Hyperliquid’s HYPE token surges 600%, reaching a $7.5B airdrop, marking a new era for decentralized, fair-launch cryptos, bypassing centralized exchanges.
Since its inception, the HYPE token has increased by more than 600%, bringing the airdrop’s worth to $7.5 billion.
After some unsatisfactory token launch events on controlled exchanges, the Hyperliquid (HYPE) token’s decentralized debut could begin a “new era” for onchain fair launch cryptocurrencies.
The Hyperliquid token gained notoriety for its decentralized distribution, which excluded venture capital (VC) firms and early investors, following the most lucrative airdrop in cryptocurrency history.
Vitali Dervoed, co-founder and CEO of Composability Labs, said the Hyper token’s introduction ushers in a “new era” for fair launch tokens.
He stated the following in an exclusive conversation with Cointelegraph at Emergence Prague 2024:
“The HYPE token launch marks the beginning of the new era between centralized exchange (CEX) listings and onchain […] Because HYPE was launched by the protocol on its order book on its own layer-1.”
According to Dervoed, the cryptocurrency community introduced and priced the token moderately, but it “didn’t deploy on any centralized venue.”
Other cryptocurrencies are introduced on centralized exchanges, with a portion going to venture capital firms and early investors, in contrast to the Hyperliquid token launch.
Over 80% of tokens newly listed on Binance saw a decline in value within the first six months as of May 2024.
Nonetheless, 2024 was a profitable year for most memecoins listed on Binance. According to a November 11 Cointelegraph story, 12 of the 15 memecoins introduced on Binance experienced notable price gains after going online.
Since its launch, the Hyperliquid token has increased by 600%, and the airdrop has surpassed $7.5 billion.
After the Hyperliquid token‘s price increased, the airdrop became the most valuable in cryptocurrency history.
At 2:02 PM UTC on January 15, the HYPE coin traded at $22.67. Since its November 29 introduction, the coin has increased by more than 600%, according to CoinMarketCap data.
As of January 8, the Hyperliquid airdrop’s overall worth had increased to nearly $7.5 billion after the 600% price increase.
The protocol states that 31% of its $1 billion worth of HYPE tokens were distributed during the Genesis event, with 38.8% of the remaining supply going toward community incentives and future emissions, 6% to the Hyper Foundation treasury, and 0.3% to awards.
Hyperliquid is a proof-of-stake consensus-based layer-1 blockchain with a transaction processing rate of up to 200,000 per second. The HYPE token is essential to the ecosystem as the gas token for Hyperliquid’s Ethereum Virtual Machine compatible layer, HyperEVM, and the staking asset for consensus.
