Hyper Foundation Announces HYPE Token and HyperEVM Mainnet Launch

The recently formed Hyper Foundation, which is tasked with helping grow the Hyperliquid ecosystem, announced today it will be issuing a token dubbed HYPE

Hyper Foundation Announces HYPE Token, HyperEVM Launch on Mainnet

The recently formed Hyper Foundation, which is tasked with helping grow the Hyperliquid ecosystem, announced today it will be issuing a token dubbed HYPE, along with the launch of HyperEVM on mainnet.

“The next step of Hyperliquid's journey is the native token, HYPE. A native token is essential for the HyperBFT proof-of-stake consensus, the HyperEVM, and further developments on the roadmap,” said the team on X. “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.”

Hyper Foundation has not divulged a date for the HYPE airdrop, although to participate, users must register before Nov. 11.

Interest for Hyperliquid has been soaring in 2024. Total value locked (TVL) sits at $743 million, up from $57 million at the start of the year. The decentralized perpetuals exchange (DEX) also leads the derivatives sector with more than $1.2 billion in 24 -hour volume and $6.7 billion in seven-day volume.

Skyrocketing activity in Hyperliquid is likely driven by the project’s ongoing points program, which distributes weekly points to users according to rotating criteria. Those points will be earmarked to determine users’ individual allocation when the team airdrops HYPE.

Hyperliquid is a platform that offers its users the ability to trade perpetual derivatives through liquidity aggregation via various sources. The platform operates as a Layer 1 app chain with existing tokens like Purr and Points.

Purr spiked 17% to $0.14 today.