Yesterday, the crypto market made a big splash— that highly anticipated decentralized exchange Hyperliquid airdropped a massive token reward to users, an unprecedented move in the industry.

**How outrageous was the size of the airdrop?**

This time, a total of 274 million HYPE tokens were airdropped, covering over 94,000 active wallet addresses. The official claim is that this is the largest airdrop in DeFi history. The numbers alone are a bit mind-boggling—such a scale is indeed rare.

**What was the market reaction?**

Interestingly, opinions in the community split into two camps. On one side are excited users who see this as a "community benefit" model, feeling the platform is directly sharing profits with users. On the other side are skeptics asking: Are the rules transparent enough? Could someone manipulate the system with technical tricks to arbitrage? Can ordinary users truly participate fairly?

**What issues does this highlight?**

Ultimately, this controversy points to a long-standing but unresolved problem in the Web3 world—when a project distributes benefits to the community, what constitutes fairness? What are the criteria for airdrop eligibility? How to prevent malicious actors with ulterior motives from exploiting the system?

What are your thoughts? What should an ideal token distribution mechanism look like?