Hyperliquid, a decentralized perpetual exchange, is challenging the conventional wisdom that venture capital is essential to the success of the cryptocurrency space. Instead, it claims to rely on the technology and community-first approach it touts.
DEX’s Hyper Foundation, which oversees development, presentation An airdrop is scheduled for Thursday, along with a token creation event scheduled for Friday at 2:30 a.m. ET.
Over the past year, Hyperliquid has expanded from an exchange to a ‘full-fledged financial system’ and claims its liquidity now ‘rivals’ that of the ‘best exchanges’ on which it is based. said Thursdays on X (formerly Twitter).
In October, Hyperliquid achieved a record daily trading volume of $1.39 billion, beating Jupiter and SynFutures. Derivatives Data It shows.
“The HYPE Genesis event is an important milestone on our journey to unlock core capabilities at all levels of the stack,” he said.
based data Aevo’s Hyperliquid, a derivatives tracking platform, has an estimated valuation of $3 billion. At this valuation, the 310 million HYPE tokens scheduled to be allocated in the 31% community airdrop would be worth nearly $1 billion, marking Hyperliquid’s “Genesis Event” as one of the biggest events in DeFi, the project claims. .
Once launched, the HYPE token will be integrated directly into Hyperliquid’s core operations, the project said. decryption We contacted Hyperliquid to find out more.
In addition to its traditional governance role, the token will enable USDC trading pairs directly on the platform’s spot market, while also providing staking and trading fee capabilities.
What’s different?
Hyperliquid runs on a blockchain specifically designed for high-speed transactions and financial applications. platform used HyperBFTIt is a proof-of-stake system that can process transactions almost instantly while maintaining security through network consensus.
The project is currently ranked as the best derivatives exchange with a 24-hour trading volume of $1.6 billion. data From DeFiLllama. Historical trading volume is approximately $428 billion.
Hyperliquid said: blog post On Thursday, there will be “no allocations for retail investors, centralized exchanges or market makers”. This is an approach that departs from the way other projects typically allocate during launch, with a significant portion reserved for early backers and project leaders.
“There are no investors. There are no paid market makers. There are no fees for any company. “Community comes first,” Hyperliquid claims on its website.
Nonetheless, approximately 24% of the tokens will be allocated to the network’s current and future core contributors, while an additional 6% will be used for the “Hyper Foundation Budget,” the exchange said.
Edited by Sebastian Sinclair
daily report newsletter
Start your day today with top news stories, original features, podcasts, videos and more.
