emre yumlu 
Hyperliquid distributed over 300 million HYPE tokens on November 29, resulting in a 60% increase in the token’s value.
The decentralized finance (DeFi) protocol Hyperliquid made history on November 29 with one of the largest airdrops to date, distributing 310 million HYPE tokens to its community during its genesis event.
At the launch, the HYPE token was valued at $3.90, making the total distribution worth $1.2 billion according to CoinGecko data. The token’s value surged by 63% within approximately 12 hours, reaching $6.16 at the time of this report. Its current market capitalization is approaching the $2 billion mark.
On November 29, the price of HYPE Token
Hyperliquid is a layer-1 blockchain based on a proof-of-stake (PoS) consensus mechanism, capable of processing 200,000 transactions per second. The HYPE token plays a central role in the ecosystem, serving as both the staking asset for consensus and the gas token for Hyperliquid’s Ethereum Virtual Machine compatible layer, HyperEVM.
According to the protocol, 31% of the 1 billion HYPE tokens were distributed during the genesis event. Of the remaining supply, 38.8% is allocated for future emissions and community rewards, 6% to the Hyper Foundation treasury, and 0.3% to grants.
Core contributors will receive 23.8% of the total supply with a 1-year lock period, and the vesting schedules will complete after 2028. Hyperliquid stated that there are no allocations for private investors, centralized exchanges, or market makers.
The Biggest DeFi Airdrop: HYPE!
Hyperliquid’s airdrop is considered one of the largest in DeFi history to date. In September 2020, Uniswap distributed 400 UNI tokens to over 250,000 wallets, with each token initially valued at about $3.40. This meant an approximate distribution worth $1,300 per recipient.
Many users quickly sold their tokens for a profit, but UNI’s value skyrocketed during the DeFi boom of the summer of 2021, reaching over $42 within a few months, delivering significant gains for investors.
In 2023, the Arbitrum protocol also carried out a major airdrop. As part of this event, Arbitrum’s native ARB token was distributed to over 625,000 eligible wallets, valued at about $1.30 each, amounting to a total distribution of $812,500.
An airdrop is the free distribution of new or existing tokens from a blockchain-based protocol. It is often conducted for various reasons, such as rewarding early adopters or promoting new cryptocurrencies.
According to CoinGecko, more than $26.6 billion worth of crypto tokens have been distributed to users over the past few years. This analysis considers the highest price of tokens rather than their value at the time of distribution.
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