Hyperliquid Native Token HYPE Exceeded $600M Volume After The Airdrop

Key Points:

• HyperLiquid native token HYPE saw a 101% price increase within 24 hours following its TGE on November 29.
• The protocol distributed 310 million HYPE tokens during its TGE, making it one of the largest airdrops in DeFi history.

HyperLiquid, a DeFi protocol, has caught much attention from the market after announcing the launch of its native token HYPE in its Token Generation Event (TGE) on November 29.

Read more: Hyperliquid Airdrop Sets New Standard in Crypto for 2024 

HyperLiquid Native Token HYPE Rises 101% Price After TGE Event.

In the last 24 hours, the HyperLiquid native token has shot up in the market by 101%, increasing its value from $3.31 at launch to over $6.50. In view of this high demand, its trading volume exceeds $600 million, and HYPE’s market capitalization has now gone over $2 billion. At the time of this report, HYPE was approximately $6.5, and FDV was nearly $6.45 billion.

The airdrop of 310 million HYPE tokens to the community made HyperLiquid one of the biggest airdrops in DeFi history, with the event having allocated 31% of the total supply of tokens to users.

In addition, 38.88% of this supply is earmarked for future emissions, keeping the community rewarded and active, while 23.8% is reserved for the core contributors in the development of the HyperLiquid blockchain.

HyperLiquid’s Scalable Blockchain Powers DeFi Ecosystem

HyperLiquid native token HYPE is the staking asset that acts as securing behind the HyperBFT consensus mechanism, while it also works as a gas token for its EVM-compatible layer HyperEVM.

According to ASXN Data, since yesterday’s TGE event, the daily trading volume of the on-chain derivatives project Hyperliquid’s native token HYPE is now at the top of the Hyperliquid ecosystem.

The proof-of-stake consensus-based blockchain from HyperLiquid can perform an amazing 200,000 transactions per second and thus will be extremely scalable for decentralized applications.