L1 network HyperLiquid has enabled staking on its mainnet with an initial token lock of $8.4 billion and 16 validators.
On-chain perpetual exchange heavyweight HyperLiquid unveiled native staking for its (HYPE) token on December 30, allowing holders to generate rewards for participating on the blockchain.
The protocol, known for its decentralized derivatives trading venue, records $2.64 billion in 24-hour trading volume and generates over $1 million in fee income daily, according to DeFiLlama.
Within the first hour of staking activation, users deposited approximately 7 million HYPE tokens, spread across 16 validators. Staking involves locking cryptocurrencies to secure decentralized networks, with stakers receiving rewards for their contributions.
HyperLiquid confirmed that a total of 300 million tokens worth $8.4 billion were staked when the feature launched on its Layer 1 blockchain. The Hyper Foundation, a non-profit organization dedicated to the HYPE ecosystem, has clarified the process for vested tokens, stating:
Users can stake HYPE with a trusted validator and earn staking rewards on HYPE. Users can consider different metrics when choosing which validators to bet on, such as: B. Uptime, commission, reputation and community contributions.
HyperFoundation
HYPE, which first launched last month, has seen significant growth, rising from $3.57 to $27.44 at the time of writing. Its market cap of $9.2 billion surpasses established DeFi projects such as Uniswap (UNI) and Litecoin (LTC).
