Hyperliquid: The Major Launch of 2024

Hyperliquid is the last major project to launch in 2024, boasting the highest fully diluted valuation at $27.2B, outpacing other high-profile startups.

Launch Overview

Hyperliquid (HYPE) emerged as the most significant launch of 2024, achieving a fully diluted value of $27.2B. The HYPE token experienced rapid growth following its airdrop, while the decentralized exchange (DEX) increased its listings and volumes.

Launching in November, Hyperliquid generated hype through airdrop farming. Despite concerns about sustainability, the airdrop resulted in an impressively high valuation without a drop post-launch.

Achieving a top airdrop position for 2025 was a remarkable advantage for Hyperliquid, especially given its initially low expected valuations. The HYPE airdrop value was initially estimated at $150M, surprising recipients with its actual performance.

As of year-end, HYPE traded at $27.34, even peaking above $32. Support from token burns and active protocol fees contributed during volatile market periods.

Market Trends

In 2024, while numerous meme tokens emerged, large VC-backed projects surged, demonstrating a trend toward high fully diluted values, prompting optimism about demand stability.

CryptoDiffer data highlighted that 2024 featured one major project monthly, starting with the Drift Protocol valued at $1.27B.

High-FDV Projects and Vesting Schedules

The influx of high-FDV projects was welcomed as fresh opportunities within a more flexible market. Hyperliquid maintains $6.44B in locked value among core contributors, with unlocks for early investors beginning in November 2025, allowing ample time for HYPE to solidify its market presence. As of December 30, HYPE was only 31% unlocked, with some already re-vested.

The resurgence of DeFi saw the emergence of Ethena (ENA), valued at $2.8B at the close of 2024, but with an FDV of $14.3B. Ethena’s token unlocks will begin in April 2025, occurring monthly and affecting the market cap by 5.38% each month.

Ondo Finance stood as the third-largest project, displaying an FDV of $13.4B with a market cap of $1.95B. Its major unlock event is set for January 18, 2024, which is expected to dilute circulating tokens by 134%.

All three premier projects rely heavily on a continuing bull market for growth. Ondo Finance focuses on tokenizing real-world assets, aiming to bring institutional products on-chain, while Ethena needs a bullish Ethereum (ETH) trend to manage fees and distribute earnings via its synthetic stablecoin.

Value Locked Comparisons

Despite the promising outlook, current value locked for the leading projects is significantly less than their FDV. Hyperliquid has locked $2.55B in bridges, while Ethena’s locked value is $5.95B based on USDE stablecoin issuance, and Ondo Finance shows just $612.53B in total value locked (TVL).

The new cohort of 2024 projects continues to attract scrutiny, even as existing low-float tokens flood the market. The last week of 2024 alone saw another $421M in newly unlocked tokens, further diluting supplies of top tokens like SUI and Optimism (OP).