Glossary
HYPE
Hyperliquid's native token — distributed in a November 2024 airdrop notable for its size and zero-VC-pre-allocation structure, accruing fees from the perp-DEX.
HYPE launched on November 29, 2024, with one of the largest and most-discussed airdrops in crypto history: roughly 31% of supply to ~94,000 active users, with no allocation to venture investors. The launch valued the network in the tens of billions on a fully diluted basis.
HYPE accrues value from Hyperliquid's perp DEX trading fees through a token buy-and-burn mechanism. As of 2026 HYPE is among the highest-cap chain tokens by both market cap and fee-generated revenue.