In 2024, Hyperliquid (HYPE) became the biggest project launch with a fully diluted value of $27.2B. The HYPE token saw rapid appreciation after the airdrop, and the perpetual futures DEX increased its listings and volumes. Despite skepticism about its sustainability, the airdrop achieved a high valuation and the token remained stable. Hyperliquid kept $6.44B in locked value to avoid pressure on the token price. Ethena (ENA) and Ondo Finance were the second and third-largest projects, with FDVs of $14.3B and $13.4B respectively. Ethena's tokens will start unlocking in April 2025, while Ondo Finance will have a significant unlock event in January 2024. These projects depended on the ongoing bull market for growth.



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