Decentralized exchange (DEX) perpetual aggregator Rage Trade has announced plans to issue a new token (RAGE) via a liquidity generation event and a token sale on hosted on Fjord Foundry on Aug. 7.

The token will be built on the recently-released Hyperliquid blockchain, a layer-1 network that initially soared to popularity with its decentralized perpetuals exchange.

Rage Trade currently aggregates GMX, Synthetix, Dydx, Aevo and Hyperliquid. It is designed to let traders manage their positions across multiple chains and earn incentives on each.

20 million RAGE tokens will be sold at a fixed price of $0.30 on Fjord with an additional nine million tokens being used to seed liquidity on Hyperliquid during the token generation event. Six million tokens has also been set aside for future market making and product incentives.

Rage Trade opted to issue its token on Hyperliquid after the network became the most popular avenue on Rage’s Perp Aggregator, with over 1,300 users generating $445 million in volume.

The token will have a total supply of 100 million, 20% of that has been allocated to the token sale whilst 30% will be put in the community treasury, which is subject to a 12-month cliff and a 24-month linear vesting schedule.

A deflationary mechanism dubbed "Rage Quit" allows private investors and airdrop recipients to scrap the vesting schedule and receive their allocation after an initial three month cliff is complete, a 60% haircut will apply to those selecting to use Rage Quit, which will reduce supply of RAGE.