The post Hyperliquid’s HYPE airdrop breaks the mold appeared on BitcoinEthereumNews.com.

This is a segment from the 0xResearch newsletter. To read full editions, subscribe. Hyperliquid, the largest perpetuals DEX by trading volume, launched its HYPE token today to (nearly) wide acclaim. The HYPE airdrop stands out for two reasons.  For one, 31% (310 million) of the HYPE token supply is being airdropped, far higher than the average airdrop of a 5% to 15% token supply range. Secondly, Hyperliquid is unique as a non-venture-backed team, which means there are no private investor allocations. In what seems to be the most successful airdrop of the year thus far, HYPE is currently trading at a $1.7 billion market cap, and a $5.1 billion FDV. For comparison, dYdX, which was early to the dedicated DEX chain game, has a valuation of $1.1 billion. Not everyone is happy about the airdrop, which required signing up to Terms and Conditions in advance.Source: Hyperliquid Discord Thanks to seamless onboarding, gas-free trading, a sleek user interface and lightning-fast token listings, Hyperliquid has cemented its reputation as the premier perps DEX of 2024. But Hyperliquid’s success comes from more than product innovations around its orderbook exchange. Though Hyperliquid was originally a perps application on Arbitrum, it subsequently introduced a spot orderbook exchange and migrated its DEX onto a proof-of-stake layer-1 in March 2024. The Hyperliquid L1 chain is powered by the HyperBFT consensus protocol and claims to support about 100K TPS. Unlike most other perps DEXs, Hyperliquid’s orderbook is fully onchain, earning a nickname of “onchain Binance” among its community. Others, such as Aevo, use an offchain or hybrid approach. HYPE will likely be used for L1 staking and governance, adding to its positive perception as a “utility” token. Since then, Hyperliquid has sought to leverage its DEX liquidity to bootstrap an entire financial ecosystem around its prized perps product.…

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Filed under: News - @ November 29, 2024 6:21 pm