Hyperliquid Labs is preparing its first distribution of HYPE tokens to core contributors, with approximately 1.2 million tokens slated for release on January 6. The tokens, valued at roughly $31 million at current prices, were recently unstaked for allocation to team members, according to a message shared by the project on Discord.
HYPE was launched in November 2024 through a community airdrop, with nearly 24% of the total 1 billion token supply reserved for core contributors under a multi-year vesting structure. Roughly 238 million tokens are currently in circulation, leaving more than 60% of the supply locked. The contributor allocation is subject to a one-year cliff followed by a gradual release schedule.
The upcoming payout introduces new supply into the market as Hyperliquid maintains its position as the largest decentralized perpetuals exchange by cumulative volume. However, growing competition from rival platforms has begun to pressure its share of the onchain derivatives market.
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