According to the statement from the Hyper Foundation, the decentralized exchange HyperLiquid has officially launched the staking feature for its native token HYPE on the mainnet.
“Staking is an important milestone for HyperLiquid as it allows the diverse community of HYPE stakers to jointly protect network security,” said the Hyper Foundation. The foundation emphasized that, similar to other Proof-of-Stake networks, the opportunity for validators to propose new blocks is proportional to the amount of HYPE tokens they have staked.
How HYPE staking works and reward distribution
HYPE token holders can now delegate their tokens to trusted validators in exchange for staking rewards. The Hyper Foundation urges users to carefully evaluate a validator's uptime, commission rate, reputation, and contributions to the community when choosing a staking target.
“This mechanism not only rewards participants but also strengthens the security and decentralization of the network,” added the Hyper Foundation.
To further decentralize the network, the foundation announced the launch of a program called 'Delegation Program' to incentivize outstanding validators, with specific details yet to be released.
Additionally, the platform allows staking on locked tokens, but currently, rewards for these locked tokens cannot be withdrawn.
HYPE staking data and validator specifications
Over 320 million HYPE tokens are already distributed among multiple validators for staking on the HyperLiquid network. The platform emphasizes the importance of choosing trusted validators, stating: 'Only when validators successfully participate in consensus can stakers receive rewards, so tokens should be delegated to trustworthy and reliable validators.'
HyperLiquid ecosystem is rapidly growing
The HyperLiquid ecosystem is also rapidly growing. According to data from DeFiLlama, HyperLiquid has now become the fifth-ranked platform among decentralized derivatives exchanges by total locked value (TVL), following platforms like Jupiter Perpetual Exchange, Drift Trade, GMX, and dYdX.
This article about HyperLiquid launching HYPE token staking on the mainnet first appeared in Chain News ABMedia.