A significant unlock of $314 million worth of Hyperliquid tokens is set for Saturday, putting the perpetual decentralized exchange (DEX) under intense scrutiny regarding its tokenomics. A community member, Andy, has called for clearer communication from the team on how the unlock will be managed.
Tokenomist data indicates that on Saturday, Hyperliquid will release 9.92 million HYPE tokens, which amounts to 2.66% of the total supply. The value of these tokens is approximately $314 million at this time. The unlock will occur in a ‘cliff unlock’ format, meaning the tokens will be released all at once.
Community discussions have flared up, spurred by an open letter from Andy urging the team to address concerns before the tokens become available for sale. Currently, HYPE trades at $31, reflecting a 23% decrease over the last month.
“The team and airdrop recipients finally able to sell is going to ruffle feathers until you address the community head on,” Andy remarked. “The entire market has PTSD from the destruction on charts of VC-backed vapor.”
Arthur Hayes Forewarns about Sell Pressure
Arthur Hayes, co-founder of BitMEX, has issued a candid warning that the impending unlock event will introduce unavoidable selling pressure on the token. He emphasizes that assurances from insiders cannot eradicate uncertainty.
“Even if the team pinky swears to not sell, there is nothing holding them to that. So you have to assume a >0% amount of daily sell pressure,” Hayes stated.
He noted a marked decline in Hyperliquid’s price-to-fully diluted valuation (FDV) ratio since July as evidence that traders are already factoring in the expected dilution risk unless revenue growth outstrips the increase in supply.
While some community members call for greater transparency, others argue that the Hyperliquid team is not obligated to disclose their token management strategy. One user commented that the announced allocation and timing were “sufficient” and that the team could decide internally what to do with their tokens.
Another member criticized the open letter, labeling it as “desperation” and argued that the Hyperliquid team has “definitely earned” their tokens.
Perpetual DEX Volumes Stay Stable in November
In spite of a wider slump in the crypto market, perpetual DEXs reported consistent daily volumes, fluctuating between $28 billion to $60 billion, as noted by DefiLlama.
The four leading perp DEXs—Lighter, Aster, Hyperliquid, and edgeX—collectively accounted for over $1 trillion in trading volume over the past month. Lighter emerged on top with trading volumes hitting $300 billion, while Aster followed closely with $289 billion monthly.
Hyperliquid secured the third spot with $259 billion in volume, while edgeX logged $177 billion during the same period.
Related: Trader torches $3M to punch a $5M hole in Hyperliquid’s vault
