Hyperliquid ($HYPE) is a new high-performance Layer 1 blockchain that is built for decentralized crypto trading. Market optimism has pushed its native coin HYPE to a new all-time high, and the trend shows no signs of slowing down. Let us take a deep dive into Hyperliquid and why it is trending within crypto circles.
A Deep Dive into Hyperliquid (HYPE)
Hyperliquid is a relatively new blockchain project that airdropped its native coin HYPE to over 90K lucky recipients. The November 29, 2024 airdrop created a wave of interest in the project, and has led to a large community growing around the project.
One of the unique aspects of the Hyperliquid project is how it deals with slippage, which has always been a major issue for decentralized platforms. During periods of high volatility, slippage can shoot through the roof, which is a major concern for most crypto traders.
To deal with the slippage problem, the Hyperliquid platform has introduced a decentralized orderbook. Its solution aims to make it the go-to hub for on-chain P2P traders looking for the benefits of centralized platforms and the anonymity of decentralized platforms.
The primary contributor to the development of the project is Hyperliquid Labs, which is led by two Harvard classmates, Jeff and iliensinc. They also have members from MIT, and Caltch, who previously worked at Hudson River Trading, Citadel, Airtable, and Nuro. The team self-funded Hyperliquid Labs, allowing them to focus on creating a great product that is free of external pressures.
HYPE Token Distribution
Out of the total of 1 billion HYPE coins, 38.88% were allocated to future emissions, 31% to the genesis airdrop, 23.8% to current and future contributors, 6% to Hyper foundation, 0.3% to community grants, and 0.012% to HIP-2.
In total, 76.2% of the HYPE coins went to the community, with the team vested for 1 year since the November 29, 2024 coin genesis. One unique aspect of the airdrop is that there was no coin allocation for private investors since the whole project is self-funded.
Hyperliquid (HYPE) Coin Performance
Since its launch, Hyperliquid ($HYPE) has soared 741.74% to the current price of $26.72 per coin. On Tuesday, 17 December 2024, HYPE soared to a new all-time high of $28.97 and has since fallen by 5.73%.
Since the all-time low of $3.20 on November 29, 2024, HYPE has soared 753.34%. HYPE has a market cap of $ $9.1 billion, with a 24-hour trading volume of $332.46 million as of Tuesday, December 17, 2024. The circulating supply of HYPE is 333,928,180, with a fully diluted market cap of $27.27 billion.
Looking at the on-chain data, the decentralized platform has 251,943 users to date, with $512,091,989,397 in total volume transacted to date.
Social Media Following
Hyperliquid has a huge online following, with 129.9K followers on X, 6,927 subscribers to its Telegram channel, and 39,552 members on Discord.
Is HYPE Your Next Big Win Of 2024?
Hyperliquid is a project that aims to revolutionize how decentralized exchanges work. The project also recently introduced HyperEVM, which will allow developers to bring their dApps into the ecosystem. The project has so far managed to achieve fast growth of its user base due to its anti-VC development model, which has inspired confidence in its future. Consequently, Hyperliquid could become one of the biggest blockchain ecosystems in the coming months. Adding HYPE to your portfolio could potentially pay off in a huge way.
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