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Hyperliquid, a decentralized exchange, has launched its native token HYPE, distributing over $1.74 billion worth of tokens to early users during a genesis event on November 29. The token generation event (TGE) began at 07:30 UTC, with 31% of the total supply—amounting to 333,928,180 HYPE tokens—allocated to eligible participants through an airdrop. The launch resulted in one of the largest airdrops in cryptocurrency history, with the token debuting at a fully-diluted valuation (FDV) exceeding $4.2 billion and an initial trading price of $4.1 per token. HYPE will serve as the gas token for Hyperliquid's HyperEVM, supporting staking and securing the HyperBFT consensus. It also powers transaction fees and USDC trading on the platform. The distribution excluded venture capitalists, private investors, centralized exchanges, and market makers, focusing instead on rewarding early users and the community. A further 38.888% of the total supply is allocated to future emissions and community rewards, and 23.8% to core contributors. The launch saw significant trading activity, with over $100 million in volume in the first 30 minutes and more than $225 million in USDC traded shortly after the TGE. Hyperliquid has handled over $334 billion in cumulative volume and currently holds $2.25 billion in open interest. In October alone, the platform recorded $1.6 billion in daily trading volume. Hyperliquid has grown to become one of the largest decentralized exchanges by volume, open interest, and active users, with liquidity rivaling top centralized exchanges. The successful launch of HYPE is considered a major event in the decentralized finance (DeFi) industry, highlighting the platform's commitment to decentralization and substantial wealth distribution to its community.
