How Hyperliquid's airdrop triggers a $142 billion cryptocurrency revolution

Hyperliquid is a decentralized spot and perpetual contract exchange with a total USDC lock-in value (TVL) of more than $15.8 billion, ranking among the top 14 cryptocurrency exchanges in the world. Its native token, HYPE, soared more than 200% after airdrop, with a fully diluted valuation of $142 billion. The platform’s aid fund is driven by transaction fees and has generated $82 million in profits and holds 10.65 million HYPEs. With highly competitive fees, high leverage and an evolving ecosystem including HyperEVM, HyperLend and Hypurr Fun, Hyperliquid is still an important hub for DeFi infrastructure, despite its regulatory challenges due to its KYC-free model.