Hyperliquid has introduced its native token, HYPE, as part of its upcoming HyperEVM mainnet launch.

Eligible users can claim HYPE and a commemorative Hypurr non-fungible token during the Genesis Event by accepting the terms before Nov. 11. The Hyper Foundation, recently established to support Hyperliquid’s ecosystem, confirmed this development.

Hyperliquid is a decentralized exchange offering deep liquidity for a variety of assets. Liquidity refers to how easily assets can be traded without affecting prices.

The Hyper Foundation, established to support the growth of the Hyperliquid ecosystem, focuses on building a decentralized financial infrastructure, including the development of Hyperliquid’s blockchain and applications. 

The HyperEVM, an Ethereum (ETH) compatible blockchain, will allow any application built on Hyperliquid to leverage this liquidity and financial tools, making decentralized finance more accessible.

The launch of HYPE is also crucial for the network’s proof-of-stake consensus mechanism, which requires users to hold tokens to validate transactions and secure the network.