- Hyperliquid has launched its native token HYPE and revealed a token distribution
- HYPE has a maximum supply of 1 billion tokens.
Decentralized perpetuals exchange Hyperliquid has officially unveiled its native token HYPE.
Hyper Foundation announced via a post on X that the token generation event for the HYPE token went live at 7:30 UTC on Friday, November 29, 2024.
“The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level of the stack,” the Hyper Foundation said in a blog post.
HYPE, which Hyper Foundation introduced in Oct., also includes a community airdrop.
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 has allocated 23.8% to core contributors, 6.0% to the Hyper Foundation’s budget and 0.3% to community grants.
“Tokens will be emitted over time, with 76.2% going to the community. 310,000,000 tokens are allocated for eligible participants in the genesis event. These tokens will be fully unlocked,” the foundation wrote.
$HYPE, the native token of the Hyperliquid L1, is live. https://t.co/1UUU37WXUq pic.twitter.com/IYsWcAr53K
— Hyperliquid (@HyperliquidX) November 29, 2024
HYPE token distribution
Of the total supply, 388,880,000 will be unminted and go to Hyperliquid’s future emissions and rewards program. Meanwhile, HYPE reserved for core contributors will remain locked for a year after the genesis event. According to Hyper Foundation, there are no HYPE token allocations for private investors, centralised exchanges and market makers.
The launch of the native token comes as Hyperliquid looks to continue its growth trajectory, with eyes on rivals Jupiter and SynFutures. As the protocol’s native asset, HYPE will be key to Hyperliquid’s traction in decentralised finance applications.
The post Hyperliquid launches native token HYPE appeared first on CoinJournal.
