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HyperLiquid Opens Native Staking for HYPE Token Holders

Renowned Layer-1 blockchain HyperLiquid, celebrated in the crypto arena for its decentralized derivatives exchange, has launched native staking for its proprietary HYPE token. The announcement, made in a Monday post on X, demonstrated the company’s commitment to providing holders of its token with more ways to leverage their holdings.

For those unfamiliar with the world of crypto, staking is a process akin to earning interest on a traditional bank deposit. HYPE token holders can now choose to stake their tokens with a validator of their choice, thereby contributing to the security and functionality of the network. In return, they will receive rewards, creating an incentive for participation.

The launch saw HyperLiquid stake a formidable 300 million tokens, equivalent to $8.4 billion. The crypto community responded with fervor, adding another 7 million tokens within the first hour. These tokens are currently staked across a total of 16 validators.

An intriguing aspect of HyperLiquid’s staking offering is the ability for holders to stake tokens that are bound by a vesting schedule. However, it is important to note that while these tokens can be staked, the rewards earned will remain locked until the vesting schedule is complete.

This exciting development comes only a month after the issuance of the HYPE token. The token made its debut at $3.57, and its value has escalated since, reaching $27.89 according to CoinMarketCap.

Its meteoric rise has led to a market cap of $9.2 billion for HYPE, propelling it into the top 20 largest tokens. It has surpassed noteworthy tokens such as bitcoin cash (BCH), pepe (PEPE), and litecoin (LTC), showcasing the growing interest and confidence in HYPE.

Meanwhile, the HyperLiquid exchange has witnessed substantial trading activity, with a trading volume of $2.64 billion recorded over the past 24 hours. Data from DefiLlama reveals that the exchange is generating more than $1 million per day in revenue, further reflecting its robust performance in the bustling crypto market.

In conclusion, HyperLiquid’s introduction of staking for HYPE token holders is a strategic move that not only provides an additional avenue for holders to capitalize on their tokens but also strengthens the security and functionality of the network itself. The swift uptake by users within the first hour of launch underscores the crypto community’s confidence in HyperLiquid and its offerings.