPE token launch, which aims to unlock core functionality within the ecosystem. The token will serve multiple purposes: it will be the gas token for Hyperliquid’s execution environment, HyperEVM, and will function as a tradable asset on Hyperliquid’s decentralized exchange with trading pairs against USDC.
Additionally, HYPE will act as a staking asset to secure HyperBFT, the platform’s consensus mechanism. To celebrate the launch, Hyperliquid plans to reward its community through an airdrop of 310 million tokens, representing 31% of the total supply of 1 billion tokens.
Hyperliquid will allocate 388 million tokens (38.8% of the supply) for future community rewards and emissions. Core contributors will receive 238 million tokens (23.8%), subject to a one-year lock-up period after the genesis event. The remaining 60 million tokens (6%) will be allocated to the Hyper Foundation for operational needs.
This structure ensures no allocations for private investors, centralized exchanges, or market makers, emphasizing the project's commitment to a fully community-owned network.
A Unique Approach
Hyperliquid ranks among the top decentralized trading platforms by volume, attributed to its HyperBFT consensus algorithm that offers high throughput and near-instant transaction finality. Notably, the platform achieved success without a native token, relying on its infrastructure and user base. The introduction of HYPE is anticipated to enhance engagement and further decentralize the network, paving the way for new features and growth opportunities.