TL;DR
- HyperLiquid is launching its native token, HYPE, on November 29, with a major airdrop of 310 million tokens to eligible users.
- The HYPE token will serve as the gas token for HyperLiquid’s execution environment, be tradable on its DEX, and act as a staking asset for its consensus mechanism.
- HyperLiquid has decided not to allocate any tokens to private investors, emphasizing its commitment to a fully community-owned network.
HyperLiquid, a decentralized trading platform and Layer 1 blockchain, is set to launch its native token, HYPE, on November 29. This launch, part of the platform’s highly anticipated genesis event, aims to transition HyperLiquid to full decentralization. The event is scheduled to go live at 07:30 UTC, marking a significant milestone for the platform.
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
Token Distribution and Airdrop
A major highlight of the Genesis event is the distribution of 310 million HYPE tokens through an airdrop to eligible users. This allocation represents 31% of the total 1 billion token supply. The airdrop is designed to reward users who have earned reward points on the platform, ensuring a community-focused distribution.
HyperLiquid has committed to reserving 388 million tokens (38.8% of the supply) for future community rewards and emissions, further emphasizing its dedication to a decentralized and community-driven ecosystem.
Key Features of HyperLiquid’s HYPE Token
The HYPE token will play a crucial role in HyperLiquid’s ecosystem. It will serve as the gas token for HyperLiquid’s execution environment, known as HyperEVM.
Additionally, HYPE will be a tradable asset on HyperLiquid’s native decentralized exchange, with trading pairs available against USDC. The token will serve as a staking asset to bolster HyperBFT, which is the consensus mechanism of the platform.
No Allocations for Private Investors
In a bold move, HyperLiquid has decided not to allocate any tokens to private investors, centralized exchanges, or market makers. This decision underscores the platform’s commitment to a fully community-owned network.
The final 23.8% of the token supply will be designated for core contributors, with a one-year lock-up period commencing after the Genesis event. The Hyper Foundation will receive the remaining 6% for its operational needs. HyperLiquid’s innovative approach and the introduction of the HYPE token are expected to boost engagement and further decentralize the network.
The platform’s success, driven by its unique infrastructure and strong user base, is likely to continue growing with the addition of the HYPE token. This launch marks a significant step towards creating a more decentralized and community-focused ecosystem.