Many of you may have heard about Hyperliquid and its native token $HYPE, which took the crypto space by storm with one of the biggest airdrops to date over $7 billion worth of $HYPE, with the token priced at $24.64 at the time of writing. But let’s take a closer look, it’s much more than just an airdrop !
What Is Hyperliquid?
Most people know Hyperliquid as a trading platform for cryptocurrencies. However, it’s much more than that.
Hyperliquid is a Layer 1 blockchain built on two key components:
- HyperCore
- HyperEVM
These are built using the HyperBFT consensus mechanism, enabling extremely high performance : 0.07 block time and a maximum of 200,000 transactions per second (TPS).
- HyperCore is the engine for leveraged perpetual (perps) trading. It also supports spot trading, making it a decentralized alternative to centralized exchanges (CEX) like Binance. However, there are currently only a few trading pairs available, such as $BTC, $ETH, $HYPE, and a few lower market cap tokens.
- HyperEVM is where the typical Layer 1 ecosystem grows — think DeFi, dApps, and more. This is what sets Hyperliquid apart from other DEXs. The team aims to be the “House of All Finance,” with various projects already building on it, including lending protocols and more to come.
You can track Hyperliquid’s DeFi growth here :
https://defillama.com/chain/hyperliquid-l1
The blockchain operates with a Proof of Stake (PoS) consensus, similar to Ethereum.
$HYPE
Hyperliquid’s rapid success is due to several factors. Its trading application is incredibly intuitive and fast, but the main catalyst was the massive airdrop, with 76.2% of the total supply allocated to the community. Even more impressive : no VCs involved.
Hyperliquid Blog
$HYPE is used for :
- Staking, to secure the network
- Paying fees on HyperEVM
- Buyback mechanisms, where a portion of the platform’s trading revenue is used to buy back $HYPE
Final Thoughts
Hyperliquid is one of the most ambitious projects in the space, with strong tokenomics and a clear vision. In my opinion, it’s a top project to watch this bull run.
Also, there’s still around 38% of the $HYPE supply left to be distributed, so a second airdrop is likely. I’ll be writing a more detailed article on that soon !
If you’d like to try the platform, I’d really appreciate it if you use my referral link below, you’ll save 4% on fees and support my work for free !
As always, thank you for reading !
Hyperliquid (4% fees discount) : https://app.hyperliquid.xyz/join/ASTROBOY13
My favorite Crypto Faucet: Cointiply (referral)
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Disclaimer: This is not financial advice, you need to do your own research !
