Key highlights:
- Hyperliquid set aside 38.8 million HYPE tokens for Season 2, and eligible users now have the chance to help decide how these tokens get distributed.
- The community can vote in four main areas: perpetual futures traders, HLP and liquidity providers, HyperEVM applications, and spot and HIP-3 markets.
- Everyone who’s eligible and votes gets extra HYPE, no matter which category ends up winning the most votes.
- The vote becomes official if at least 15% of eligible users take part. Meanwhile, there’s still a lot of attention on HYPE’s buybacks funded by fees, trading activity, and interest from big investors.
Hyperliquid just started the Season 2 community vote, putting the decision about the next token distribution in the hands of their users. There’s a pool of 38.8 million HYPE ready for the community, and people can pick which part of the network they want to see get more support. It’s not an all-or-nothing system. Each of the four areas will get some allocation, the vote only decides which group gets a bigger part.
You don’t have to lock up tokens, stake, or reach a minimum balance to take part in the vote. As long as your wallet’s onchain activity fits the eligibility criteria, you can vote once. Discussions around HYPE go beyond the vote, analysts are pretty positive about the token’s fee-based buybacks, trading around $79-$80, reported retail losses through third-party applications, and large short positions held by leading traders.
Four Ecosystem Categories Shape the Vote
The vote covers four areas that fuel activity and growth on Hyperliquid. Perpetual futures traders drive the trading and open interest on Hyperliquid’s onchain derivatives book. HLP and liquidity providers help keep markets moving smoothly.
The next two options focus on things outside of perpetual trading. HyperEVM applications are all about developers building new products on the Hyperliquid Layer 1 network. Spot and HIP-3 markets refer to trading pairs and open markets, which add more assets for onchain traders.
Each category is a separate piece of the Hyperliquid puzzle, and the vote is supposed to reveal which part the community wants to emphasize. Results show up live, and you can see how preferences change as more votes come in.
Eligibility and Reward Rules Set Participation Conditions
Hyperliquid wants people who actually use the platform to vote. Trading perpetual futures or spot markets, holding HYPE, or building on HyperEVM might make you eligible, what matters is your wallet’s onchain history at the time of the eligibility snapshot.
You don’t have to lock tokens, stake, or commit any funds to vote. It won’t move, freeze, or stake what you already own, one wallet, one vote, simple.
Plus, everyone who votes gets an extra HYPE reward, doesn’t matter which option you pick, or even which category wins. This way, the reward for taking part is separate from the final decision on how tokens are split.
There’s a minimum turnout rule, though. The vote only counts if 15% of eligible users join in. If not, the 38.8 million HYPE stays put until a follow-up round. Later, a new proposal will set the exact allocations, so this vote mostly decides the general direction, not the final numbers.
HYPE Market Activity Adds Another Dimension
All this community voting is happening as people talk about HYPE’s performance and token economics. Analysts like the fee-based buyback, and HYPE’s been holding steady around $79-80. But it’s not guaranteed that this vote changes the price.
There are reports that retail traders have lost $280 million using third-party apps, partly because of high fees. Big traders are holding billions in short positions, highlighting the presence of substantial bearish exposure alongside positive commentary about HYPE’s buybacks.
On the other hand, wallets connected to Grayscale reportedly picked up $7.8 million extra HYPE. This buying from big players sits next to those large short positions and retail losses, showing how different groups are reacting.
When you look at everything together, the Season 2 vote fits into a bigger story: community involvement, funding for the ecosystem, buybacks, market exposure, and what institutions are doing. In the end, though, this vote is mainly about giving real Hyperliquid users a direct say in how to distribute that 38.8 million HYPE across four key network areas.
