The launch of HYPE token staking on HyperLiquid’s mainnet marks a major development for the network and its users. This new feature allows HYPE holders to stake their tokens with validators, earning rewards while contributing to the security and decentralization of the platform. HYPE Staking Goes Live on HyperLiquid HYPE token staking is now available on HyperLiquid’s decentralized exchange, the Hyper Foundation announced. The foundation also stressed the importance of staking for the security of the network and attracting more people to the project. ”With staking, the various users in the HYPE staking community can collectively secure the network,” the Hyper Foundation said in a post that was shared on X. Staking allows users to transfer their tokens to trusted validators so that the users can receive more tokens depending on the performance of the validators. The validators take an active part in proposing new blocks for the network based on the amount of staked HYPE. The foundation also recommended checking validator metrics such as uptime and time online, reputation and reviews, commission rates, and contributions to the community. More than 320 million HYPE tokens have been staked across many validators as of now. In the HyperLiquid platform, the rewards are only given to the validators who have successfully participated in consensus, which is why it is crucial to select the proper validators. Plans to Strengthen Decentralization During the presentation, the Hyper Foundation unveiled the Delegation Program that will be used to incentivize the most efficient validators. While the specifics of the programme have not been made public yet, the foundation said that it would be rewarding validators active in the ecosystem and its protection. The staking system also includes the possibility to use locked HYPE tokens. However, rewards from these tokens are currently non-withdrawable until the lockup period is over. This mechanism promotes long term loyalty to the network while at the same time balancing the reward sharing system. Consequently, the success of HyperLiquid is in line with the general trend of the DeFi industry. Grayscale Research recently added HYPE into the Top 20 diversified crypto assets list where the company highlighted network growth, adoption, and sustainability as major factors for such inclusion. Other tokens on the list are Ethena’s ENA, Virtual Protocol’s VIRTUAL, Jupiter’s JUP, Jito’s JTO, and Grass. HYPE/USD: Source: Coinglass On the derivatives market, HYPE has observed an increase in its open interest which is now at $585.90 million from a previous 0.98%. In addition, the trading volume increased by 21.75% to $318.03 million which shows that more people are participating in the market as staking is gradually becoming popular. Will HYPE Price Breakout To $36? Since the token generation event that took place on the 29th of November, HYPE has shown exceptional price appreciation, with the coin rising by over 640%. The token reached its peak at $34 on December 22, and has since remained fairly constant at around $28. At the moment, HYPE has a total supply of 333.9 million tokens, which is trading at a $9.3 billion market cap and has a fully diluted valuation of $27.9 billion. Concurrently, HYPE’s price chart indicates a bullish breakout from a falling wedge formation, a common reversal signal. However, the price has moved sideways after the breakout, signaling a consolidation phase. Analysts project a potential price target of $36, based on the wedge’s height, provided bullish momentum resumes. HYPE/USD : Source: TradingView) Technical indicators show mixed signals. The Relative Strength Index (RSI) hovers near 47, slightly below the neutral 50 level, suggesting weak momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) displays bearish tendencies but shows signs of flattening, potentially signaling waning selling pressure. Key support lies around $26.50, with resistance between $28 and $29. A breakout above this range could propel the price toward $36. Conversely, failure to hold support at $26.50 might invalidate the bullish outlook. The post Will HYPE Price Skyrocket As Staking Launches on HyperLiquid Mainnet? appeared first on CoinGape .
