The L1 network HyperLiquid has enabled staking on its mainnet with 16 validators and an initial $8.4 billion token lockup.
Heavyweight on-chain perpetual exchange, HyperLiquid introduced native staking for its coin, enabling holders to produce incentives for blockchain engagement.
According to DeFiLlama, the protocol, well-known for its decentralized derivatives trading venue, boasts $2.64 billion in 24-hour trading activity and makes over $1 million daily fee income.
Approximately 7 million HYPE tokens were deposited by users across 16 validators in the first hour of staking activation. Stakers receive compensation for their contributions, which entails locking up currency to protect decentralized networks.
At the feature’s launch, HyperLiquid verified that 300 million tokens, worth $8.4 billion, had been staked on its layer-1 blockchain.
The process for vesting tokens was explained by the Hyper Foundation, a non-profit organization devoted to the HYPE ecosystem, saying:
Users can stake HYPE to a trusted validator and earn staking rewards in HYPE. Users may consider different metrics when choosing which validators to stake, such as uptime, commission, reputation, and community contributions.”
Hyper Foundation
HYPE has grown significantly since its launch last month, rising from $3.57 to $27.44 as of this writing. Its $9.2 billion market capitalization outpaces known DeFi initiatives like Litecoin (LTC) and Uniswap (UNI).
