HYPERLIQUID'S NATIVE TOKEN DEBUTS AT FULLY DILUTED $4.2B MARKET CAP

Summary from the TLDR Crypto newsletter

Decentralized perpetuals exchange and L1 blockchain HyperLiquid recently airdropped its HYPE token, with 31% of the supply allocated to former traders. Unlike recent airdrops, it immediately jumped in value to a fully diluted valuation of over $4 billion. The token is used to secure the network via proof of stake and to pay transaction fees.