X Empire

2024

Foundation

Hyper

Hyperliquid

The Hyper Foundation has announced that Hyperliquid users will soon get a new native token, HYPE, in anticipation of HyperEVM’s forthcoming mainnet debut. 
This is crucial for the foundation because HYPE will be the fundamental utility token under HyperBFT, a proof-of-stake consensus method. The token is expected to play an important role in powering the HyperEVM and facilitating further improvements in the ecosystem. 
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 <img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXemx1Xl7q7bSZGVCGN4bcyzmKPvTXmPOzO_v7Ylj_gB_3ZxndnRzCjMCYhZKhT2cmx0zxvSOg-zahZC34s8FJpCsz5ZiTFEhp7Uiaymtkw6ZyJJZ6N4Rwp6Z5bBiyGlPVJoQ0a9NWUpO-5H6ksl9olJpS0?key=MiPI-dQqtVFCb783H7d4Ng" alt="Hyper Foundation to Launch HyperEVM on mainnet">
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 Source: <a href="https://x.com/HyperFND/status/1845851735363027270" target="_blank" data-type="link" data-id="https://x.com/HyperFND/status/1845851735363027270" rel="noreferrer noopener nofollow">Twitter</a>
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The distribution of HYPE tokens will take place through two principal mechanisms. Eligible users can choose their first distribution, while others can acquire a Hypurr NFT to celebrate the launch.&nbsp; 
Specific details about the HYPE token airdrop called the “Genesis Event,” will be published later. Interestingly, the trading platform has recently seen a jump in daily transaction volumes, reaching $1 billion, which could be related to a points reward program that determines the next token distribution. 
Hyperliquid has established itself in the decentralized derivatives market, allowing users to trade perpetual derivatives and cryptocurrencies with leverage. This capability enhances trading opportunities, particularly for high-frequency traders who require swift execution of orders. 
The platform boasts a low-latency proprietary trading engine that facilitates rapid order execution on the Hyperliquid Chain, ensuring users can respond promptly to market fluctuations. 
As part of the greater trend toward decentralized exchanges, Hyperliquid focuses on perpetual swaps (perps), which allow traders to retain positions indefinitely as long as they have sufficient collateral. 
Perpetual swaps, which first gained traction on controlled exchanges like BitMex, have subsequently become a cornerstone in the decentralized finance (DeFi) industry, fuelling interest in platforms such as Hyperliquid. 
Despite significant growth in trade volume, translating this into higher revenues for the core team has proven challenging. Instead, trading costs are directed to the Hyperliquid Pool (HLP) and the insurance fund, ensuring that trading activity benefits the ecosystem rather than generating profits for the core team.&nbsp; 
Hyperliquid operates as a Layer 1 application-specific blockchain, supporting a variety of native tokens like Purr and Points, each serving distinct purposes within the platform’s economy and reward system. 
With the upcoming launch of HYPE and continued growth in trading volumes, Hyperliquid aims to enhance its position in the competitive decentralized trading landscape, fostering user engagement and participation within its ecosystem. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/10/12/x-empire-to-launch-x-token-and-airdrop-on-oct-24-2024/" target="_blank" rel="noreferrer noopener">X Empire to Launch $X Token and Airdrop on Oct 24, 2024</a> 
</blockquote>

Hyperliquid Announces HYPE Airdrop Ahead of HyperEVM Launch

The Crypto Times

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