Hyper Foundation announces the launch of the HYPE token staking
On the back of this news, the asset added 7,5%
30.12.2024 - 12:15
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What’s new? Hyper Foundation, a non-profit organization backing the decentralized crypto exchange (DEXs) of perpetual futures HyperLiquid, has announced the launch of HYPE native token staking. The staking for rewards is now available in HyperLiquid’s own Layer 1 (L1) blockchain mainnet. The asset added 7,5% to reach $28,7 on the back of this news.
What else is known? As the Hyper Foundation team writes, the launch of staking was a milestone for the project, as it allows the community to collectively maintain the security of the network.
Like other networks with the Proof of Stake (PoS) consensus algorithm, new blocks in HyperLiquid are offered by validators in proportion to the volume of HYPE in staking.
Users can place HYPE in staking through a trusted validator and earn rewards in the form of additional HYPE tokens. Users can consider various metrics when selecting validators for staking, such as uptime, fees, reputation, and contributions to the community.
The Hyper Foundation will launch a delegation program to support high-performance validators and further decentralize the network. More details about the program will be announced at a later date.
The organization noted that tokens that are on the blockchain can also be placed in staking, but the rewards will be on the blockchain for a period determined by the tokenomics of the project.
Last week, HyperLiquid experienced an outflow of deposits in USDC stablecoins from issuer Circle, which are used on the platform as collateral. The reason was statements by some developers that DPRK hackers were testing HyperLiquid for vulnerabilities by conducting trading operations.
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