Friends in the crypto world, there is another new story worth paying attention to today! 🎉

According to the latest market data, the HYPE token broke through $29 in a short period of time and is currently quoted at $29.4, with a 24-hour increase of 18.7%, setting a new record high. This news undoubtedly injected a shot of adrenaline into the crypto market, and people can't help but look forward to its future development.

So, what is the story behind HYPE? It is a token launched by Hyperliquid. Hyperliquid is an L1 platform designed for decentralized derivatives trading. Although its mainnet has not yet been launched, its vision is to become a decentralized Binance. It is worth noting that Hyperliquid has not yet accepted any investment, which is particularly unique in the crypto field.

The Hyperliquid Foundation made it clear in its Genesis Event announcement that there was no allocation for private investors, centralized trading platforms or market makers in the token distribution. This decentralized allocation strategy may be one of the reasons for the rapid rise in its token price.

For investors, such market performance is undoubtedly exciting. However, as neutral observers, we also want to remind everyone that the market is volatile and investments should be made with caution. After all, the future development of decentralized trading platforms is still full of unknowns.

What do you think of the future of Hyperliquid? Do you think a decentralized Binance is possible? Feel free to share your thoughts and insights in the comments section! Let's discuss this exciting topic together!