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Cryptocurrency News Articles
Hyperliquid Announces HYPE Token Airdrop in Anticipation of HyperEVM Mainnet Debut
Oct 15, 2024 at 03:38 am
The Hyper Foundation has announced that Hyperliquid users will soon get a new native token, HYPE, in anticipation of HyperEVM's forthcoming mainnet debut.
Hyper Foundation has announced that Hyperliquid users will soon be airdropped a new native token, HYPE, ahead of HyperEVM's upcoming mainnet debut.
This is significant for the foundation as HYPE will serve as the primary utility token under HyperBFT, a proof-of-stake consensus algorithm. The token is set to play a crucial role in powering the HyperEVM and facilitating further development in the ecosystem.
The distribution of HYPE tokens will occur through two main channels. Eligible users can opt in for the first distribution, while others can choose to acquire a Hypurr NFT to commemorate the launch.
Further details regarding the HYPE token airdrop, dubbed the “Genesis Event,” will be announced at a later date. Notably, the trading platform has recently seen a surge in daily transaction volumes, reaching $1 billion, which may be linked to a points reward program that influences the next token distribution.
Hyperliquid has positioned itself within the decentralized derivatives market, enabling users to trade perpetual derivatives and cryptocurrencies with leverage. This capability expands trading opportunities, especially for high-frequency traders who require rapid execution of orders.
The platform utilizes a low-latency proprietary trading engine that facilitates fast order execution on the Hyperliquid Chain, allowing users to respond swiftly to market movements.
As part of the broader shift towards decentralized exchanges, Hyperliquid focuses on perpetual swaps (perps), which enable traders to maintain positions indefinitely as long as they have sufficient collateral. First gaining popularity on centralized exchanges like BitMex, perpetual swaps have become integral to the decentralized finance (DeFi) space, driving interest in platforms such as Hyperliquid.
Despite the substantial growth in trading volume, translating this into higher revenues for the core team has proven to be challenging. Instead, trading fees are directed towards the Hyperliquid Pool (HLP) and the insurance fund, ensuring that trading activity benefits the ecosystem rather than generating profits for the core team.
Hyperliquid operates as a Layer 1 application-specific blockchain, supporting various native tokens such as Purr and Points, each serving unique roles within the platform's economy and reward system.
As HYPE's launch and trading volumes continue to grow, Hyperliquid aims to strengthen its presence within the competitive decentralized trading landscape, fostering user engagement and participation in its ecosystem.
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- Western Europe Faces Spike in Violent Home Invasions and High-Stakes Robberies
- Oct 15, 2024 at 06:15 am
- There has been a significant increase in violent home invasions aimed at cryptocurrency holders in Western Europe. Blockchain investigator ZachXBT reported receiving numerous messages from victims, highlighting a trend of criminals using extreme measures to steal digital assets.