#CryptoUsersHit18M Hype, speculative crypto or useful to the community? This new cryptocurrency is up more than 260% since its launch on Friday, November 29. This Wednesday, December 4 at 4:30 p.m. French time, it is trading at $11.77 on CoinMarketCap. Its capitalization already exceeds $3 billion. Hype is the cryptocurrency of Hyperliquid, a decentralized crypto trading exchange (DEX), launched in 2022.

How can we explain its surge? Last Friday, Hyperliquid distributed $1.3 billion of its tokens to 100,000 users via an airdrop... some receiving up to $1 million. Hyperliquid wants to bet on the community, with 70% of the tokens in circulation intended for users.

As a reminder, an airdrop is a free distribution of a cryptocurrency (token) carried out by the creators of this same cryptocurrency. For a project, this type of method allows it to gain visibility.

Hyperliquid's airdrop clearly seems to benefit its token. To date, hype can only be purchased on the platform. It is used to trade and is also used as a staking token to secure Hyperliquid.

Decentralization in question

Beyond the speculation around this crypto, Hyperliquid is today the first DEX with more than $1.55 billion blocked (TVL), ahead of the giants Jupiter and Drift Trade. However, its blockchain remains subject to questions, particularly in terms of decentralization.

The protocol will therefore have to "evolve on this axis if it wants to move in the direction of Web3 values", we can read.

Hyperliquid now offers a triple product, "a DEX, a layer 1 and layer 2 blockchain, it's a bit like a giant Binance but decentralized, that's what drives the community", he says.

Investors are however led to remain cautious. Crypto is the subject of strong speculation today: if it has gained 200% in a few days, the fall could be just as brutal.