Hyperliquid, the leading perpetual DEX by trading volume, has launched its HYPE token, initiating an airdrop of 31% of its token supply, significantly higher than the typical range of 5% to 15%. This unique airdrop comes from a non-venture-backed team, free from private investors, shaping a positive reception with HYPE trading at a $1.7 billion market cap. Despite the acclaim, some users are dissatisfied due to required terms and conditions for participation. Hyperliquid’s advancements include seamless onboarding, gas-free trading, and a fully on-chain orderbook, distinguishing it from competitors. Originally a perps application on Arbitrum, the DEX has evolved with a spot orderbook exchange and a migration to its L1 chain powered by HyperBFT consensus, supporting significant transactions per second. HYPE is anticipated to facilitate staking and enhance its perception as a utility token. With Hyperliquid’s efforts to utilize DEX liquidity, coupled with new innovations like on-chain identifiers and market-making programs, it captures a substantial market share in the evolving DEX landscape, amidst increasing competition from newer entrants. Despite the inherent volatility in this sector, Hyperliquid maintains a robust user base, showcasing resilience in the competitive derivatives trading space.

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