The Hyper Foundation, established to support the growth of the Hyperliquid blockchain, is preparing to conduct the genesis distribution of its native token HYPE.

The new token is a first step toward proof-of-stake consensus and the launch of an Ethereum Virtual Machine (EVM) on the layer-1 blockchain’s mainnet.

A roadmap leading to many services

Hyper’s flagship product is the Hyperliquid decentralized order book-based perpetual trading platform, which is the world’s biggest by volume at over $1 billion in daily trading in 145 pairs. It has more than 200,000 users.

The launch of the HyperEVM will grant users access to a deeper liquidity pool and additional instruments. The foundation said on X:

“Hyperliquid's order books already provide the deepest and most robust on-chain liquidity for a wide spectrum of assets. […] A native token is essential for the HyperBFT [Byzantine fault tolerance] proof-of-stake consensus, the HyperEVM, and further developments on the roadmap.”

That roadmap  includes  spot trading and permissionless liquidity, among other things. LayerZero’s ZRO was the first perpetual trade to launch on Hyperliquid in September 2023. 

Source: Hyper Foundation

Combining centralized convenience with DeFi trustlessness

Hyperliquid offers trades with “instant finality in began supporting builder codes in September to allow developers to monetize applications.

Source: Rhadamant Memes

Hyperliquid was founded by Jeff Yan, who ran Chameleon Trading. He told the Flirting with Models podcast in May 2023:

“You’d like something that’s centralized that you’d rather not have to trust. […] There is this thing, Hyperliquid. […] Fundamentally nothing is barring the same liquidity, tight spreads, instant confirmations, epsilon gas, basically gas to the extent of preventing DDoS, but the chain itself can handle 10s of 1,000s of orders per second without an issue. Everything’s transparent. Everything’s onchain. Everything is a transaction.” 

Participants have until Nov. 11 to sign up for the first distribution. The date for the airdrop will be disclosed on Nov. 29. User can also optionally obtain a Hypurr non-fungible token (NFT) with no commercial value to commemorate the launch of the HyperEVM on mainnet.

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