Hyperliquid launches HYPE token in a no-VC genesis airdrop

On November 29, 2024, Hyperliquid held its "genesis event," distributing 310 million HYPE tokens (31% of supply) to roughly 94,000 early users with no manual claim required and, notably, no venture-capital allocation. The drop was valued in the billions and helped legitimize onchain perpetual exchanges as credible rivals to centralized venues on depth and latency.