Decentralized crypto exchange, HyperLiquid, has airdropped its native token, HYPE, leading to an increase in demand and pushing the price to $4.18 from an initial $3.20. This has raised the fully diluted value (FDV) to $4.2 billion. The airdrop resulted in 333 million tokens being in circulation out of the planned 1 billion, giving it a market cap of approximately $1.4 billion. The trading volume exceeded $165 million within the first hour of trading. The token can be staked to secure the platform's proof-of-stake consensus algorithm, used to pay transaction fees, and build DeFi applications. Users were eligible for the airdrop after earning "points" over a six-month period that ended in May. Demand for HYPE has surpassed supply, leading to a strong upward momentum.



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