Reasons why I think a second Hyperliquid airdrop is very likely: > Jeff clearly values decentralization. Right now, less than 50% of the supply is in the hands of the community, that’s something he’ll likely want to change ASAP. > The 38.888% allocation explicitly says “future emissions and COMMUNITY REWARDS.” It would make little sense to phrase it that way if it only referred to staking emissions. > Around 4% of the first airdrop went unclaimed. Those tokens were originally intended for community distribution via airdrop, so repurposing them to staking emissions would not make much sense. > Hyperliquid’s user base has grown massively since the first airdrop. A huge number of organic users still don’t own any HYPE at all. There are only 282k $HYPE holders on Hyperliquid. > Retroactive airdrops may have a legal advantage under the SEC’s new crypto framework: rewarding past activity with no prior promise may avoid being treated as an investment contract, while announced points campaigns tied to future trading or tasks could face more regulatory risk. So if Hyperliquid wanted to reward users, it may actually have an incentive to say nothing and do it retroactively. Hyperliquid
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