Hyperliquid launches native token HYPE and reveals token distribution
The maximum supply of HYPE is 1 billion tokens.
Decentralized perpetual exchange Hyperliquid has officially announced its native token HYPE.
The Hyper Foundation announced through a post on X that the token generation event for the HYPE token went live on Friday, November 29, 2024 at 7:30 UTC.
“The HYPE Genesis event marks a key milestone in our journey to unlock core capabilities at every level of the stack,” Hyper Foundation said in a blog post.
Introduced by Hyper Foundation in October, HYPE also includes community airdrops.
Approximately 31% of the maximum supply of 1 billion tokens is set for Genesis distribution and 38.89% for future emissions and community rewards. The project allocated 23.8% to core contributors, 6.0% to the Hyper Foundation budget, and 0.3% to community grants.
“Tokens will be issued over time, with 76.2% going to the community. 310 million tokens will be allocated to eligible participants of the Genesis event. These tokens will be fully unlocked ” states the foundation. I wrote.
Hyperliquid L1’s native token, $HYPE, is live. https://t.co/1UUU37WXUq pic.twitter.com/IYsWcAr53K
— Hyperliquid (@HyperliquidX) November 29, 2024
Distribution of HYPE tokens
Of the total supply, 388.88 million units will remain unminted and will go to Hyperliquid’s future emissions and rewards program. Meanwhile, HYPE reserved for core contributors will remain locked for one year after the Genesis event. According to the Hyper Foundation, there will be no allocation of HYPE tokens to retail investors, centralized exchanges, or market makers.
The native token launch comes as Hyperliquid looks to continue its growth trajectory while eyeing rivals Jupiter and SynFutures. The protocol’s native asset, HYPE, is key to Hyperliquid’s traction in decentralized financial applications.
