Hyperliquied, a decentralized finance (Defi) protocol, HYPE token surged 80%, reaching $7.03 in just 15 hours after its release, following a massive airdrop by Hyperliquied on November 29.
The Decentralized Finance (Defi) protocol distributed 310 million HYPE tokens during its genesis event, each worth $3.90. This brings the total distribution to $1.2 billion.
This rapid increase in token value pushed its market capitalization in token value to near the $2 billion mark, marking a major milestone for the project.
Hyperliquied runs on a layer 1 blockchain with a proof-of-stake consensus mechanism, designed to handle up to 200,000 transitions per second. The HYPE token is at the heart of its ecosystem, serving as both a consensus staking asset and a gas token for Hyperliquied’s Ethereum-compatible layer, HyperEVM.
The protocol allocated 31% of its 1 billion HYPE tokens during the genesis airdrop. The remaining tokens are reserved for the future community reward of 23.8% over a one-year period, with vesting periods extending until 2028.
Notably, Hyperliquied has not allocated tokens to private investors or centralized exchanges. The Hyperliquied airdrop joins other historic Defi giveaways like the Uniswap airdrop in 2022 and the Arbitum distribution in 2023, demonstrating the potential of airdrops to boost community engagement.
Airdrop has become a powerful tool in the crypto world, with over $26.6 billion in tokens distributed in recent years. Thanks to HYPE’s impressive growth, Hyperliquied has solidified impressive growth and Hyperliquied has solidified its place as a leading player in the Defi space.
Also Read: HyperFND Unveils HYPE Token Genesis, 1 Billion Tokens to Mint
