According to The Block, Hyperliquid plans to launch its native token HYPE during the genesis event scheduled for November 29 at 07:30 UTC.

Hyperliquid is a decentralized perpetual trading platform and Layer 1 chain, and the launch of HYPE marks an important milestone in the project's journey, unlocking core functionalities at each level, according to Hyper Foundation.

After its launch on November 29, HYPE will serve as the main asset for staking and securing the HyperBFT consensus mechanism, helping the project achieve decentralization. Therefore, the token will be a vital component of the platform's native perpetual and spot decentralized exchange, allowing users to trade HYPE against USDC on the native spot order book. Additionally, HYPE will also serve as the native fuel token for the network execution environment HyperEVM.

The genesis event will also be accompanied by a community airdrop for users holding platform reward points. This is an important milestone for the project, as Hyperliquid has become one of the largest decentralized trading platforms in the past year, but has yet to launch its native token.

Hyperliquid, as an application chain, utilizes HyperBFT, an optimized proof-of-stake consensus algorithm, capable of achieving high throughput and near-instant final confirmation times.

HYPE Token Distribution

Hyperliquid states that no tokens will be allocated to private investors. The total supply of its native token HYPE will be capped at 1 billion tokens. During the genesis event, 31.0% (i.e., 310 million) of the tokens will be allocated to eligible users as an airdrop, with all tokens fully unlocked at the time of the event.

An additional 38.8% (i.e., 388 million) of tokens will be used for future emissions and community rewards. In addition, 23.8% of the tokens (approximately 238 million) will be reserved for current and future core contributors, which will undergo a one-year lock-up period after the genesis event.

The Hyper Foundation will receive 6.0% (i.e., 60 million tokens) to support its operational budget. The project emphasizes its focus on building a fully community-owned network, confirming that 'there are no allocations for private investors, centralized exchanges, or market makers.'