- Hyperliquid will launch its native coin, HYPE, at a genesis event on November 29 at 7:30 UTC..
On November 29 at 7:30 UTC, Hyperliquid, a Layer 1 chain and decentralized perpetual trading platform, plans to introduce its native cryptocurrency, HYPE, at a genesis event.
A significant turning point in the adventure is the HYPE genesis event, which unlocks essential functionality at every stack level.
HYPE will be the main asset for staking and protecting the HyperBFT consensus mechanism following the launch on Nov. 29. This will enable the project to become decentralized.
As a result, the token will be essential to the native spot and permanent decentralized exchange of the platform, where it will be traded on the native spot order book against USDC. Additionally, it will function as the HyperEVM, the network’s execution environment’s native gas token.
A community airdrop for platform reward point users will coincide with the genesis event. This is a significant turning point for the project, which has operated without a native token up until now despite being one of the biggest decentralized trading platforms by volume in the last 12 months.
Utilizing HyperBFT, an enhanced proof-of-stake consensus algorithm that permits high throughput and nearly immediate finality time, Hyperliquid functions as an app chain.
No token allocation for private investors, according to Hyperliquid
One billion tokens will be the maximum quantity of its native token, HYPE. As part of the airdrop for the genesis event, qualified users will receive 31.0% (310 million) of the tokens, all of which will be fully unlocked at the event.
388 million tokens, or 38.8% of the total, are set aside for community prizes and future emissions. Additionally, 23.8% of the total, or 238 million tokens, are set aside for current and potential core contributors. A one-year lock-up term will apply to these tokens after the genesis event.
To support its operating budget, the Hyper Foundation will get 60 million tokens, or 6.0%. The initiative confirmed that there are no allocations for market makers, centralized exchanges, or private investors, underscoring its goal of creating a network that is entirely controlled by the community.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
