Hyperliquid is the last major project to launch in 2024, while also having the highest fully diluted valuation. Hyperliquid (HYPE) is valued at a notional $27.2B, surpassing other startups with high-profile launches.
Hyperliquid (HYPE) turned out to be the biggest launch for 2024, taking the top spot with a fully diluted value of $27.2B. The HYPE token appreciated rapidly after the airdrop, while the perpetual futures DEX increased its listings and volumes.
Hyperliquid’s launch arrived in November, after months of sparking expectations with airdrop farming. The HYPE token launched during a period of heightened market activity and near-peak prices. Even with questions raised on the sustainability of Hyperliquid, the airdrop achieved an unexpectedly high valuation, as it did not sink after the token launch.
For Hyperliquid, becoming a top airdrop for 2025 was a major success, as the project started with extremely low expected valuations. HYPE airdrop value has been calculated at FDV as low as $150M, surprising the recipients of the airdrop.
HYPE still traded at $27.34 toward the end of the year, after peaking above $32. HYPE gets support from token burns and from the highly active protocol fees, which accrue during periods of market volatility.
In 2024, despite the meme trend of launching tokens and growing their valuation, large VC-backed projects remained one of the strong trends. Those projects had a much higher fully diluted value, raising expectations of demanding sufficient demand to keep their token from sinking.
Based on CryptoDiffer data, 2024 had one significant project each month, with a minimum value of $1.27B for Drift Protocol.
High-FDV projects propose long-term vesting schedules
Despite this, the new batch of high-FDV projects was greeted as new opportunities, to which a more liquid market could adapt. To avoid pressure on the token price, Hyperliquid keeps $6.44B in value locked, based on the share of core contributors. Unlocks for early contributors and investors will start in November 2025, giving enough time for HYPE to establish its range. HYPE was just 31% unlocked as of December 30, while some of the unlocked tokens were vested again.
The recovery of DeFi brought in Ethena (ENA), a project that benefitted from the 2024 market. Ethena traded at a valuation of $2.8B at the end of 2024, though with FDV of $14.3B. For Ethena, token unlocks will start in April 2025 for early investors and other special interest groups. The unlocks will happen almost monthly, and dilute the market cap by 5.38% a month.
The third-largest project was Ondo Finance, with an FDV of $13.4B and a market capitalization of just $1.95B for its tokens in circulation. Ondo Finance is preparing for one of its largest unlocks on January 18, 2024, which will dilute the currently circulating tokens by 134%. The unlocking event will free up 19.4% of the total supply, leaving the market to absorb up to $2.9B in tokens, if the holders try to sell.
Those three most ambitious projects all depended on an ongoing bull market to retain growth. Ondo Finance rode the trend of RWA asset tokenization, aiming to offer institutional-grade products on-chain. Ethena depended on the bullish trend for Ethereum (ETH) to make its fees and distribute them as earnings to the holders of its synthetic stablecoin.
For all three of the top projects for 2024, the current value locked is much lower compared to their FDV. Hyperliquid locked in $2.55B in its bridges, a small fraction of the value locked in its tokens. Ethena had a value locked of $5.95B based on its issuance of USDE stablecoins, while Ondo Finance only carried $612.53B TVL.
The new batch of projects from 2024 remains closely watched, even as older low-float tokens are still putting new tokens into the market. In the last week of 2024, another $421M in tokens was unlocked, still diluting the supply of top tokens like SUI and Optimism (OP).
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