The DEX aggregator Rage Trade is about to issue its RAGE token on the new Layer 1 blockchain Hyperliquid. The token sale is scheduled for August 7, with 20 million tokens out of a total supply of 100 million available on Fjord Foundry at a fixed price of $0.30.
In addition, the “Rage Quit” function has been introduced, allowing private investors to obtain their early allocation by accepting a 60% reduction.
RAGE will be among the first tokens to be launched on Hyperliquid, marking a significant moment for this new blockchain. Let’s see all the details below.
DEX Rage Trade news: new token RAGE arriving on Hyperliquid
As anticipated, the decentralized exchange (DEX) aggregator Rage Trade has announced the issuance of its new token RAGE. The launch takes place through a liquidity generation event and a token sale on Fjord Foundry, scheduled for August 7.
The token will be launched on the recent layer-1 blockchain Hyperliquid, which has quickly gained popularity thanks to its decentralized perpetual exchange.
Rage Trade currently aggregates platforms like GMX, Synthetix, Dydx, Aevo, and Hyperliquid, allowing traders to manage their positions across different blockchains and earn incentives.
During the event, 20 million RAGE tokens will be sold at a fixed price of $0.30, while another nine million will be used to seed liquidity on Hyperliquid.
Additionally, six million tokens have been reserved for future market making incentives and product development.
The token will have a total supply of 100 million, with 20% allocated for sale and 30% to the community treasury. The latter is subject to a 12-month lock-up period and a 24-month linear release.
The “Rage Quit” function introduces a deflationary mechanism. This allows private investors and recipients of the airdrop to receive their allocation after an initial three-month cliff, accepting a 60% cut.
Rage Trade has chosen Hyperliquid as the platform for its token after the network became the preferred choice of users of the Perp Aggregator di Rage, with over 1,300 users generating a volume of 445 million dollars.
Hyperliquid surpasses dYdX in TVL
Hyperliquid, the exchange decentralized based on Arbitrum, has recently introduced a new points program, which has catalyzed a significant growth in the total value locked (TVL) on the platform.
According to the data from DefiLlama, Hyperliquid has reached a TVL of 530 million dollars. Thus surpassing the 484 million dollars of dYdX and reaching a new all-time high.
This figure places Hyperliquid in second place among derivative platforms, right after GMX, which maintains a TVL of 542 million dollars.
Completing the top 5 of the platforms for TVL are Jupiter, based on Solana, with 415 million dollars and Drift with 365 million dollars. Hyperliquid had an extraordinary year in 2024, moving from eighth place to second in just six weeks.
This rapid increase has been largely attributed to the new Hyperliquid points program that started on May 29.
The points program provides for the distribution of 700,000 points weekly for four months. With an additional 2 million points awarded for activity between May 1st and May 28th.
Despite the criticisms from the community regarding the decision to extend the incentive program and delay the launch of the token and the airdrop, the platform has continued to attract numerous traders.
From perpetual DEX to Layer 1
Steven, founding member of Yunt Capital, which has supported some of the largest cryptocurrency companies, including Zerion, noted that Hyperliquid has distributed about 51 million points in four periods.
He also emphasized that the project aims to reward its early users and to move from the simple role of perpetual DEX to a true Layer 1:
“The team is clearly making an effort to make it known that Hyperliquid is an L1 and not just a DEX for derivatives.”
Furthermore, it highlighted that the holders of the token PURR have been significantly rewarded, with a 23% increase in the value of the token.
PURR was the first spot token launched on Hyperliquid and it seems destined to continue receiving attention and incentives from the platform.