The decentralized perpetual swap trading platform Hyperliquid recently airdropped 310 million HYPE tokens to users, driving its market capitalization to surpass well-known projects like Aave. Since the token generation event, the price of HYPE has continued to rise, with a current market capitalization of approximately $3.1 billion. According to data from The Block, Hyperliquid accounts for nearly half of the perpetual swap trading volume, demonstrating strong market performance. Despite facing criticism for its closed-source nature, HYPE still plays an important role in the ecosystem, supporting network security and decentralization.