HYPE ≠ BTC - and here’s why

In a recent interview on the Steady Lads YouTube channel, Hyperliquid founder Jeff Yan responded to criticism that HYPE token airdrops are fueling sell pressure. He compared HYPE’s token distribution model to Bitcoin’s — which he called the fairest of them all.

Now, if you look back at how the first bitcoins were distributed, Satoshi Nakamoto actively supported bitcoin faucets - websites that gave out BTC for free. Early faucets gave out up to 5 BTC per visit (proof). Yes, those were giveaways too - but they didn’t stop Bitcoin from mooning.

However, bitcoins were being handed out so people could actually try the tech Satoshi built. Without BTC, you couldn't send a transaction, test the network, or build on top of it. The giveaways served a purpose: the more people who had bitcoin, the more who could experiment and grow the ecosystem.

Now let’s talk about HYPE.

Do you need HYPE tokens to use the Hyperliquid platform? Not really. Hyperliquid claims the token is for governance - to:

• propose changes to network parameters,
• vote on product development decisions,
• and help allocate ecosystem funds.

But in over a year and a half since Hyperliquid launched, there hasn't been a single public case of token holders actually governing anything.

So what’s left to do with HYPE? Naturally, people who received it through airdrops or platform activity are looking to sell. That creates sell pressure - not value. So no, HYPE isn’t the next BTC. But you can swap HYPE for BTC - or any other crypto - at the best rates and without the hassle at rabbit.io.