What Is Hyperliquid? A New Layer-1 With DEX That Just Airdropped 31% Of Its Supply To Early Users
Decentralized exchange Hyperliquid launched its much-anticipated native token today (November 29). This morning, 31% of the supply for HYPE was airdropped to early adopters.
The tokens were airdropped to users who earned points in a campaign ending in May this year. A further 23.8% has been set aside for current and future core contributors.
What a start. $HYPE will go down as the greatest airdrop in history.
This is all without ANY CeX liquidity. Without any VC's having bags.
Imagine when CeX's list. Either they do, or they get mass withdrawals as people flock to the next big thing in crypto since BTC.… pic.twitter.com/cQUt9R621n
— NMTD.HL/BTC (@NMTD8) November 29, 2024
HYPE Has Processed Over $200 Million In Volume In Less Than 2-Hours, With No Help From Centralized Exchanges, Yet
Per CoinGecko data, the Hyperliquid DEX has processed over $250 million in trading volume in the past 24 hours. Over $200 million of that volume is from the HYPE token. Considering the native token launched less than 2 hours ago, there is a good chance that HYPE will process more than $1 billion in volume today just on the Hyperliquid DEX.
HyperLiquid has over 220,000 users, which will continue to grow with the launch of its native token. With the insane volume that HYPE is generating on its own DEX, it will be a matter of time before exchanges, big and small, begin listing the native Hyperliquid token.
It will likely begin with a few smaller CEXs, but there is a good chance by the time this weekend is over, HYPE will be available on Binance and maybe even Coinbase. Exchanges never turn down an opportunity to list a new and hyped (excuse the pun) token that is producing such high volume.
For people confused at how $HYPE is so liquid despite the lack of external MMs at launch – this is an education on why an onchain order book is so impactful.
It’s literally playing out in front of you.
$200m in volume in the first hour, all on the native spot market.
— MONK (@defi_monk) November 29, 2024
31% Airdrop To Early Hyperliquid Users Stemmed From A Long-Running Points Campaign
Points campaigns are becoming increasingly common in decentralized finance (DeFi). They incentivize the use of the platform in return for a slice of future token airdrops. Some whales solely act as ‘airdrop farmers’. These farmers constantly rotate their large net worth to farm all new protocols that promise future airdrops.
HYPE will be more than a standard governance token. It will include numerous functions, such as staking capabilities and a payment method for gas fees. Staking HYPE will secure HyperBFT, the proof-of-stake consensus algorithm that powers the HyperLiquid platform.
BONUS: Cat Slap Is Gunning For Popcat: New Viral Meme Coin Just Burned 10m Tokens And Nearly At 10,000 Holders
Catslap (SLAP) launched a week ago today and was an instant hit. Its market cap soared from less than $1 million to over $50 million in the first two days. However, a combination of early investors taking profits and the Bitcoin dip causing uncertainty in the market led to a dip below $20 million.
This did not deter the team behind the slapping cat, and on Wednesday, they burned 10 million SLAP tokens via a funny Slap-2-Earn game. The token burn has led to the SLAP price recovering slowly but surely. It is up nearly 8% in the past day alone.
While whales capitulated, the holder count has increased, with over 8,000 SLAP holders, up from 7,000 just a few days ago. An extremely bullish and cultish community is forming for Cat Slap, and many are calling for a new all-time high once the $20 million market cap resistance is broken through and flipped to support.
This could well happen today, as SLAP is currently hovering around $19.7 million, with over $360,000 in trading volume over the past 24 hours.
One major catalyst driving SLAP back toward $100 million is its upcoming ‘major announcement’. The announcement in question is coming in less than 6 days. Given the burn event that has just taken place and the new Slap-to-Earn features hinted at in the X post earlier this week, just how bullish will this announcement be for the price?
Visit Catslap Token website or Best Wallet to buy $SLAP
EXPLORE: Is Solana Preparing For a 400% Rally? Will SOL Price Hit $1,000?
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