Hyper Foundation announces launch of native token Hype
Prior to HyperEVM's upcoming mainnet launch, Hyper Foundation announced on Monday via X that it would be launching a native token called HYPE.
The Hyper Foundation has been established to support the growth of the Hyperliquid blockchain and ecosystem. Today, the flagship application on Hyperliquid is the premier decentralised exchange, part of the foundation for a new financial system. Hyperliquid's order books already… pic.twitter.com/EF6AdfI1Qz
— Hyper Foundation (@HyperFND) October 14, 2024
Hyperliquid users to get HYPE token
The post said the next stage of Hyperliquid's development is the native token, HYPE. The HyperEVM, the HyperBFT proof-of-stake consensus, and other roadmap advancements require a native token.
To celebrate the upcoming mainnet launch of the HyperEVM, qualified users can opt to receive HYPE and, optionally, a Hypurr NFT as part of the genesis distribution. Before November 11, 2024, at 23:59 UTC, users must read and agree to the Genesis Event Terms, and information regarding the timing of the HYPE "Genesis Event," or token airdrop, will be released later, according to Hyper Foundation.
Average daily transaction volume of Hyperliquid has surpassed $1 billion
Among decentralized perpetual swap platforms, Hyperliquid has become the most active in terms of trading volume. Hyperliquid has outperformed other decentralized derivative platforms in recent months, with an average daily transaction volume of over $1 billion.
As reported on October 4th, the platform recorded a higher daily volume over the last few days than other leading decentralized derivatives platforms. According to DeFiLlama data, Hyperliquid's volume on October 3rd was close to $1.39 billion, surpassing Jupiter's $699 million, SynFututures' $556 million, and dYdX's $331 million.
What is Hyperliquid?
Hyperliquid is a decentralized platform that aggregates liquidity from multiple sources to enable users to trade perpetual derivatives. Users can also use leverage to trade cryptocurrencies, allowing them to borrow funds to increase their purchasing power. It works as a Layer 1 app chain with native meme tokens like Purr, Points, and so on.
The project makes use of a specially designed trading engine with low latency, enabling quick order execution on the Hyperliquid Chain, which is essential for high-frequency traders. Because the protocol is non-custodial, traders can always access their funds through a cryptocurrency wallet.
Disclaimer
This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.