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When was the Hyperliquid (HYPE) coin issued?
The Hyperliquid (HYPE) coin was issued in August 2021 through an initial decentralized exchange offering (IDO) on the Binance Launchpad.
Dec 02, 2024 at 02:32 pm
When was the Hyperliquid (HYPE) Coin Issued?
Overview
Hyperliquid (HYPE) is a decentralized, non-custodial protocol that allows users to borrow and lend crypto assets without the need for intermediaries. It was launched in 2021 by a team of experienced blockchain developers and has quickly gained traction within the DeFi community.
HYPE Coin Issuance
The HYPE coin is the native cryptocurrency of the Hyperliquid protocol. It was issued in August 2021 through an initial decentralized exchange offering (IDO) on the Binance Launchpad. The total supply of HYPE coins is 1 billion, with a circulating supply of around 500 million.
Utility of HYPE Coin
The HYPE coin has several use cases within the Hyperliquid protocol, including:
- Governance: HYPE holders can participate in the governance of the Hyperliquid protocol by voting on proposed changes.
- Staking: HYPE holders can stake their coins to earn rewards and help secure the protocol.
- Collateral: HYPE coins can be used as collateral to borrow other crypto assets within the Hyperliquid protocol.
- Fee payment: HYPE coins are used to pay transaction fees within the Hyperliquid protocol.
Factors Influencing HYPE Coin Value
The value of the HYPE coin is influenced by several factors, including:
- Utility: The utility of the HYPE coin within the Hyperliquid protocol is a major driver of its value.
- Demand: The demand for HYPE coins from borrowers and lenders within the Hyperliquid protocol also affects its value.
- Market conditions: The overall market conditions for crypto assets can impact the value of the HYPE coin.
Historical Value of HYPE Coin
The value of the HYPE coin has fluctuated significantly since its launch in 2021. It reached an all-time high of around $1.50 in November 2021 and has since settled at around $0.50 in 2023.
Future Outlook for HYPE Coin
The future outlook for the HYPE coin is positive. The Hyperliquid protocol is a well-designed and user-friendly solution for borrowing and lending crypto assets, and it is likely to continue to gain popularity. As the Hyperliquid protocol grows, the demand for HYPE coins is also expected to increase, which will positively impact its value.
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