Hyperliquid Announced the Launch of a Native Token, HYPE

The token production event will be conducted on November 29 at 7:30 UTC.

HyperLiquid contains a user base of about 220,000 users and has accumulated $2.4 billion in trading volume in the last 24 hours

HYPE is not similar to a standard governance token. It will come with a number of tasks such as staking abilities and a payment method for gas fees

Hyperliquid, a decentralized perpetual exchange is going to introduce HYPE, a native token. The token will be airdropped to early adopters on November 29. A total of one billion tokens is said to be issued in 31% delivering to users who earned points in a campaign that ended in May

Along with this 23.8% of the token will be set aside for the existing and upcoming core contributors, the final of which will be locked for a period of one year. In the current scenario, HyperLiquid contains a user base of about 220,000 users and has accumulated $2.4 billion in trading volume in the last 24 hours

What are airdrop farmers?

The points campaigns in decentralized finance (DeFi) have become trendy these days as they activate the use of the platform in return for ultimate token airdrops. They have even catalyzed the emergence of airdrop farmers

Talking about airdrop farmers, are the investors who shift liquidity from one project to another and so on to make themselves eligible for different airdrops. HYPE is not similar to a standard governance token. It will come with a number of tasks such as staking abilities and a payment method for gas fees

By staking HYPE, one will be eligible to safeguard HyperBFT, the proof-of-stake consensus mechanism that backs the HyperLiquid platform. Due to this consensus mechanism, Hyperliquid attains 200,000 transactions per second with a swift 0.2-second finality

The token production event will be conducted on November 29 at 7:30 UTC. After this event, a HYPE/USDC market will be added to the spot trading book of HyperLiquid

Tokenomics of Hyperliquid

On November 8, Hyperliquid took to social media X and posted that it had achieved a new all-time high in open interest and had crossed the $1.5 billion mark. And, on November 13, it informed through the same platform that it had created a new all-time high in 24 hours volume of more than 6 billion

It is noteworthy that Hyperliquid has not included private investors, centralized exchanges, and market makers in its tokenomics, strengthening its decentralized spirit. Adding more to this, 6% of tokens will be allocated to the Hyper Foundation, and at the same time 0.3% and 0.012% will back community grants and Hyperliquidity (HIP-2) respectively

The HYPE token generation event will open the door to vital functionality over Hyperliquid’s stack, placing the blockchain at a leading position in scalable, trustless finance