HyperLiquid has launched staking capabilities for its HYPE token on its layer-1 blockchain, engaging 16 validators with an initial token lock-up valued at $8.4 billion. The decentralized derivatives trading platform, known for its significant on-chain volume, reported approximately $2.64 billion in trading across a 24-hour period, generating over $1 million daily in fee revenue.
Within the first hour of activation, about 7 million HYPE tokens were staked, distributed among the 16 validators. This process involves locking up cryptocurrencies to sustain decentralized networks, rewarding participants with earnings generated from their contributions. Users can select validators based on various criteria, such as uptime and community reputation.
At launch, a total of 300 million tokens were staked, confirming the feature’s success. The HYPE token demonstrated remarkable growth since its debut, escalating from $3.57 to $27.44, achieving a market cap of $9.2 billion, which surpasses other major DeFi platforms like Uniswap and Litecoin. The Hyper Foundation, supporting the HYPE ecosystem, emphasized staking’s role in rewarding users who contribute to network security and performance.
