The Hyper Foundation completed the genesis distribution of the HYPE token, the native token of the Hyperliquid Network—a high-speed blockchain built for decentralized finance (DeFi)—airdropping more than $1.6 billion worth of tokens to users based on the peak price of $5.40 since the overnight launch.

Hyperliquid users received 31%, or 310 million of the total 1 billion HYPE supply as part of the genesis distribution, with another 38.88% set aside for future emissions and community rewards. Notably, no tokens were set aside for “private investors, centralized exchanges, or market makers.”

The $1.5 billion worth of tokens airdropped to community members ranks the HYPE airdrop as the seventh-largest in crypto history, ahead of airdrops like Bonk (BONK) and Optimism (OP). Some users claimed that they received sizable allotments as part of the massive drop.

“​​Wow, woke up to a mid-6-figure airdrop today for $HYPE. Largest airdrop of my life,” claimed crypto trader and personality PonziTrader on X (formerly known as Twitter).

Hyperliquid’s Perp decentralized exchange (DEX) is the flagship product on its Hyperliquid blockchain, which is billed as a “performant, modern” layer-1 network. The exchange has facilitated more than $334 billion in total volume since March 2024 and ranks #7 in 24 hour DEX volume according to CoinGecko. 

The price of HYPE is up 38% since launch, trading at $5.40 with a $1.74 billion market cap, ranking the token #73 overall in market cap according to CoinGecko.

Edited by Andrew Hayward

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