- Investors are moving millions into projects on the Hyperliquid blockchain in hopes of future token airdrops.
- More than one-third of the HYPE token’s supply was issued in a previous airdrop to early users.
- Projects connected to Hyperliquid are attracting users through points systems, which may be linked to future rewards.
- Key protocols include Unit, Hyperbeat, Hyperlend, Felix, HypurrFi, and Hyperswap, all seeing rapid growth in user deposits.
- Points programs are widely used to reward activity, but do not guarantee future token distributions.
Traders have put millions of dollars into new applications built on the Hyperliquid blockchain. This increased activity is driven by hopes of qualifying for future token airdrops from the platform and its related projects.
In November, Hyperliquid gave out about one-third of its HYPE token supply to around 100,000 users who had engaged with their decentralized exchange since its launch in 2023, according to a post from Hyperliquid Labs. The organization still holds about 39% of the total token supply, which users speculate could be distributed in upcoming airdrops.
After the first distribution, users have focused on earning points through various protocols associated with the Hyperliquid blockchain. Points programs—an idea first seen on NFT trading platforms in 2023—allow users to earn points based on their activity, such as trading, bridging, staking, and referring others. These points could become eligible for future token distributions, though this is not guaranteed.
The main bridge for Hyperliquid, called Unit, has over $420 million in total value locked, a rise of nearly 1,000% since April 1. Hyperbeat, another bridge and DeFi protocol, has seen deposits grow from $33 million to $130 million since early May. On Hyperbeat, users earn “Hearts” by performing actions like bridging, swapping, staking, and referring others.
Lending platforms like Hyperlend and Felix have also seen large increases in value locked, reaching $370 million and $350 million, respectively. HypurrFi, which offers leveraged lending, holds almost $200 million, while decentralized exchange Hyperswap reports over $100 million in deposits.
All these projects use points and referral systems, allowing users to track their earnings and compare activity with others. Although points may suggest future rewards, there is no certainty that any protocol offering points will eventually launch its own token or conduct an airdrop.
Zachary Rampone reported the figures and trends for DL News.
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