According to (The Block): Hyperliquid, the decentralized perpetual swap trading platform, recently airdropped 310 million fully unlocked tokens to users trading on the platform and earning points, causing the price of its HYPE token to soar, with a market cap surpassing lending platform Aave.
According to data from (The Block), the platform also claims to account for nearly half of all perpetual swap trading volume.
Since the token generation event (TGE) last Friday, the tokens of Hyperliquid have been continuously rising. During this event, the decentralized perpetual swap trading platform airdropped 310 million fully unlocked tokens to users trading on the platform, where users earned points through trading. This activity lasted for six months, until May.
At that time, these tokens were valued at approximately $1.2 billion. Now, at the current price of HYPE at $9.39, their value has exceeded $2.9 billion, giving the token a fully diluted valuation of $9.4 billion. According to (The Block) HYPE price page, the token has increased by over 10% in the past 24 hours.
The market cap of HYPE is currently about $3.1 billion, surpassing lending platform Aave, privacy cryptocurrency Monero, Ethereum Layer 2 Optimism, and other well-known crypto projects.
Since October, Hyperliquid has first climbed to a leading position in daily trading volume on decentralized perpetual swap platforms. According to data from (The Block) yesterday, the platform accounted for nearly 47% of the trading volume among all such platforms. Meanwhile, its biggest competitor, Synfutures, saw its trading volume drop by 30% from Friday, November 29, to Saturday, November 30, while Hyperliquid's trading volume only fell by 10%.
HYPE plays a key role in the Hyperliquid ecosystem; this token can be staked to secure HyperBFT, an optimized proof-of-stake consensus mechanism that ensures network security and promotes decentralization. Furthermore, HYPE is also the native gas token of HyperEVM, helping to pay for transaction fees.
Jeff Yan, co-founder of Hyperliquid, wrote on social media X on Saturday: "Hyperliquid's genesis token pays tribute to the original spirit of Bitcoin: ownership belongs to believers and practitioners, not rent-seeking insiders. Hyperliquid is the evolution of finance. Hyperliquid is only successful when it is inclusive of all finance."
However, Hyperliquid has faced criticism from some crypto founders due to its current closed-source nature. "How do you know these numbers, trading volumes, and total locked values are correct? Because their API self-reports?" wrote Peter Kris, founder and CEO of cross-chain exchange protocol Gasp, on social media X.
