The Hyperliquid airdrop is one of the most significant crypto events during 2024.

Hyperliquid distributed a significant amount of tokens to participants while highlighting the attraction to decentralized derivatives platforms. By allocating nearly 274 million HYPE tokens to 94,000 wallet addresses, the airdrop rewarded users with amounts ranging from a few dollars to millions.

1. Airdrop Value in USD:

• Smallest Reward: Participants who completed minimal activities received fewer than 10 tokens, worth less than $100 at the peak price of $9.8 per token.
• Largest Reward: The highest single allocation was 970,000 tokens, valued at $9.56 million.
• Average Reward: At an average of 2,915 tokens per user, most recipients saw a reward worth approximately $28,500.

1. Total Airdrop Scale:

• The total value of tokens distributed peaked at $2.685 billion, making it one of the largest crypto airdrops in history.

1. Distribution Analysis:

• Median Allocation: The median recipient received 64.53 tokens, worth around $630.
• Over 56.6% of users received fewer than 100 tokens, equating to more than $1,000.
• 83.9% of participants received fewer than 1,000 tokens, valued under $9,800.

1. Market Impact:

• HYPE token price surged from $2 at launch (November 29) to $9.8 by December 1, a near 5x increase in just three days.
• HYPE’s market capitalization exceeded $3.3 billion, ranking 44th among all crypto tokens globally.

Impact and Takeaways

The Hyperliquid airdrop offered extraordinary returns, especially for those who engaged with the platform regularly. Since there were low entry costs to start trading on Hyperliquid, many participants received small rewards. Moreover, a higher deposit on the Hyperliquid platform generated a dramatically more significant airdrop. The opportunity underscored the potential of early adoption in decentralized platforms. However, users needed to balance their efforts and risks against the probability of securing meaningful rewards.