After one of the most talked-about airdrops in recent crypto history, the Hyperliquid ecosystem is buzzing again. With 38% of the total supply of HYPE tokens still up for grabs, airdrop hunters are scrambling to claim their share. However, the strategy for this new season is more nuanced than just accumulating trading volume.
While the first airdrop largely rewarded raw trading volume on Hyperliquid native perpetuals exchange, the consensus for “Season 2” points toward a different set of criteria. The focus has shifted toward meaningful interaction with the platform’s core infrastructure and its expanding ecosystem.
First and foremost, the highly anticipated airdrop is not yet confirmed. Polymarket places the chances at 24% of seeing a HYPE token airdrop in 2025.
At the heart of this potential evolution lies HIP-3 (Hyperliquid Improvement Proposal 3), an upgrade that allows anyone to create and deploy their own perpetual futures markets in a permissionless manner.
This represents a major shift, aiming to transform Hyperliquid into a “universal exchange” for assets beyond crypto. Interacting with projects building on or integrating with HIP-3 is now considered the most decisive factor for airdrop eligibility.
The path to a potential HYPE allocation now involves a multi-faceted strategy focused on deep ecosystem participation:
The opportunity is not without challenges. Hyperliquid faces intense competition from rivals like Aster, which has recently eroded its market share in the perpetual DEX space. Additionally, a significant token unlock for core contributors is scheduled for November 29, 2025, which could introduce selling pressure on the HYPE token.
But for now, Hyperliquid remains the best airdrop of 2024. Can they repeat and deliver the best airdrop in 2025? The answer will come in the coming months. According to Alex_hunter’s research, the airdrop might be planned for January 1, 2026.
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Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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