Hyperliquid (HYPE) is the native token and governance asset of the Hyperliquid ecosystem — a decentralized finance (DeFi) platform built with a strong focus on perpetual futures trading and order-book based execution. Launched in late November 2024, HYPE sits on its own Layer-1 blockchain which uses the HyperBFT consensus mechanism, enabling high throughput, fast settlement, and lowered fees. The platform combines features of both centralized exchanges (CEX) and decentralized ones (DEX), offering on-chain order books (not just AMMs), staking, governance rights, and utility within the ecosystem (including fee discounts & token staking rewards).
Since its launch, HYPE has seen rapid growth in trading volume and market interest. It performed a large community-focused airdrop in November 2024, distributing a significant portion of its initial supply to early users rather than to venture capital investors, which has built goodwill and alignment with its user base. However, it’s not without risk: there have been reports of security concerns (wallets allegedly linked to North Korea) which led to large outflows and market volatility, although the Hyperliquid team has denied any breach.
HYPE/USDT
MEXC SPOT 
