#代币空投与分配 Seeing Hyperliquid's recent move is quite interesting. Unlocking 1.2 million HYPE tokens in three batches, all distributed on the 6th of each month, this pacing is very restrained.

It reminds me of the ICO boom in 2017, when many projects launched and dumped tokens immediately, with no lock-up mechanisms for team tokens—everyone knows how that ended. After experiencing the bear market in 2018, project teams gradually realized the importance of "long-termism." Since then, token unlock schedules have become an important indicator for evaluating a project's fundamentals.

Hyperliquid's approach actually reflects several issues. First, publicly announcing a clear unlock plan itself indicates progress. High transparency means not fearing oversight, which is especially important in the derivatives sector—users are already sensitive about fund security. Second, distributing tokens monthly rather than all at once shows the team is considering market capacity and is also restraining itself.

But it's also important to see the other side. What percentage of the current circulating supply does 1.2 million tokens represent? How long will the unlock period take to fully release all tokens? These details determine whether the restraint is genuine or just superficial. History has shown that the harshest dumps often occur under the guise of "transparency."

Placed within the timeline of tokenomics evolution, this event is essentially a microcosm of the shift from disorderly growth to orderly development, from wild expansion to institutional regulation. It’s worth continuing to observe.