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Hyperliquid Launches HYPE Token Staking on Mainnet With $8.4 Billion Staked, Token Price at $27.89

Dec 30, 2024, 10:44 AM

Hyperliquid, a layer-1 blockchain known for its decentralized derivatives exchange, has launched staking for its native HYPE token on the mainnet. This development allows HYPE holders to stake their tokens with trusted validators to secure the network and earn staking rewards. The Hyper Foundation, which supports the growth of the Hyperliquid ecosystem, emphasized that staking is a crucial step towards enhancing network security and decentralization. The foundation also plans to introduce a Delegation Program to reward high-performing validators. At the launch, Hyperliquid staked 300 million HYPE tokens, valued at approximately $8.4 billion, with an additional 7 million tokens staked by users within the first hour across 16 validators. The HYPE token, which debuted at $3.57, has since risen to $27.89, giving it a market capitalization of around $9.2 billion. Hyperliquid now ranks as the fifth-largest decentralized derivatives exchange by total value locked, with a 24-hour trading volume of $2.64 billion and generating more than $1 million in daily revenue.