Hyperliquid, a decentralized exchange (DEX), has seen significant growth, accumulating over $400 million since the announcement of its $HYPE token. The platform has transitioned from a perpetual DEX to a market leader, boasting over $400 billion in trades. As Hyperliquid prepares for its token generation event (TGE), it is advancing towards a fully on-chain ecosystem, raising questions about the future impact of this development. The upcoming $HYPE airdrop has also generated interest among users, indicating strong community engagement ahead of the event.