As a seasoned crypto investor with a knack for spotting promising projects, I find myself intrigued by the Hyper Foundation and their upcoming genesis distribution of the HYPE token. My journey in this wild world of blockchain has taught me to always keep an eye out for projects that are poised to disrupt the status quo, and Hyper seems to be doing just that.
The organization known as The Hyper Foundation was set up with the aim of fostering the development of the blockchain called Hyperliquid. They are now gearing up for the initial distribution, or genesis distribution, of their own token, HYPE.
Introducing this novel token marks the initial phase for establishing a proof-of-stake agreement system, paving the way for the deployment of an Ethereum Virtual Machine (EVM) on the primary network of our layer-1 blockchain.
A roadmap leading to many services
Hyper’s primary product is a high-volume, decentralized trading platform for perpetual contracts, known as Hyperliquid. This platform is recognized globally as the largest of its kind, handling trades worth more than one billion dollars each day across 145 different pairs. It boasts an impressive user base of over 200,000 individuals.
Launching the HyperEVM provides users with entry to a larger pool of liquidity options and extra financial tools, according to the foundation’s statement 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.”
The plan encompasses options like spot trading and unrestricted liquidity, along with other elements. In September 2023, LayerZero’s ZRO became the inaugural perpetual trade to debut on Hyperliquid.
Combining centralized convenience with DeFi trustlessness
Hyperliquid facilitates transactions that are settled in under a second, providing immediate finality. Starting from September, it has been supporting developer codes, enabling creators to generate income from their applications.
Hyperliquid, a company established by Jeff Yan, originally the mastermind behind Chameleon Trading, shared some insights during an interview on 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.”
Registration for the genesis distribution ends on November 11. The date for the airdrop will be announced on November 29. Additionally, users have the choice to acquire a Hypurr non-fungible token (NFT) as a memento of the HyperEVM’s mainnet launch, which holds no commercial value.
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2024-10-15 00:37