The Hyperliquid DEX derivatives platform has established a project development fund and will announce details about the HYPE token airdrop event next month.
The Hyper Foundation has been established to support the development of the Hyperliquid blockchain. They are preparing to distribute the project's HYPE token. This new token is the first step towards proof-of-stake consensus and the launch of the Ethereum Virtual Machine (EVM) on the layer-1 blockchain.
Hyper's flagship product is the Hyperliquid decentralized order-book based derivatives trading platform, the world's largest by volume with over $1 billion in daily trading across 145 pairs. The project also reports having over 200,000 users. The launch of HyperEVM will provide users with access to deeper liquidity pools and additional tools.
Hyperliquid stated in a post on X: "Hyperliquid's order-book has provided the deepest and most robust on-chain liquidity for a wide range of assets. [...] The HYPE token is essential for the development of HyperBFT [Byzantine fault tolerance], HyperEVM, etc. in the roadmap."
That roadmap includes spot trading and permissionless liquidity, among other things. ZRO from LayerZero was the first perpetual derivative launched on Hyperliquid in September 2023.
According to the Hyper Foundation, details on the timing of the "Genesis Event" or the HYPE token Airdrop will be shared in the coming period. Hyperliquid's average daily trading volume has surpassed $1 billion in recent months, far exceeding other decentralized derivatives platforms. The increased activity may be driven by a rewards campaign, which will determine the upcoming Hyperliquid or HYPE token Airdrop distribution.
Hyperliquid is a decentralized platform that allows users to trade derivatives by aggregating liquidity from multiple sources. They also allow users to trade cryptocurrencies with leverage, meaning they can borrow money to increase their purchasing power.
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The article Hyperliquid launches HYPE token and announces Airdrop first appeared on CoinMoi.
