Hyperliquid, a decentralized perpetuals exchange, is disrupting the belief that venture capital is vital for success in the crypto industry. The platform, which has evolved from an exchange into a full financial system, claims that its technology and community-first approach are the keys to its success.
Hyperliquid’s DEX, the Hyper Foundation, recently announced its token generation event and an airdrop, both scheduled for early Friday at 2:30 AM ET. Over the past year, Hyperliquid has seen significant growth, with its liquidity now rivaling that of top exchanges. In October, the platform surpassed Jupiter and SynFutures, boasting a record $1.39 billion in daily trading volume, according to DeFiLlama’s derivatives data.
The HYPE genesis event is a significant milestone for Hyperliquid, unlocking core functionality at every level of the stack. Based on data from Aevo, a derivatives tracking platform, Hyperliquid has a projected valuation of $3 billion. At this valuation, the 310 million HYPE tokens allocated for the 31% community airdrop would be worth nearly $1 billion, marking Hyperliquid’s event as one of the largest in DeFi.
Once launched, the HYPE token will integrate directly into Hyperliquid’s core operations. It will provide functionality for staking and transaction fees, as well as enabling direct USDC trading pairs on the platform’s spot market. What sets Hyperliquid apart is that it operates on a blockchain specifically designed for high-speed trading and financial applications.
The platform uses the HyperBFT system, a proof-of-stake mechanism that can process transactions almost instantly while maintaining security through network consensus. Currently, Hyperliquid is the top decentralized exchange for derivatives, posting $1.6 billion in 24-hour volume, according to DeFiLllama data.
Its all-time volume is around $428 billion. Hyperliquid has committed to a community-first approach, stating in a blog post on Thursday that there will be “no allocations for private investors, centralized exchanges, or market makers,” a departure from how other projects typically allocate during their launches.
Approximately 24% of the tokens will be allocated to current and future core contributors of the network, with an additional 6% going towards the “Hyper Foundation budget.”
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