Hyperliquid, a decentralized perpetual trading platform and Layer 1 chain, plans to introduce its native token, HYPE, during a genesis event scheduled for 07:30 UTC on Nov. 29.

“The HYPE genesis event marks a key milestone in the journey, unlocking core functionality at every level of the stack,” stated the Hyper Foundation.

This marks a significant milestone for the project, which has emerged as one of the largest decentralized trading platforms by volume but has operated without a native token over the last year.

After the Nov. 29 launch, HYPE is set to serve as the primary asset for staking and securing the HyperBFT consensus mechanism, allowing the project to decentralize.

As such, the token will be integral to the platform’s native perpetual and spot decentralized exchange, where it will be traded against USDC on the native spot order book. It will also serve as the native gas token of the network’s execution environment, the HyperEVM.

Hyperliquid works as an appchain leveraging HyperBFT, an optimized proof-of-stake consensus algorithm that enables high throughput and a near-instantaneous finality time of approximately 0.2 seconds.

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