Hyperliquid's native token HYPE has reached a market capitalization of over $10 billion, with its price surpassing $30 per token. This milestone has occurred amidst market volatility following Fed Chair Jerome Powell's hawkish speech. While Bitcoin and many altcoins experienced significant declines, Hyperliquid's token has seen a 20% surge in the past 24 hours, entering the top 25 coins by market cap. The platform recently distributed 310 million tokens to its users, making it the largest airdrop in crypto history. Hyperliquid's success can be attributed to its elimination of gas fees for transactions and its low fees on perpetual contracts and opening trades. The platform is also preparing to launch its Ethereum Virtual Machine integration, which will introduce Ethereum-compatible smart contracts and expand DeFi applications within the platform.



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