HyperLiquid, a decentralized perpetual trading platform and Layer-1 blockchain known for its decentralized derivatives exchange, has introduced native staking for its HYPE token holders.
The move, which was announced via a post on X on Monday, allows users to stake their tokens and earn rewards for helping secure the network. This development marks another milestone in the platform’s rapidly growing ecosystem, which has already gained significant attention in the crypto community.
300 Million Tokens Staked at Launch
At the time of launch, HyperLiquid staked a substantial 300 million HYPE tokens, valued at $8.4 billion, with additional contributions from users. In the first hour alone, another 7 million tokens were staked, highlighting the strong demand for this new feature.
The tokens are distributed across 16 validators, with each validator offering users a chance to select where their staked tokens will go. While the staked tokens are bound by a vesting schedule, the rewards earned from staking will remain locked, ensuring that users continue to participate in securing the network for an extended period.
This development follows a month after the HYPE token’s debut. Initially priced at $3.57, the token has seen impressive growth, reaching $27.89 as of now. With a current market cap of $9.2 billion, HYPE has surged into the top 20 largest tokens, surpassing competitors such as Bitcoin Cash (BCH), Pepe (PEPE), and Litecoin (LTC).
HyperLiquid Soars Amid Controversy
HyperLiquid’s trading platform has also seen remarkable success, with a 24-hour trading volume of $2.64 billion. According to DefiLlama, the platform generates more than $1 million in daily revenue, further solidifying its position as a major player in the decentralized finance (DeFi) space.
However, the platform has not been without its challenges. Recently, HyperLiquid became embroiled in controversy after blockchain security researcher Taylor Monahan alleged that North Korean-backed cyber actors were operating on the platform.
This accusation, shared via an X post, led to a massive outflow of funds from the HYPE token and caused waves throughout the crypto community. Despite this setback, HyperLiquid continues to push forward, with its staking feature seen as a positive step for the platform’s future growth.
As the crypto space continues to evolve, HyperLiquid’s future could very well depend on how it navigates regulatory challenges and bolsters user trust.
The post HyperLiquid Opens Native Staking for HYPE Token Holders: Details appeared first on TheCoinrise.com.
