Quick take:
- About 38.8% (388 million tokens) will be allocated for future emissions and community rewards.
- Another 23.8% (238 million) will be set aside for the current and future core contributors, while the Hyper Foundation will receive 6% or 60 million tokens for its operational budget.
- Notably, there is no allocation for private investors, centralised exchanges or market makers, the company said.
Hyperliquid, a decentralised finance protocol that offers decentralised perpetual trading services and a layer-1 chain has announced the the launch date of its native token HYPE. The company revealed on Thursday that HYPE will launch during a genesis event on November 29 at 07:30 UTC.
According to the announcement, the HYPE token will have a total supply of 1 billion tokens, with 31% or 310 million earmarked for distribution to eligible users. The company also plans to allocate 388 million tokens, 38.8% for future emissions and community rewards, while 23.8% or 238 million will be set aside for the current and future core contributors to the Hyperliquid ecosystem.
The Hyper Foundation has been allocated 6% or 60 million tokens for the operational budget, the company said in the announcement and notably, no tokens were allocated to private investors, centralised exchanges or market makers. Approximately 0.3% or 3 million HYPE tokens have been set aside for community grants (HYPE grants), the company said.
Hyperliquid describes itself as a performant modular layer-1, powered by HyperBFT, a highly optimised proof of stake consensus algorithm capable of handling “200k transactions per second.”
“While Hyperliquid has come a long way, there is much further to go. Over the past year, the scope of Hyperliquid has expanded from a DEX to a full financial system,” the company wrote in an X post, highlighting the entire ecosystem of the Hyperliquid platform, which includes layer-1 chain, perpetuals and spot DEX, HyperEVM and its ever-growing community.
The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level of the stack.
The announcement also comes at an opportune time with the total value locked on Hyperliquid recently surpassing $1.2 billion according to DeFiLlama data.
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