Hyperliquid has made waves in the DeFi world with its massive airdrop on November 29, distributing 310 million HYPE tokens, valued at $1.2 billion, to its community. Initially priced at $3.90, the token surged 63% within 12 hours, reaching $6.16 and pushing its market cap close to $2 billion.

Hyperliquid operates on a layer-1 blockchain, boasting a proof-of-stake mechanism and processing speeds of up to 200,000 transactions per second. The HYPE token is integral, used for staking and as a gas token on its Ethereum-compatible layer, HyperEVM.

This event ranks among the largest airdrops in DeFi history, following notable distributions by Uniswap and Arbitrum.