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$4 billion self-sufficiency: How Hyperliquid became a crypto market phenomenon

Vlad Kostiuk, FUTURUM, Germany 

Hyperliquid Crypto Project Revolutionizes the Industry with a $4 Billion Airdrop
Hyperliquid has made history by executing one of the largest airdrops ever, valued at nearly $4 billion. This success was achieved through a unique strategy and flawless execution, without any external funding. Let’s explore what makes Hyperliquid a standout phenomenon in the cryptocurrency world.

The Evolution of Hyperliquid: From Market Making to Its Own Blockchain

Hyperliquid’s journey began in 2020 with a focus on market making. By 2023, the project launched a trading app on the Arbitrum blockchain. In March 2024, it transitioned to its own blockchain, Hyperliquid. This blockchain, inspired by Ethereum and Solana, serves as the foundation for a decentralized platform offering perpetual futures and leveraged cryptocurrency trading, consolidating liquidity from various sources.

The Rise of the HYPE Token

The HYPE token, launched in late November 2024, saw phenomenal growth. Within its first week, its value surged over 6x—from $2 to $13—reaching a $4 billion market cap. Remarkably, Hyperliquid achieved this without external funding or institutional investors.

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Tokens were distributed via an airdrop: platform users earned special points for their activity, which were later converted into HYPE tokens. Notably, HYPE is exclusively traded on the Hyperliquid exchange, with no major platforms listing it yet. Despite this, daily trading volumes range from $220M to $570M, highlighting significant interest in the project.

A Unique Distribution Strategy

Unlike most major airdrops, Hyperliquid adopted a low circulating supply and high fully diluted valuation (FDV) model. Out of 1 billion total tokens, only 31% (310M) were released. This approach created a balance between liquidity and price growth.

The average airdrop value exceeded $30K per participant, serving as a substantial incentive for early users.

Why the Hyperliquid Model Works

Experts point out that tokens with a low float and high FDV appeal to investors by promising significant growth potential. This “low float, high FDV” model provides psychological comfort for market participants and encourages long-term engagement.

“Generous airdrop projects foster more engaged communities, ultimately leading to better outcomes,” analysts at Keyrock observed. Hyperliquid leveraged this strategy effectively, proving that a strong user base is crucial for growth and sustainability.

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The Future of Hyperliquid

With HYPE already ranked among the top 50 cryptocurrencies by market cap, Hyperliquid has cemented its place as an industry leader. The project continues to innovate, solidifying its reputation as a trailblazer.

Will Hyperliquid maintain its position? Can it attract institutional investors and expand its influence? While questions remain, one thing is certain: Hyperliquid has already made history as one of the most successful and ambitious crypto projects.

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