HyperLiquid, a decentralized perpetual exchange, has recently announced the launch of HYPE, a native token that will be airdropped to early adopters on Friday.
Total Supply Capped at 1 Billion tokens
The total supply of HYPE tokens is capped at 1 billion, with the distribution allocated in the following manner: 38.888% will be reserved for future emissions and community rewards, 31% is allocated to the genesis distribution, 23.8% is designated for current and future core contributors, 6% is set aside for the Hyper Foundation budget, 0.3% is allocated to community grants, and 0.012% is dedicated to HIP-2.
Hyperliquid has grown to include the largest decentralized exchange by volume, open interest, and active users. Its liquidity rivals the top centralised exchanges. It combines seamless trading on CEXs with the self-custodial ideals of a fully on-chain DEX. Hyperliquid represents the ethos of crypto and decentralised finance, utilizing technical innovations to bring all finance on-chain without sacrifices.
Notably, unlike a standard governance token, HYPE will have numerous functions including staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.
HyperEVM To Debut HYPE/USDC
The HyperEVM platform will introduce the HYPE/USDC pair on its spot order book. The HyperEVM will bring full programmability to native components and general-purpose onchain state alike. HYPE will be the gas token of the HyperEVM. The Hyper foundation noted that the genesis event for HYPE will occur at 07:30 UTC on November 29.
Tokens will be emitted over time, with 76.2% going to the community. 310,000,000 tokens are allocated for eligible participants in the genesis event. These tokens will be fully unlocked. Further, undistributed tokens will be moved to future emissions and community rewards.
Core contributor tokens will be locked for 1 year after genesis. The genesis distribution strictly excludes core contributors. Also, there are no allocations for private investors, centralised exchanges, or market makers.
