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The Hyperliquid team has enabled staking of the native token HYPE on its mainnet, according to an announcement on Monday. 

“Staking is now live on mainnet,” the Hyperiquid team shared via X, noting that enabling this feature serves as a key milestone for the platform.

Hyperliquid is a performant layer-1 blockchain for on-chain finance whose flagship application is the Hyperliquid decentralized exchange.

The platform offers spot and perpetuals trading and has gained massive traction since its highly successful token airdrop.

The addition of staking sees Hyperliquid join other proof of stake networks that allow validators to propose new blocks.

It opens up the community to seriously support growth initiatives as they benefit from their staked HYPE. 

With staking, HYPE holders will be able to lock up their tokens and earn rewards as they help secure the network.

According to the announcement, the community will have the option to weigh their validator options by considering several metrics.

These include their uptime, reputation, commission and community contributions.

On the Hyperliquid mainnet, HYPE holders can stake their tokens via a trusted validator to earn staking rewards.

These will be in the native token, currently with a circulating supply of 333,928,180. Notably, users can stake locked tokens.

However, rewards from these staking positions will also be locked.

The Hyper Foundation has plans to support best performing validators, with further decentralization efforts via a Delegation Program.

The HYPE token fell sharply earlier this past week, dropping by more than 20% in 24 hours. 

Declines followed community reaction to speculation that hackers affiliated to North Korea were snooping around for potential vulnerability.

As Invezz reported on December 23, HYPE had revisited support levels around $26.50, with weakness allowing bears to touch lows of $24.16 on December 26.

Currently, the value of Hyperliquid’s token stands at $28.16.

While the altcoin has pared recent gains after hitting the all-time high of $34.96 reached on December 22, 2024, it’s still up more than 286% in the past month. 

Per CoinGecko data at the time of writing, HYPE’s value against the US dollar is up 634% from its all-time low of $3.81 reached on November 29, 2024.

Also notable is the increase in daily volume, which is up more than 12% to nearly $180 million.

Coinglass data shows open Interest in Hyperliquid has increased 4.07% to over $605 million.

The post Hyperliquid's HYPE staking goes live on mainnet appeared first on Invezz

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