On November 29, 2024, the Hyperliquid platform launched its native token HYPE, marking a major milestone in the world of cryptocurrency airdrops.
The revolutionary DeFi project has distributed 310 million HYPE tokens to its community, which is equivalent to 31% of the supply of the new currency.
Today, the total value donated amounts to more than $4.3 billion, a figure that places Hyperliquid in first position among the most epic airdrops in history.
Enter history, setting a new standard for future bullish and bearish cryptocurrency distributions.
What is the Hyperliquid platform and how does it work?
Hyperliquid is a high-performance L1 blockchain with an integrated platform for decentralized crypto trading. Its primary goal is to provide an efficient trading experience comparable to leading centralized solutions.
Unlike centralized exchanges, it manages an on-chain order book, making the entire operation completely decentralized.
It allows you to operate with cryptocurrencies in the spot market and with derivative products in a wide range of pairs, with a maximum leverage of 50X.
Let’s talk about a fairly scalable and low latency platform, with a performance of 20,000 TP/s and a blocking time of 200 ms.
Hyperliquid implements a consensus protocol called HyperbFT, which allows it to meet the growing demands of users in the DeFi landscape.
The latter, developed in the Rust programming language, provides important benefits by increasing the speed of order execution to 2 million operations per second.
As an oracle for asset price verification, Hyperliquid uses various sources that reference quotes from exchanges such as Binance, Bybit, Kraken, etc.
In more detail, the platform’s oracles update the average CEX values every 3 seconds and set the value of the criminals’ funding rate.
It should be noted that the chain of Hyperliquid is its own virtual machine, therefore, it is not compatible with the Ethereum virtual machine. In any case, the project team recently launched an EVM-compatible testnet that will lead to a new stage of on-chain interoperability.
However, as of today the app has a bridge that allows users to transfer funds secured in USDC or ETH from Ethereum to Hyperliquid L1.
Users can deposit or withdraw funds using this bridge, which is designed to handle large volumes of transactions securely and efficiently.
The negative aspects refer to a closed source codetherefore not verifiable by the community, and a still largely centralized structure with few validators.
Hyperliquid: the largest cryptocurrency airdrop in history in terms of value distributed
On November 29, Hyperliquid introduced its native token. ADVERTISING HYPE to the market, leaving its mark as the largest and most rewarding airdrop in history.
After about a year since the launch of the platform, the first rewards have arrived for all the early users who contributed to its success.
Many farmers have changed their lives forever and achieved six-figure incomes.
The distribution was made taking into account the points accumulated by the different users, which reflect the volume of merchants in correlation with the TVL of the chain.
The airdrop involved approximately 200,000 addresses and 310 million HYPE tokens.initially valued at 1.2 billion dollars with a value of 3.9 dollars in the TGE.
However, in the days following the launch, HYPE grew significantly in the market, even surpassing the $14 threshold, which represents an increase of 350%.
The total value of airdrop has also skyrocketed, reaching crazy record of 4.3 billion dollars.
No other airdrop in history has distributed such a large amount, not even considering the historic launches of Uniswap, Blur, and DyDx.
Hyperliquid’s average airdrop is 2,915 HYPE per userwhich is about $40,000 at the maximum price of the token.
Unlike other tokens launched through similar incentive campaigns, HYPE offers numerous features including governance and staking.
The resource also serves as a gas token for HyperEVM, the network’s execution environment, facilitating the flow of transaction fees.
It is worth noting how after the airdrop, Hyperliquid continued to attract a large amount of capital, setting new highs in TVL and derivatives trading volume.
Upcoming airdrops: taking Hyperliquid as an example
The impeccable management of the airdrop and the bullish price action of the HYPE token post TGE attest to the undisputed success of Hyperliquid.
This event will be discussed for a long time and will most likely be analyzed as a Case study for upcoming cryptocurrency distributions.
Typically, projects that have announced an airdrop in their communities have relied on the predatory activity of venture capital investors who have funded the companies themselves.
Unfortunately, however, the presence of these types of investors has generally contributed to reducing rewards for users, diluting the value of the token with more players.
Hyperliquid has changed the game and is self-funded, freeing itself from VC slavery who would have thrown the airdrop in the face of his own community.
This very important detail has helped eliminate possible pre-existing sales pressures on HYPE, both at launch and in the long term.
It is no coincidence that the token pumped strongly after TGE.
It is also worth noting how Hyperliquid has intentionally distributed a large amount of HYPE’s supply to its users.
Unlike many projects that have offered only 5% of the supply as airdrop, it has even allocated 31% of the total offer.
Normally, such a highly distributed security tends to result in a drop in the token price immediately, but this has not been the case with HYPE!
The project focused entirely on the strength of the community and the creation of a functional and efficient product and was pleasantly rewarded by the farmers.
Very few have sold the airdrop, attracting outside public attention and sending the token price to the moon.
With Hyperliquid, a beautiful new chapter has opened in the era of cryptocurrency airdropswhere the protagonists are the degen and not the large investors.
Hat.
