The Hyper Foundation is gearing up to issue its native token — HYPE.
Background
- The latest announcement comes on the heels of the upcoming launch of HyperEVM on the mainnet
- The newly formed Foundation was created to nurture the growth of the Hyperliquid blockchain and its broader ecosystem
- With the launch of the HyperEVM, any application built on Hyperliquid will have access to "deep liquidity" and other "native financial primitives"
Why should you pay attention?
- Hyperliquid offers trades with instant finality in under a second
- Its daily transaction volume has been surpassing other decentralized derivative platforms of late
- In a single day last week, it registered over $1.39 billion in daily trading volume
- To a fair extent, the rise in activity can be attributed to its points reward campaign
- This, ultimately, will have the final say in the distribution of the Hyperliquid token airdrop
Who said what?
- Via a post on X [formerly Twitter], the team said,
“The next step of Hyperliquid's journey is the native token, HYPE. A native token is essential for the HyperBFT proof-of-stake consensus, the HyperEVM, and further developments on the roadmap”
- They added,
“As part of the genesis distribution, eligible users can choose to receive HYPE and optionally a Hyper NFT to commemorate the upcoming launch of the HyperEVM on mainnet”
Zooming out
- Further details about when the HYPE "Genesis Event," or token airdrop, will be shared eventually
- In other Foundation related news, the Avalanche Foundation recently negotiated an agreement to repurchase all AVAX tokens it previously sold to the Luna Foundation Guard in 2022
- As reported by blocmates, the team is now waiting for approval from the bankruptcy court
