Layer-1 blockchain HyperLiquid, known for its decentralized derivatives exchange, has unveiled native staking for its HYPE token. The announcement, made via a Monday post on X, marks another significant milestone for the platform as it continues to disrupt the decentralized finance (DeFi) landscape.
Staking is now live on mainnet.
— Hyper Foundation (@HyperFND) December 30, 2024
Staking is an important milestone for Hyperliquid because it allows the diverse community of HYPE stakers to collectively secure the network. Like other proof of stake networks, new blocks on Hyperliquid are proposed by validators in proportion to… pic.twitter.com/J8uECmHGwK
HYPE token holders can now stake their assets with validators of their choice, earning rewards while contributing to network security. At launch, a staggering 300 million tokens, valued at $8.4 billion, were staked by HyperLiquid. An additional 7 million tokens were staked by users within the first hour, distributed across 16 validators.
A unique feature of HyperLiquid’s staking system allows locked tokens under a vesting schedule to be staked. However, rewards earned from such tokens remain inaccessible until the vesting period concludes, ensuring the integrity of long-term commitments.
The staking initiative comes just a month after the HYPE token was introduced, debuting at $3.57. Since then, the token’s value has skyrocketed to $27.89, according to CoinMarketCap. This meteoric rise has pushed HYPE’s market capitalization to $9.2 billion, securing its place among the top 20 cryptocurrencies. Notably, HYPE has surpassed established tokens like Bitcoin Cash (BCH), Pepe (PEPE), and Litecoin (LTC) in market ranking.
HyperLiquid’s growth extends beyond its token performance. The exchange recorded $2.64 billion in trading volume within the past 24 hours, as reported by DefiLlama. Additionally, the platform is generating over $1 million in daily revenue, further cementing its position as a leading force in the DeFi space.
Hyperliquid is currently generating $1m+ in revenue nearly every day. pic.twitter.com/3y9iHmkXPj
— DefiLlama.com (@DefiLlama) December 28, 2024
The introduction of staking aligns with HyperLiquid’s broader strategy to enhance user engagement and network decentralization. By enabling token holders to actively participate in securing the network, the platform fosters a stronger community and positions itself as a robust player in the competitive blockchain ecosystem.
Also Read: Bitget Announces Listing of Hyperliquid (HYPE) in Innovation, DeFi, and Layer 1 Zone
With its rapid ascent and innovative offerings, HyperLiquid is setting a high benchmark for decentralized exchanges. The staking launch not only adds utility to the HYPE token but also underscores the platform’s commitment to sustainable growth and decentralization.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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