HyperLiquid Launches HYPE Token with Airdrop for Early Users

HyperLiquid has announced its native token, HYPE, with 310 million tokens to be airdropped to users from a previous points campaign. HYPE will serve multiple functions, including as a staking asset and payment for gas fees. The token generation event is scheduled for November 29, 2023, enhancing the platform’s engagement with over 220,000 users.

HyperLiquid, a decentralised exchange, has launched its native token HYPE, designated for airdrop to its early users. A total of one billion tokens are being issued, with 31% allocated to users who participated in a points campaign that concluded in May. An additional 23.8% will be reserved for core contributors, with these tokens locked for a year.

HYPE will support various functions within the HyperLiquid ecosystem, serving not only as a staking asset for the HyperBFT consensus algorithm but also as a means for gas fees and the development of decentralised finance (DeFi) applications on the platform. Additionally, over 220,000 users have recorded trading volumes of $2.4 billion in the last 24 hours, highlighting the platform’s significant activity.

Points campaigns have gained popularity within the DeFi sector this year, incentivising user engagement through eventual token rewards. This trend has led to the emergence of airdrop farmers—investors who shift liquidity across projects to qualify for various airdrops. Unlike traditional governance tokens, HYPE will have additional functionalities, including staking for consensus security.

The token generation event is set for 07:30 UTC on November 29, with a HYPE/USDC trading pair listed in HyperLiquid’s spot trading section. This marks a significant development for HyperLiquid, reinforcing its position within the rapidly growing DeFi landscape.