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We have a new Layer 1 trading-focused blockchain in town and they hosted one of the most successful and well-thought-out airdrops in crypto history.
You may have already guessed what it is, but let us introduce you to Hyperliquid, the newest chain on the block.
So, why don’t we see what all the $HYPE is about?
What is Hyperliquid?
Hyperliquid is an EVM-compatible Layer 1 blockchain committed to being a high-performing, super-speed and low-slippage decentralized crypto exchange. It was first created in 2024 with the mission to become the decentralized home of everything finance, eliminating the need for any centralized intermediaries.
Originally, Hyperliquid launched as a DEX on the Arbitrum network. However, Hyperliquid moved its powerhouse trading application to its very own Proof-of-Stake blockchain that also uses a unique consensus called HyperBFT, enabling secure, high-throughput and rapid finality time for all transactions.
How Does Hyperliquid Work?
The Hyperliquid DEX is the flagship product of the entire network, hosting the largest, newest and most popular cryptocurrencies available for traders to buy, sell or trade perpetually with up to 50x leverage, all in a decentralized manner, with no KYC requirements and competitive trading fees that could eliminate the need for a CEX.
On the Hyperliquid DEX, over 287 cryptocurrencies are available to trade at the moment and are consistently growing by the day. Whether that’s the leading cryptocurrencies such as $BTC, $ETH and $SOL or if it’s new altcoins and memecoins such as $PENGU and $USUAL, Hyperliquid is home to it all.
Hyperliquid Statistics
At the time of writing, on December 20th 2024, in its short existence, Hyperliquid has accumulated over 264K users, facilitating over $537B in volume. Hyperliquid strives to become the all-in-one go-to hub for trading cryptocurrencies, enabling users to experience gasless trades and super-speed block time of 0.2 seconds, making this one of the most efficient networks and exchanges to trade on.
Hyperliquid Airdrop
2024 was massive for airdrops in general, and to finish off the year, $HYPE was crowned the most successful airdrop of all time by many. Around 270M $HYPE (worth around $7.6B) was claimed across 94K eligible and loyal Hyperliquid users. Officially, this was the largest conducted airdrop of all time, surpassing Uniswap’s ($UNI) $6.4B airdrop in 2021…
Hyperliquid Token
Powering the entire network and ecosystem of native and integrated applications is the $HYPE token, the primary utility token used to conduct transactions on the Layer 1 network, participate in the governance, and stake and access exclusive trading fee discounts on the built-in DEX.
Conclusion
According to CoinMarketCap, at the time of writing, $HYPE is trading at $24.33 with a large market cap of $6.59B and has recently created its ATH of $28.97 on December 17th 2024. $HYPE is only a new token but has climbed exponentially from $3.20 when it first launched to now, a price almost 8x that! With an imminent bull run and a decentralized-centric world ahead, will $HYPE be the hype of the coming cycle?
Only time will tell…
Official Hyperliquid Links
Disclaimer
The content provided in this article is purely informational and nothing said is financial advice. Proceed with caution and always invest what you are prepared to lose. Remember that you are entirely responsible for your assets and investments and the author and the publication do not endorse any of the cryptocurrencies, protocols and/or strategies in this article.
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