Hyperliquid (HYPE) Market Cap Surpasses $10B Following Massive Airdrop

Hyperliquid's native token HYPE surpassed a $10 billion market capitalization, with its price exceeding $30 per token.

Hyperliquid's native token, HYPE, has surpassed a market capitalization of $10 billion, following a 20% surge in the past 24 hours.

This comes as the token, which is used to access Hyperliquid's decentralized finance (DeFi) platform, has seen a surge in demand following one of the most anticipated airdrops of the year.

The platform distributed 310 million HYPE tokens to Hyperliquid users, making it the largest airdrop in crypto history.

This distribution surpasses Uniswap's UNI airdrop from September 2020, which peaked at $6.4 billion in value at the time in May 2021.

According to DefiLlama, Hyperliquid has recorded $13.7 billion in 24-hour trading volume and $561 billion in total volume.

One of the reasons for Hyperliquid's success is its elimination of gas fees for transactions on its platform.

This makes it more accessible for users to engage in DeFi activities, such as lending, borrowing, and swapping tokens, without incurring additional costs.

As a result of its impressive performance, HYPE token is now among the top 25 cryptocurrencies by market capitalization. It is currently valued at $30.24 and is close to entering the top 20, with Polkadot being the next coin in line with a market cap of $10.5 billion.