The decentralized derivatives exchange Hyperliquid launched its native token HYPE on November 29, with the price skyrocketing from $2 at the opening to $9.8 on December 1, marking a nearly fivefold increase in just three days. This airdrop distributed a total of 310 million tokens, becoming one of the largest airdrops of the year and attracting a significant number of new users.

Despite limited discussions on social media, Hyperliquid's airdrop activity still led to significant user growth, with over 10,000 new users on November 29 and 30. However, trading volume did not see a significant increase.

HYPE's market capitalization once exceeded $3.3 billion, driving substantial increases in other ecosystem tokens like JEFF. Nonetheless, future trends remain uncertain. Hyperliquid currently relies on Arbitrum for on-chain operations and has not yet accepted external investments, making its future development worth monitoring.