Parsec Weekly #97
$HYPE TGE
$HYPE TGE
A lot has happened following our Hyperliquid-focussed weekly a couple of weeks back, most notably, today marked the launch of Hyperliquid’s native token $HYPE. Let’s dive in...
A couple of days back we saw an announcement from the team regarding the identification and points reduction of ~100 sybil farmers, we also saw the distribution of an additional set of points for organic activity in May, October and early November:
Naturally following this announcement, speculation surrounding TGE timing began to ramp up and just a day later the Hyper Foundation announced the HYPE genesis event, detailing the tokenomics of $HYPE:
Token distribution and vesting was relatively in line with expectations with a strong 31% allocation to the genesis distribution (airdrop). Perhaps the only surprising part being only 0.012% to HIP-2 which is essentially locked liquidity which sits in the order book forever. This was especially surprising given that there was no allocation for market makers.
$HYPE launched today and has seen incredible demand since TGE. We even saw a USDC liquidity crunch this morning as market participants rampantly began to bridge USDC to Hyperliquid spot to buy the TGE:
The token itself has been trading strongly since launch, approaching the $5 price point at the time of writing:
Generally we have seen thick bid liquidity all day, walking price upwards with airdrop sellers tending to market sell into bids:
With 31% dedicated towards the genesis distribution (points holders), the wealth effect for the community has been tremendous with over $1bn of value airdropped to points holders today. A monumental day for anyone who has interacted with Hyperliquid in the past. There have been some reports of US users not seeing HYPE in their accounts but we haven’t seen any conclusive evidence of exclusion quite yet.
One thing which has been particularly impressive is that the Hyperliquid L1 has seen negligible congestion, 100% uptime and generally flawless execution during this entire TGE saga... a testament to the quality of the Hyperliquid product and team.
We’re excited to see what’s next be it progress on HyperEVM mainnet, the announcement of HYPE staking or whatever else the Hyperliquid team might have in store for us!
Stay tuned for an official announcement about what we are building on Hyperliquid here at parsec...
It begins with purr and ends in sec, announcement coming soonâ„¢