Decentralized trading platform Hyperliquid has announced the launch of its native token, HYPE. The Genesis airdrop is scheduled for November 29th.
The genesis event for HYPE will occur at 07:30 UTC on November 29.
Hyperliquid has grown to include the largest decentralized exchange by volume, open interest, and active users. Liquidity rivals the top centralized exchanges. The user experience bridges the seamless trading on… pic.twitter.com/iyIj4TxAPv
— Hyper Foundation (@HyperFND) November 28, 2024
HYPE will be the main asset for staking within the HyperBFT PoS consensus mechanism and the transaction processing fee in the HyperEVM execution environment. The token will also be traded in pairs with USDC on the Hyperliquid ecosystem platforms.
The total supply of HYPE is limited to 1 billion tokens. The distribution will be as follows:
- 38.9% on future releases and community rewards;
- 31.0% for launch airdrop;
- 23.8% for current and future developers;
- 6.0% to the Hyper Foundation operating budget;
- 0.3% for community grants;
- 0.012% for Hyperliquidity.
HYPE will be released gradually, starting with the genesis event on November 29; 76.2% of the supply will eventually go to the community. Details of the airdrop timed to coincide with the launch have not yet been announced.
Tokens for developers will be released later. They will be locked for at least one year after genesis.
The team emphasized that the network remains in the hands of the community, so “there are no shares for private investors, centralized exchanges or market makers.”
Hyperliquid is an L1 blockchain with a native DEX module. The network uses a modified version of the Proof-of-Stake consensus algorithm called HyperBFT. According to the team, the protocol’s throughput reaches 200,000 TPS.
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Source: Cryptocurrency
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