Hyperliquid price in euros

Hyperliquid is a blockchain built for trading, whose main application is a decentralized exchange, and HYPE is its native coin. Hyperliquid Labs, co-founded by Jeffrey “Jeff” Yan, began developing it in 2022, and the mainnet went live in 2023.

Its goal is to combine the speed and order book of a centralized exchange with on-chain trade execution and wallets that users control. HYPE was first distributed through an airdrop on November 29, 2024.

What it’s used for

Users trade crypto directly on the spot market or trade perpetual futures, meaning derivatives with no set expiry date. In derivatives they can use leverage, taking on more exposure than the collateral they deposit.

HYPE is used for staking and paying fees on HyperEVM, the Ethereum-compatible environment for running apps. Through staking, holders delegate coins to validators that help secure the network.

How many HYPE are there

The initial maximum supply was set at 1 billion HYPE, with 31% earmarked for the initial airdrop and about 38.9% for future distributions and rewards. There’s no mining as with Bitcoin: staking rewards come from the reserve set aside for emissions.

Core contributors were allocated 23.8%, which enters circulation gradually through scheduled unlocks. Meanwhile, the Assistance Fund uses fee revenue to buy back HYPE, and the coins it acquires are treated as out of circulation.

What to watch out for

The concentration of power among validators and limited public access to the code of core infrastructure deserve attention. There are also risks in bridges, smart contracts and price-feed mechanisms (oracles), especially in markets with thin liquidity.

Leverage can lead to losing your entire collateral, and access to derivatives depends on regulatory restrictions. Contributor token unlocks and competition for liquidity add risks specific to HYPE.

We find Hyperliquid’s focus on trading interesting, but we judge its technology as much by its resilience and decentralization as by its speed.