Hyperliquid has garnered acclaim for its highly successful airdrop in November, which excluded venture capitalists and emphasized community engagement. Analysts have noted that this strategy created a strong demand for its token, HYPE, contributing to a notable increase in its value from $1 billion at launch to over $7.5 billion afterwards. Experts like Jae Sik Choi highlight that Hyperliquid's approach forced artificial demand, leading to organic market interest. Hyperliquid's focus on rewarding early users irrespective of their investment size, alongside favorable timing, played a critical role in its success. In contrast, other DEXs have struggled due to high fully-diluted valuations and insider trading allegations. Hyperliquid’s platform offers superior product features, processing 100,000 orders per second, which enhances user experience compared to competitors like GMX and dYdX. However, the platform faced controversies related to security vulnerabilities and centralization issues. Despite these concerns, Hyperliquid’s rise signifies a shift in DEX launch dynamics, benefiting from a well-executed airdrop strategy that some analysts deem difficult to replicate.

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