A perp DEX that achieved one of the largest airdrops ever with zero VC funding
Overview
Hyperliquid is a perpetual futures and spot exchange built on its own L1 chain. It is known for raising no VC funding and distributing most of its token supply to the community. The November 2024 $HYPE airdrop was described as one of the largest ever.
Analysis
Strengths
- A live perp/spot DEX with over 300 markets on its own L1.
- No confirmed VC backing, which is seen as a plus for allocation transparency.
- $HYPE is already listed and a major airdrop has already taken place.
Unknowns
- No new points program or second airdrop is currently confirmed.
- The exact TGE date and any funding amount could not be verified from official sources.
Caution
- The past airdrop is over, so joining now won't get you the same benefits.
How to Participate
- Visit the official app (https://app.hyperliquid.xyz/) and connect your wallet.
- Deposit funds using the bridge feature (fees and time vary by conditions).
- Start trading on the perp or spot markets.
How to play it efficiently
- Since no new official points program or airdrop has been announced, avoid putting in large speculative funds right now.
- If you plan to actually use it as an exchange, test the bridge and withdrawal flow with a small amount first.
- If you want to be ready for any future program, the minimal step is simply continuing to use the app as normal.
Risks
- Perp trading involves hourly funding payments.
- Using leverage carries liquidation risk.
- There is smart-contract and validator-set risk related to the chain.
- Bridging funds in and out carries operational risk.
FAQ
Q. Can I still join an airdrop now? No new official airdrop or points program is currently confirmed.
Q. Is $HYPE already listed on exchanges? Yes, the token has already launched.
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