Reported by The Block: Hyperliquid plans to launch its native token, HYPE, during a genesis event scheduled for 07:30 UTC on Nov. 29.
Hyperliquid, a decentralized perpetual trading platform and Layer 1 chain, plans to introduce its native token, HYPE, during a genesis event scheduled for 07:30 UTC on Nov. 29.
“The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level of the stack,” stated the Hyper Foundation.
After the Nov. 29 launch, HYPE will serve as the primary asset for staking and securing the HyperBFT consensus mechanism, allowing the project to decentralize.
As such, the token will be integral to the platform’s native perpetual and spot decentralized exchange, where it will be traded against USDC on the native spot order book. It will also serve as the native gas token of the network’s execution environment, the HyperEVM.
The genesis event will accompany a community airdrop for users with the platform’s reward points. This marks an important milestone for the project, which has emerged as one of the largest decentralized trading platforms by volume in the past year yet has functioned without a native token until now.
Hyperliquid works as an app chain that leverages HyperBFT, an optimized proof-of-stake consensus algorithm that enables high throughput and near-instantaneous finality time.
Hyperliquid says no token allocation for private investors The total supply of its native token, HYPE, will be capped at 1 billion tokens. The genesis event will see 31.0% (or 310 million) of tokens distributed to eligible users as an airdrop, all of which will be fully unlocked at the time of the event.
Another portion, 38.8% (or 388 million) tokens, is allocated for future emissions and community rewards. Additionally, 23.8% of the tokens, amounting to 238 million, are set aside for current and future core contributors. These tokens will be subject to a lock-up period of one year following the genesis event.
The Hyper Foundation will receive 6.0% or 60 million tokens to support its operational budget. The project emphasized its focus on building a fully community-owned network by confirming that there are “no allocations for private investors, centralized exchanges, or market makers.”