Hyperliquid plans to launch HYPE token at ‘Genesis Event’ on November 29

According to The Block, Hyperliquid plans to launch its native token HYPE at a genesis event on November 29 at 07:30 UTC.

Hyperliquid is a decentralized perpetual exchange and Layer 1 chain, and the launch of HYPE marks a major milestone in the project’s journey, unlocking core functionality at every level, the Hyper Foundation said.

After the launch on November 29, HYPE will serve as the primary asset for staking and securing the HyperBFT consensus mechanism, helping the project achieve decentralization. As such, the token will be an important part of the platform's native perpetual and spot decentralized exchanges, where users can trade HYPE for USDC on the native spot order book. In addition, HYPE will also serve as the native fuel token for the network execution environment HyperEVM.

The genesis event will also be accompanied by a community airdrop for users who hold platform reward points. This is a major milestone for the project, which has become one of the largest decentralized exchanges over the past year but has yet to launch a native token.

As an application chain, Hyperliquid utilizes HyperBFT, an optimized proof-of-stake consensus algorithm that enables high throughput and near-instant final confirmation time.

HYPE Token Distribution

Hyperliquid said it will not allocate tokens to private investors. The total supply of its native token HYPE will be limited to 1 billion tokens. In the genesis event, 31.0% (or 310 million) of the tokens will be allocated to eligible users as airdrops, and all tokens will be fully unlocked at the time of the event.

Another 38.8% (388 million) of tokens will be used for future emissions and community rewards. In addition, 23.8% of tokens (about 238 million) will be reserved for current and future core contributors, which will experience a one-year lock-up period after the genesis event.

The Hyper Foundation will receive 6.0% (or 60 million tokens) to support its operating budget. The project emphasizes its focus on building a fully community-owned network and confirms that there are "no allocations to private investors, centralized exchanges, or market makers."