If there were a gold standard way to airdrop, then Hyperliquid’s Genesis Event at the back end of 2024 would be the blueprint. Although airdrops were heavily farmed throughout 2023 and 2024, with some more successful than others, the success of Hyperliquid’s airdrop and the remarkable growth of their DEX resulted in a bare minimum six-figure airdrop for those who held onto it throughout 2025.
When the first airdrop happened, Hyperliquid made no secret of the fact that 31% of the supply sent to active user wallets was not the entire slice of the pie. In fact, they still have more than 38% set aside for future airdrops and emissions.
This has sent Twitter, now known as X, and influencers into a frenzy, with multiple levels of speculation about how much will be airdropped as part of their season 2, when it will happen, and whether it could coincide with the first airdrop.
Keeping The Momentum Going
Hyperliquid’s DEX dominated much of the market throughout 2025. It wasn’t until Aster, a project heavily backed by Changpeng Zhao on X, entered the equation that their market share began to drop from a peak of 70% to below 40%. Still, though, this is an impressive percentage for any company operating within the fiercely competitive realm of DEX and perps trading.
As we have observed in the world of casino gaming, the emergence of cryptocurrency has led platforms to battle against each other, using a range of marketing strategies and ideas to try and get ahead of their competitors. Despite the success of the online casino world within the first decade of the 21st century, it is not an industry that has stood still.
Throughout many Western economies, particularly throughout North America, cryptocurrency has permeated several different global markets. For instance, a crypto casino Canada based customers can access boasts all of the same blockchain innovations and gaming ideas that you can find in other parts of the world, too.
While it wouldn’t be entirely accurate to treat airdrops and casino gaming marketing as identical ideas, the concept that using a product or platform and being an established user will pay dividends exists, whether it is via a cashback system or an airdrop. An understanding of cryptocurrency is essential for those who want to use digital assets in their casino gaming or those who are looking to trade perps on DEXs like Hyperliquid.
What Could Season 2 Entail?
Up to now, it’s a question that is entirely speculative. It’s unlikely that season 2 airdrop will completely mirror the first season, especially with the emergence of staking and the Hype EVM. A future airdrop will likely combine these factors, and it could be much smaller than many in the crypto space anticipate.
Although nearly 40% of HYPE tokens are still earmarked for an airdrop, that doesn’t mean all of it will go to users, nor does it mean that it will be done in one season. They could airdrop 5% in multiple different seasons, combining the EVM and staking. However, given that perps is still the biggest profit earner for Hyperliquid and costs the most in fees, it will likely make up the bulk of any future airdrop.
Centralized exchanges have been the main route for people looking to cash out their crypto and withdraw it to their bank account. Coinbase is the main avenue, and remains the most popular route for cryptocurrency investors and traders in the US. Still, Hyperliquid’s approach of allowing users to withdraw USDC to their wallet, which they can then send directly to their bank account, has proven to be a hit and has challenged the monopoly that CEXs like Binance and Coinbase have had on the crypto market for close to a decade.
When Will It Happen?
Again, nobody really knows. The emergence of Aster forced the hand of the Hyperliquid team. They responded on Twitter, now known as X, with Jeff Yan, the CEO of Hyperliquid, accusing CEXs of hiding liquidation numbers and lacking transparency in their stats.
Some have speculated that the rise of Aster, along with the coordinated social media campaign promoting it as a rival to Hyperliquid, pushed the team into releasing the highly anticipated Hypurr NFT collection, which currently has a floor price of around $40,000.
Some speculators and investors believe that the NFT might act as a multiplier for future airdrops, or that EVM projects will airdrop to wallets that own a Hypurr NFT. All in all, the information isn’t out there. The only definitive fact is that there’s still a large amount of tokens earmarked for future airdrops and emissions. If season 2 is anything like season 1, it will be enormously profitable for those who have been trading on Hyperliquid throughout 2025.
