With the Hyperliquid airdrop live since this morning, eligible users shared $1.3 billion in HYPE token rewards. Let’s shed some light on this extremely profitable airdrop.
Hyperliquid airdrops its HYPE tokens
Thursday, the decentralized exchange (DEX) of perpetuals Hyperliquid presented the terms of the airdrop of its HYPE tokenwhich is already positioned as one of the most lucrative airdrops in the ecosystem. And for good reason, eligible users shared no less than 31% of the total quantity of tokens, which currently represents more or less $1.3 billion in rewards.
At the time of writing these lines, the HYPE token is trading at almost 4 dollars and is currently in the top 100 of the largest crypto capitalizations. While volatility is still high, considering the asset only launched this morning, this already stands out from several more popular airdrops this year, which saw token prices plummet upon launch.
On X, it is easy to find testimonials from users who have received the equivalent of several tens of thousands of dollars in rewards:
hyperliquid airdrop cooked, worth well over 30k for me rn, making it my biggest ever.
holding the stack as I believe this is the best opportunity in crypto for this cycle.
onchain binance is real. higher. pic.twitter.com/CJQ9XxKUkG
— Khamul (@Khamul999) November 29, 2024
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Where this airdrop also stands out is that it is above all community-centered, with no allocation to venture capital funds. More broadly, Hyperliquid users will be allocated more than 75% of HYPE tokens over timewithout blocking period:
Tokens will be issued over time, with 76.2% going to the community. 310,000,000 tokens are allocated to eligible participants in the launch event. These tokens will be fully unlocked. Undistributed tokens will be moved to future community issuances and rewards.
As for the Hyper Foundation, it reserves 60 million HYPE tokens for its operation, or 6% of the total capitalization of the asset.
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At the same time, note that a “technical problem” occurred on Whales Market, an over-the-counter market allowing you to trade your airdrop allocation. In an announcement on Discord, the protocol teams announced the cancellation of trading around this airdrop, triggering the discontent of its own community:
Whales Market Announcement About Hyperliquid Airdrop
👉 To go further — What are the best perpetual trading platforms?
For its part, the ecosystem Hyperliquid has a total value locked of $1.4 billion to dateaccording to data from DefiLlama. Now that the airdrop has been fully carried out, it will be necessary to study the evolution of the DEX's activity, compared to other competitors such as dYdX in particular.
Ultimately, the HYPER token must become the native token, both for payment and transaction fees, on the Hyperliquid ecosystem.
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Sources: Hyperliquid
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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