Hyperliquid is a decentralized exchange for perpetual derivatives that runs on its own Layer 1 blockchain. In November 2024, the platform introduced its native token, HYPE, through a “Genesis Event,” allocating tokens to early adopters via a points-based reward system. This comprehensive guide breaks down how the November 2024 airdrop unfolded—covering eligibility, point accumulation, registration, distribution, and claiming—to help you prepare for future airdrops on Hyperliquid or comparable platforms.
1. Eligibility: How the Points Seasons Worked
Instead of a single snapshot, Hyperliquid organized a series of Points Seasons spanning nearly a year:
Season 1 (Nov 1, 2023 – May 1, 2024): ~1,000,000 points awarded each week
Season 1.5 (May 1–28, 2024): Bonus pool of 8,000,000 points
Season 2 (May 29 – Sept 29, 2024): ~700,000 points per week
Season 2.5 (late 2024): Secret bonus of 8,400,000 points
Participants earned points by generating genuine trading volume (perpetuals, and later spot), funding their accounts, and executing trades. Any wash trading or Sybil-style tactics were penalized to maintain fairness.
2. Registering for the Genesis Event
Before tokens were distributed, point-holders needed to opt in by:
1. Visiting https://hyperfoundation.org/genesis
2. Connecting an Arbitrum-compatible wallet
3. Reviewing and signing the Genesis Event agreement
4. Completing registration by November 11, 2024
This opt-in served as the final eligibility snapshot—only wallets that registered on time received HYPE tokens.
3. Token Distribution & Claiming
On November 29, 2024 at 07:30 UTC, Hyperliquid executed its Token Generation Event:
310 million HYPE (31 % of the total 1 billion supply) were allocated to around 90,000–94,000 registered users.
No tokens were reserved for private investors—this was a pure “community-first” distribution.
HYPE balances were automatically credited to each user’s Hyperliquid account—no manual claiming transaction was needed.
Balances appeared under the Portfolio tab in the Hyperliquid UI.
At launch, HYPE briefly traded near $4.80, valuing the distributed supply at over $1 billion in the first hours.
4. Timeline & Key Metrics
Period Activity
Nov 1, 2023 – May 1, 2024 Season 1 points (~1 M points/week)
May 1–28, 2024 Season 1.5 bonus (8 M points total)
May 29 – Sept 29, 2024 Season 2 points (~700 K points/week)
Late 2024 Season 2.5 secret bonus (8.4 M points)
By Nov 11, 2024 Wallet registration for Genesis Event
Nov 29, 2024 at 07:30 UTC 310 M HYPE distributed to ~90–94 K users
31 % of the HYPE supply went to users; about 39 % remains allocated for future community incentives.
Over 333 M HYPE were circulating immediately after launch.
First-hour trading volume surpassed $165 million.
5. Takeaways for Future Airdrops
1. Engage early and consistently.
Gradual point accrual over time beats last-minute volume spikes.
2. Maintain a solid on-chain reputation.
Genuine, repeated interactions are rewarded—avoid wash trading.
3. Diversify your ecosystem participation.
Holding or using other HyperFoundation assets can boost future eligibility.
4. Stay tuned to official channels.
Monitor Hyperliquid’s Twitter/X, Discord, and the HyperFoundation site for announcements and deadlines.
5. Community-first models work.
Broad token distributions can outperform private VC allocations—expect more projects to follow suit.
By following these steps—participating in Points Seasons, registering on time, and keeping an eye on official updates—you’ll be well positioned for any upcoming HYPE airdrops or similar community-driven token events. Good luck!
