Layer-1 blockchain HyperLiquid, recognized for its decentralized derivatives alternate, opened up native staking for holders of its HYPE token, in line with a Monday publish on X.
Stakers can choose which validator to stake tokens with and can accrue rewards in return for securing the community. At launch, HyperLiquid staked 300 million tokens ($8.4 billion), and one other 7 million tokens had been added by customers within the first hour. The tokens are staked throughout 16 validators.
Locked tokens certain by a vesting schedule might be staked, however rewards that accrue will stay locked.
Introduction of staking comes one month after the HYPE token was issued. It debuted at $3.57 and has since risen to $27.89, CoinMarketCap reveals.
HYPE now has a market cap of $9.2 billion, pushing it into the highest 20 largest tokens after overtaking bitcoin money (BCH), pepe (PEPE) and litecoin (LTC).
The alternate has racked up $2.64 billion in buying and selling quantity over the previous 24 hours, with DefiLlama reporting that it’s making greater than $1 million per day in income.
