Hyperliquid's HYPE Token Debuts at $4.1B FDV with $1B Airdrop

Nov 28, 2024, 09:20 PM

Hyperliquid, a decentralized exchange, has launched its native token, HYPE, through a highly anticipated genesis event. The token distribution began on November 29 at 07:30 UTC, with 31% of the total supply, amounting to 310 million tokens, being airdropped to eligible participants. HYPE serves multiple functions, including acting as the gas token for Hyperliquid's HyperEVM, supporting staking, and securing the HyperBFT consensus mechanism. The launch has been described as the biggest airdrop of the cycle, with no allocations for private investors, centralized exchanges, or market makers, emphasizing a community-focused approach. The token quickly reached a trading value of $4.1, achieving a fully diluted valuation (FDV) of approximately $4.1 billion, with significant trading volumes reported shortly after the launch. Over $1 billion worth of tokens are being distributed, with 38.888% allocated for future community rewards. Hyperliquid's trading volume hit $1.39 billion in October and now stands at $1.6 billion daily, showcasing its market strength. The token's launch saw $100 million in trading volume within the first 30 minutes.