In summary
- The Hyper Foundation completed the genesis distribution of HYPE, handing out $1.6 billion in tokens, the seventh largest in Cryptocurrency history.
- Users received 31% of the total HYPE supply, with 38.88% reserved for future issuances and rewards.
- The HYPE token is up 38%, reaching a price of $5.40 and a market capitalization of $1.74 billion.
The Hyper Foundation completed the genesis distribution of the HYPE token, the native token of the Hyperliquid Network, a high-speed Blockchain built for decentralized finance (DeFi), distributing over $1.6 billion in tokens to users based on the maximum price of $5 .40 since the night launch.
Hyperliquid users received 31%, or 310 million of the total 1 billion HYPE supply as part of the genesis distribution, with another 38.88% reserved for future issuances and community rewards. It should be noted that no tokens were reserved for “private investors, centralized exchanges or market makers.”
The $1.5 billion in tokens given to community members places the HYPE airdrop as the seventh largest in cryptocurrency history, ahead of other airdrops such as Bonk (BONK) and Optimism (OP). Some users claimed that they received considerably large allocations as part of the big delivery.
“Wow, I woke up to a six-figure airdrop on $HYPE. Biggest airdrop of my life,” said cryptocurrency trader and cryptocurrency personality PonziTrader on X (formerly known as Twitter).
Hyperliquid’s Perp decentralized exchange (DEX) is the flagship product on its Hyperliquid blockchain, which is presented as an “efficient and modern” layer 1 network. The exchange has facilitated over $334 billion in total volume since March 2024 and ranks #7 in 24-hour DEX volume, according to CoinGecko.
HYPE’s price has risen 38% since its launch, trading at $5.40 with a market cap of $1.74 billion, placing the token at #73 by market cap, according to CoinGecko.
Edited by Andrew Hayward
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