The HYPE token serves as both the staking asset for Hyperliquid’s proof-of-stake consensus mechanism and as the gas token for its Ethereum Virtual Machine-compatible layer, HyperEVM. The protocol is designed to handle up to 200,000 transactions per second.
Decentralized finance (DeFi) protocol Hyperliquid has entered the ranks of the largest airdrops in history with its genesis event on Nov. 29, when it distributed 310 million HYPE tokens to its community.
Source [ https://cointelegraph.com/news/hyperliquid-hype-token-surges-after-billion-dollar-airdrop ]
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