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310 million HYPE tokens will be airdropped to eligible users on November 29.No allocations are set aside for private investors, ensuring community-focused ownership.A few hours from now, a decentralized trading platform and Layer 1 blockchain Hyperliquid will launch its native token HYPE. This launch comes as part of its genesis event slated to go live by 07:30 UTC on November 29. By the platform’s expectations, the token will be an integral part of its operations, making the project’s transition to full decentralization an easy one.
Genesis Event: A Major Milestone for Hyperliquid
As Hyper Foundation confirms, expectations are high for the upcoming genesis event. A major part of that is the launch of the HYPE token, which is expected to unlock core functionality and other essential features across the ecosystem.
The token will power several areas of Hyperliquid’s ecosystem. Firstly, it will be the gas token for Hyperliquid’s execution environment, known as HyperEVM. Secondly, the HYPE Token can act as a tradable asset on Hyperliquid’s native decentralized exchange, with trading pairs available against USDC USDC $1.00 24h volatility: 0.1% Market cap: $39.45 B Vol. 24h: $11.70 B .
Lastly, HYPE will also function as a staking asset in order to secure HyperBFT, the platform’s consensus mechanism.
Celebrating the launch, Hyperliquid has also announced plans to reward its community with an airdrop. The project says it has committed 310 million tokens to be shared among users who have earned reward points on the platform. That is, 31% of the total 1 billion token supply.
Hyperliquid will reserve 388 million tokens (38.8% of the supply) for future community rewards and emissions. Then, another 23.8% (238 million tokens) will go to core contributors, subject to a one-year lock-up period after the genesis event.
According to the project, the Hyper Foundation will receive the remaining 6% (60 million tokens) for its operational needs.
By ensuring no allocations for private investors, centralized exchanges, or market makers, it appears that the project is making a bold statement about its resolve to see a fully community-owned network.
A Unique Approach
Hyperliquid has turned out to be one of the top decentralized trading platforms by volume. However, its success may not be far from how its HyperBFT consensus algorithm has helped it to offer users high throughput and near-instant transaction finality. Interestingly, the platform achieved such a level of success without a native token. So, it has had to rely only on its unique infrastructure and strong user base.
Be that as it may, the introduction of HYPE is expected to change things. The token is expected to boost not only engagement but also help to further decentralize the network, ultimately creating more room for new features and growth opportunities.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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