While the decentralized exchange Hyperliquid could well be the new target of North Korean hackers, the team behind the development of the crypto project is trying to find solutions to strengthen its security. Staking its native cryptocurrency, HYPE, could well be a solution to its problem.
HYPE holders will now be able to stake their tokens
On the social network Hyper Foundationthe entity behind Hyperliquid, officially announced this Monday the launch of staking for its native cryptocurrencythe HYPE. According to the decentralized exchange (DEX) of perpetuals, staking constitutes “ an important step » of its developmentbecause it will allow “ to the community around its token to collectively secure the network “.
Staking is now live on mainnet.
Staking is an important milestone for Hyperliquid because it allows the diverse community of HYPE stakers to collectively secure the network. Like other proof of stake networks, new blocks on Hyperliquid are proposed by validators in proportion to… pic.twitter.com/J8uECmHGwK
— Hyper Foundation (@HyperFND) December 30, 2024
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HYPE holders can now delegate their tokens to a validator in order to earn rewards. “ Users can take into account different measures when choosing which validators to bank onsuch as uptime, commission, reputation and community contributions, » specifies Hyperliquid.
By setting up the staking of its native cryptocurrency, Hyperliquid intends strengthen security and decentralization of its network while rewarding the involvement of members of its community.
On its site, HyperLiquid was uncompromising: “ Stakers do not receive rewards that when the validator successfully participates in the consensusstakers should therefore only delegate to reputable and trusted validators “.
This is why alongside the arrival of staking, Hyper Foundation plans to launch a delegation program. Thus, the most efficient validators will be rewarded. For now, the details of the program as well as its launch date have not been revealed.
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The crazy success of Hyperliquid’s native cryptocurrency
Since its launch on November 29 during a highly anticipated airdrop, the HYPE has continued to make headlines. In less than a month, Hyperliquid's native token experienced notable growth. Its price exploded, climbing by 750% in a few weeks. The price of the cryptocurrency rose from $4 as of November 29 over 34 dollars on December 22.
Currently, nearly 334 million HYPE are in circulation, out of a total supply of 1 billion tokens. Their price is established at around 28 dollars at the time of writing, 7 times more than when it was launched. The total capitalization of the cryptocurrency is more than $9.4 billion and its total diluted value exceeds the 28 billion dollars.
👉 In the news – Will Hyperliquid be the next target of North Korean hackers?
The success of HYPE has had the effect of boosting the activity of the decentralized exchange with which it is associated. Indeed, the daily trading volume recorded by the platform simply exploded. Estimated at less than $5 million at the end of November, Hyperliquid recorded for almost $700 million in trading volume last December 23.
This allowed the DEX to accumulate more than 2.5 billion dollars of net inflows since the launch of its native token.
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Source: CoinGecko
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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