Decentralized perpetual trading platform and layer-1 [L1] chain Hyperliquid is all set to launch its native HYPE token.
Background
- The launch will take place on November 29, during its genesis event at 7:30 UTC
- The maximum supply of HYPE is capped at 1,000,000,000 tokens
- Hyperliquid is an appchain
- It taps on HyperBFT, an optimized proof-of-stake [PoS] consensus algorithm
- The team has made no allocations for private investors, centralized exchanges, or market makers
- The genesis distribution also strictly excludes core contributors
- However, once they get their hands on the tokens, their stash will be locked for a year
Why should you pay attention?
- Hyperliquid has emerged as one of the largest decentralized trading venues by volume
- Over the past year, it has operated without a native token
- Post the launch, HYPE will become the primary asset for staking and securing the HyperBFT consensus mechanism
- This will further help foster decentralization
- Tokens will be emitted over time, with 76.2% going to the community
- According to the team, 310,000,000 tokens have been set aside for eligible participants in the genesis event
- These tokens will be fully unlocked
- The remaining tokens have been allocated to the Hyper Foundation budget, grants, community rewards, and future emissions
Who said what?
- The Hyperliquid team emphasized,
“The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level ofA the stack. While Hyperliquid has come a long way, there is much further to go”
- They added,
“Hyperliquid represents the ethos of crypto and decentralized finance, with the technical innovations needed to bring all finance on-chain without sacrifices”
Zooming out
- Community members seem to be excited about the airdrop
- A particular user exclaimed,
“76% to the community. This is what I call an airdrop FOR THE COMMUNITY. HYPERLIQUID IS FOR THE PEOPLE!”
