Cryptocurrencies To Watch

Tag: Crypto Airdrop

  • Jupiter Exchange to Hold Second Vote on $1.6B Token Airdrop

    Jupiter Exchange to Hold Second Vote on $1.6B Token Airdrop

    Solana’s decentralized exchange, Jupiter, is planning to hold another voting round for its 1.4 billion token airdrop plan. The reward worth $1.6 billion was rejected by 42% of voters who showed discomfort with the proposal via the protocol’s DAO platform.

    Why a Second Voting Round?

    The decision to hold a second round of voting stems from the team’s desire to achieve a 70% supermajority on their current proposal. This threshold hints that the team wants broad support from the community before moving forward, believing it will increase its chances of success.

    The plan for the second vote involves addressing the concerns and opposition raised during the initial vote. Over the next few days, the team will review feedback from all sources, tackle the main areas of concern, and put up a revised proposal. Jupiter claims the process will be transparent, with live reviews of the proposal’s progress over the weekend.

    Meanwhile, according to Dune, an on-chain analytics platform, Jupiter has processed over $1.9 trillion in trading volume since its inception. Its governance token, JUP, has a total supply of 10 billion, with 40% allocated for community rewards. At press time, the token was trading at $1.17 and has experienced a 3.92% increase over the past 24 hours.

    Jupiter Assures Users

    Jupiter co-founder Meow acknowledged the uncertainty surrounding the airdrop plans but assured users that the team remains steadfast in its commitment to long-term growth. He believes the team and community share the same goal of establishing clarity and working towards driving the project vision forward.

    The upcoming vote will be a crucial test for the community and its leadership. However, the co-founder claimed that with the team’s dedication to Jupiter’s ecosystem’s (Jupiverse) success, there is every reason to be confident in a positive outcome. He further noted that unity and collaboration will be essential in overcoming any challenges that lie ahead.

    Another project developer, Hyper Foundation, completed the genesis distribution of the HYPE token, airdropping over $1.6 billion worth of tokens to users. Following the launch, the native token surged to a peak price of $6.21. Most Hype airdrop participants flaunt their rewards online, as the reward seems to have exceeded their expectations.

  • HyperLiquid’s Native Token Launches, Sees $4.2B in Fully Diluted Value

    HyperLiquid’s Native Token Launches, Sees $4.2B in Fully Diluted Value

    HyperLiquid, a decentralized perpetual trading platform and layer-1 blockchain, has distributed its native token, HYPE, as an airdrop. Since its launch, HYPE has surged over 11%.

    The price shift has propelled the fully diluted value (FDV)  to approximately $4.2 billion. More than 333 million tokens are circulating from a total supply of 1 billion, resulting in a market cap of roughly $1.4 billion.

    The HYPE token’s supply will be restricted to 1 billion tokens. Upon token issuance, 31% (or 310 million) of the fully unlocked supply was airdropped to qualifying community members.

    An airdrop is a marketing strategy where a cryptocurrency project distributes free tokens or coins to numerous wallet addresses, usually to generate awareness of a new project and encourage adoption.

    Hyperliquid Exceeds $250M Trading Volume

    The token’s debut has fueled significant market engagement, with trading volume exceeding $250 million in the last 24 hours, highlighting robust interest.

    Additionally, HYPE was allocated via a community airdrop, granting eligibility to users who accumulated reward points over six months, concluding in May. For every point earned, qualified participants received five tokens.

    Although airdrop distributions often lead to selling pressure, demand for HYPE exceeds supply, reflecting strong market confidence and a bullish trend.

    Recipients of HyperLiquid’s airdrop have shared stories of their unexpected profits on X. One trader from the decentralized derivatives platform revealed earnings of over $300,000 from their token allocation. Another user shared a screenshot showcasing more than $18,000 gained, captioning it, “I got a nice drop too.”

    Why Hyperliquid Network Matter

    HYPE is a vital component of the HyperLiquid ecosystem, performing several functions that boost the platform’s utility and decentralization. Users can stake HYPE to support HyperBFT, a refined proof-of-stake consensus mechanism that strengthens network security and fosters decentralization. Moreover, HYPE is the native gas token for HyperEVM, the platform’s execution layer, enabling transaction fee payments.

    Introduced in late 2022, the HyperLiquid network has achieved the capacity to handle around 100,000 orders per second. Notably, its consensus algorithm and networking infrastructure are designed to scale seamlessly, enabling the processing of millions of orders per second as market demand grows.

    Furthermore, the Hyperliquid L1 was explicitly built to optimize performance for a derivatives exchange, focusing on practical, real-world use cases. The network incorporates a versatile Ethereum Virtual Machine (EVM) called HyperEVM.

    Once development is finalized, ERC20 tokens can seamlessly interact with the L1 network. The network’s validators have been responsible for securing the EVM bridge.