Hyperliquid, a decentralized finance (DeFi) protocol, conducted one of the largest airdrops in history with its genesis event on November 29. A total of 310 million HYPE tokens were distributed. The HYPE token value, which was initially $3.90, increased by 63% in 12 hours to $6.16. Its market cap is approaching $2 billion. The HYPE token plays a central role in the Hyperliquid ecosystem and is used as a staking asset.