Is Hyperliquid Season 3 Airdrop Coming? The official confirmation has not been made yet, but the market has already hyped up S3 Recently, a token called S3 appeared on Solana. It is not issued by Hyperliquid, is not on HyperEVM, and has not received endorsement from the Hyper Foundation But because the name corresponds to the long-awaited "Season 3" in the community, S3 quickly gained attention, and Brother Ma Ji also participated in spreading it, calling it a way to gain narrative exposure for the third season of Hyperliquid, while also stating that he is not a developer According to market statistics at the time, the total liquidity of each liquidity pool in S3 was only about $500000, of which the S3/HYPE trading pair contributed about three-quarters of the trading volume What everyone is trading is not a Hyperliquid project that has already landed, but an expected airdrop that has not yet been officially confirmed Why does the market believe so much that Season 3 may exist? The answer is hidden in HYPE's initial token allocation plan The maximum supply of HYPE is 1 billion pieces, of which 31%, or 310 million HYPE pieces, are used for the Genesis distribution on November 29, 2024 This batch of tokens was distributed to approximately 94000 addresses that have previously used Hyperliquid, without VC rounds or private investors ranking ahead of ordinary users People who have truly used the product have directly received tokens As HYPE later rose, some addresses received airdrops worth hundreds of thousands or even millions of dollars, making the market always looking forward to the next similar opportunity Because in the official token allocation, there is a larger number: 38.888%, which is approximately 388.88 million HYPE, classified as "future emissions and community rewards" The Hyper Foundation also explicitly states that undistributed tokens from the Genesis event will also be transferred to future emissions and community rewards The community therefore refers to the pre creation points stage as Season 1 and Season 2, and calls the next round of potential rewards Season 3 But let me be clear: these are not the official names for Hyperliquid There is currently no confirmed Season 3 plan, and the start time, eligibility criteria, snapshot date, and airdrop quantity have not been officially announced. "Future emissions and community rewards" cannot be directly translated as "388.88 million HYPE will be airdropped soon" This portion of tokens may be used for trading users, as well as for staking, liquidity, builder incentives, ecological development, or other long-term distributions Moreover, 38.888% is the original allocation ratio at the time of creation, which does not mean that there are still 388.88 million HYPEs waiting to be airdropped intact today Even if Hyperliquid does launch the next round of large-scale community rewards, the rules may not be replicated in 2024 At that time, everyone participated in an early stage perpetual contract trading platform Hyperliquid now has an ecosystem of HyperCore, HyperEVM, HIP-3, spot, RWA perpetual, predictive markets, validators, and builders The objects of future rewards may include traders, stakers, liquidity providers, builders, and new users, or a combination of multiple behaviors S3 is not a ticket for Season 3, it's more like a lottery ticket created by the market for the long wait Everyone is afraid of missing out on the wealth effect brought by the next HYPE If the airdrop of the third season really arrives, it's not just a simple replication of the first airdrop It may be a bigger and more valuable airdrop event HYPE Hyperliquid S3 Airdrop