According to BlockBeats, on August 9, cross-chain application development platform Hyperlane announced the establishment of the Hyperlane Foundation. The foundation aims to manage and expand the Hyperlane network.

The Hyperlane Foundation has introduced the HYPE token, which is designed to create an alliance among active users of the Hyperlane network. The HYPE token aims to lay the groundwork for a developer-owned network, ensuring that those who contribute to the network's functionality will also become its owners.