Layer 1 blockchain HyperLiquid, known for its decentralized derivatives exchange, has opened native staking for holders of its HYPE token, according to a Monday post on X.
Stakers can select which validator to stake tokens with and will accumulate rewards in exchange for securing the network. At launch, HyperLiquid staked 300 million tokens ($8.4 billion) and users added another 7 million tokens in the first hour. Tokens are staked on 16 validators.
Locked tokens can be staked subject to a vesting schedule, but any rewards accrued will remain locked.
The introduction of staking comes a month after the issuance of the HYPE token. It debuted at $3.57 and has since risen to $27.89, CoinMarketCap shows.
HYPE now has a market cap of $9.2 billion, putting it in the top 20 largest tokens after surpassing bitcoin cash (BCH), pepe (PEPE), and litecoin (LTC).
The exchange has accumulated $2.64 billion in trading volume in the last 24 hours, and DefiLlama reports that it is generating more than $1 million per day in revenue.
