HyperLiquid, a layer-1 blockchain known for its decentralized derivatives exchange, has opened native staking to holders of its HYPE token, according to a Monday post from X.
Stakers can choose which validators to stake their tokens with and earn rewards in exchange for securing the network. HyperLiquid staked 300 million tokens ($8.4 billion) at launch, with another 7 million tokens added by users in the first hour. Tokens are staked with 16 validators.
Locked tokens bound by a vesting schedule can be staked, but earned rewards remain locked.
The introduction of staking will take place one month after HYPE tokens are issued. The initial price was $3.57, but it has since risen to $27.89, according to CoinMarketCap.
HYPE currently has a market capitalization of $9.2 billion, surpassing Bitcoin Cash (BCH), PEPE, and Litecoin (LTC) to rank in the top 20 largest tokens.
The exchange recorded a trading volume of $2.64 billion in the past 24 hours, with DefiLlama reporting more than $1 million in revenue per day.
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