The newly formed Hyper Foundation announced Monday it will be issuing a native token, called HYPE, ahead of the upcoming launch of the HyperEVM on mainnet, according to a post on X.

"The next step of Hyperliquid's journey is the native token, HYPE. A native token is essential for the HyperBFT proof-of-stake consensus, the HyperEVM, and further developments on the roadmap," the foundation said in its post. "As part of the genesis distribution, eligible users can choose to receive HYPE and optionally a Hypurr NFT to commemorate the upcoming launch of the HyperEVM on mainnet."

Details about when the HYPE "Genesis Event," or token airdrop, will occur, will be shared at a later date, according to Hyper Foundation.

Hyperliquid’s average daily transaction volume has surpassed $1 billion in recent months, outpacing other decentralized derivative platforms. The increased activity may have been driven by its points reward campaign, which will determine the distribution of the upcoming Hyperliquid token airdrop, or HYPE token.

Hyperliquid is a decentralized platform that allows users to trade perpetual derivatives by aggregating liquidity from various sources. It also lets users trade cryptocurrencies with leverage, meaning they can borrow funds to increase their buying power. It operates as a Layer 1 app chain with native meme tokens like Purr, Points, etc.

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