Hyperliquid announced the HYPE token launch on Oct. 14. A token generation event for the decentralised exchange platform’s native token will happen ahead of its HyperEVM going live.

Hyperliquid, a decentralized exchange that provides for perpetual derivatives trading by aggregating liquidity across the ecosystem, has announced the launch of its native token HYPE.

The platform, which allows its users access to leveraged trading of cryptocurrencies , revealed the upcoming airdrop on October 14, 2024.

Specifically, the announcement followed the formation of Hyperliquid Foundation, an entity that will support development of the network. Other than the DEX platform, the Hyperliquid Foundation will also help promote growth of the ecosystem.

HYPE will launch ahead of the mainnet for HyperEVM, the Hyperliquid Foundation noted in a post on X.

“Hyperliquid’s order books already provide the deepest and most robust onchain liquidity for a wide spectrum of assets. With the launch of the HyperEVM, any application built on Hyperliquid will also have access to this deep liquidity and other native financial primitives,” the Foundation wrote.

The Hyper Foundation has been established to support the growth of the Hyperliquid blockchain and ecosystem. Today, the flagship application on Hyperliquid is the premier decentralised exchange, part of the foundation for a new financial system. Hyperliquid's order books already… pic.twitter.com/EF6AdfI1Qz

— Hyper Foundation (@HyperFND) October 14, 2024

As well as the HyperEVM, HYPE will be crucial to the project’s network mechanism via HyperBFT, a proof-of-stake (PoS) consensus mechanism.

On how the HYPE airdrop will be handled, Hyperliquid Foundation noted:

“As part of the genesis distribution, eligible users can choose to receive HYPE and optionally a Hypurr NFT to commemorate the upcoming launch of the HyperEVM on mainnet.”

The team plans to share more details of the upcoming airdrop at a later date.

The post Hyperliquid announces upcoming HYPE token airdrop appeared first on CoinJournal.

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