Hyperliquid recently conducted an airdrop of 310 million HYPE tokens, leading to a significant price increase and market dominance in the decentralized perpetual swap platforms sector.
HYPE Token Price Surge
Following its token generation event (TGE), 310 million fully unlocked HYPE tokens were distributed to users, resulting in a significant price increase. At the time of the event, the tokens were valued at $1.2 billion, now exceeding $2.9 billion, with each token priced at $9.39.
Market Dominance in Swap Platforms
Since taking the lead in daily trading volume in October, Hyperliquid retains nearly half of the total trading volume among decentralized perpetual swap platforms, holding 47% of the market.
Criticism towards Hyperliquid
The company faces criticism from some crypto industry members due to its closed-source nature. Gasp founder Peter Kris expressed doubts about the correctness of the provided trading volume and TVL data, emphasizing that it is reported through the company's own API.
Hyperliquid continues to dominate the decentralized finance sector with the rise in its HYPE token value and significant trading volume. However, its closed-source nature raises concerns among some market participants about data accuracy.
