Hyperliquid distributed 310 million unlocked HYPE tokens to past users on November 29, 2024—31% of its stated one-billion-token maximum supply. The distribution was valued at more than $1.2 billion shortly after launch, then at $7.4 billion in a later Bitwise report using prices current to that report. Those figures describe the same allocation at different times; neither proves that recipients received that amount in cash or that this was definitively the largest airdrop ever.
What happened in the HYPE Genesis airdrop?
On November 29, 2024, Hyperliquid launched its HYPE token and distributed 310 million tokens to past users. A 2026 SEC-filed prospectus for the Grayscale Hyperliquid Trust says the tokens were distributed unlocked and represented 31% of the stated one-billion-token maximum supply. SEC-filed prospectus
The distribution rewarded prior platform use. The Block reported that eligibility was tied to reward points, with each eligible point earning five HYPE tokens; the points period ended in May 2024. Bitwise described two phases of points campaigns spanning 12 months. The Block Bitwise
Ahead of the launch, The Block attributed this statement to the Hyper Foundation: “The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level of the stack.” The Block
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How much was the airdrop worth?
The answer depends on the valuation date. The Block reported that HYPE traded at about $4.20 shortly after launch and estimated the distribution’s value at more than $1.2 billion. That was a launch-period estimate, not a measure of what recipients ultimately sold their tokens for. The Block
Bitwise later described the same 310 million-token allocation as worth $7.4 billion, using prices current to its report. It also said the tokens went to 94,000 eligible wallets. The $7.4 billion figure is a later mark-to-market valuation of the full allocation, not cash paid to recipients at launch. Bitwise
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| Measure | Valuation basis | What it means |
|---|---|---|
| More than $1.2 billion | The Block, November 29, 2024; HYPE was reported at about $4.20 shortly after launch. | A contemporaneous estimate of the distribution’s value near launch. Source |
| $7.4 billion | Bitwise report, 2025; the report used prices current to its publication. | A later mark-to-market value for the 310 million-token allocation, not launch-day proceeds. Source |
Token prices change, and the value of an entire allocation cannot show how much any individual claimed, held, or realized. The sources cited here do not establish a median recipient allocation, median realized gain, or total cash proceeds.
How did HYPE’s allocation fit into the token supply?
The SEC-filed prospectus lists the following initial allocations against a stated maximum supply of one billion HYPE. These are allocation figures, not evidence that all tokens were circulating or immediately available. SEC-filed prospectus
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| Initial allocation | Share and amount | Availability or timing stated in the filing |
|---|---|---|
| Genesis airdrop | 31%; 310 million HYPE | Distributed unlocked on November 29, 2024. |
| Future emissions and rewards | 38.89% | Reserved for future emissions and rewards. |
| Core contributors | 23.8% | Locked until November 2025, then vesting over 24 months. |
| Hyper Foundation budget | 6.0% | Not stated in the filing excerpt. |
| Community grants | 0.3% | Not stated in the filing excerpt. |
| Liquidity program | 0.012% | Not stated in the filing excerpt. |
The prospectus also identifies supply, vesting, market concentration, custody, and market-price risks as relevant to ownership and investment exposure. A large initial airdrop does not remove those risks.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Was it the most lucrative airdrop of all time?
The cited sources establish that the HYPE allocation had a reported later mark-to-market value of $7.4 billion. They do not establish a comprehensive, consistently measured ranking proving that it was the most lucrative airdrop ever. That comparison would require a defined set of airdrops and a common method—for example, comparing launch-day values with launch-day values rather than comparing one project’s later peak with another’s initial distribution.
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Nor does a large distribution by itself show that users stayed engaged or that recipients realized gains. A 2023 preprint examining six large airdrops found that substantial portions of airdropped tokens are often sold by airdrop farmers. That is general research and does not establish what HYPE recipients did. 2023 research preprint
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