Hot take - now is the perfect time for
@HyperliquidX to conduct a second airdrop.
Price relative to bitcoin has been up only since TGE in November 2024. Demand for hyperliquid:native has outstripped supply, resulting in a near-doubling of price over the past two weeks with no end in sight.
Fears surrounding airdrop selling are overstated. The benefits will outweigh any short-term selling pressure that would be easily overcome in these market conditions.
44% of supply is pending distribution as "future emissions & community rewards." This is why a second airdrop would be beneficial:
> The biggest knock on Hyperliquid is its lack of decentralization. Broadening tokenholder distribution would help on that front and allow the validator set to expand further.
> The generosity of the first airdrop contributed to Hyperliquid's post-TGE success by creating the most loyal community in crypto. A second airdrop would have the same effect, but this time, for a much wider base of users.
> Speculation on a second airdrop has boosted protocol usage and realized revenue for 1.5 years. An airdrop today would have the same effect in the following years, particularly for newer products, and could result in entirely net-new users given today's level of awareness.
>
@chameleon_jeff would continue his run as the most based founder in the cryptosphere.
The main argument I can make against an airdrop is that it could hurt institutional adoption by increasing uncertainty around sell pressure and future distributions, which the core team may be reluctant to risk given today's level of interest.
However, I think that is too conservative, and the team may have ultimate confidence, not fear, in making the decision to conduct a second airdrop.
If I had to wager, this is the path they will eventually take.
Hyperliquid.
The
@HyperliquidX rocketship reached $74 this morning, surpassing
@dogecoin as the 7th most valuable digital asset.
Below are the price levels hyperliquid:native would reach at the circulating market caps of those still ranked higher.
BNB -> $429
XRP -> $371
SOL -> $214
TRX -> $149