Hyperliquid to Launch HYPE Token Imminently

One of DeFi’s most anticipated airdrops is set to go live in a few hours.

Hyperliquid, a decentralized exchange that operates on its own bespoke Layer 1 network, will launch its native HYPE token at 730am UTC (230am ET) on November 29.

HYPE is trading at a pre-market valuation of $3 billion on Aevo. If the token were to launch at this price, the airdrop for early adopters would be valued at more than $1 billion, as 31% of the HYPE supply has been allocated to the Genesis event.

The token's total supply is capped at 1 billion, with the distribution plan allocating the vast majority, approximately 69%, for community rewards and future platform growth. Around 30% is reserved for core contributors and the Hyper Foundation budget.

A notable aspect of Hyperliquid's token distribution is the absence of allocations for private investors, centralized exchanges, or market makers, indicating a firm stance on decentralization and community-oriented growth.

Hyperliquid started as a decentralized exchange for perpetuals trading but has broadened its scope with the launch of its Layer 1 chain. The platform is now the number two perpetuals DEX by volume, according to CoinMarketCap.

The blockchain boasts $1.3 billion in total value locked (TVL), putting it ahead of major Ethereum Layer 2s like Optimism, Linea, and Blast, according to DeFiLlama.

At the heart of Hyperliquid's infrastructure is HyperBFT, a proof of stake consensus mechanism that enables the network to process up to 200,000 transactions per second with a finality time of around 0.2 seconds. The HYPE token will be integral to this system, acting as the staked asset that upholds the network's security.

HYPE will also function as the utility token for the HyperEVM — Hyperliquid's environment for executing smart contracts, enhancing the platform's native offerings, such as spot trading pairs like HYPE/USDC.