#Hyperliquid Launches Local Staking Service on Mainnet

According to data from #ASXN, $344 million worth of#HYPEtokens have been staked, representing a total value of over $9 billion as of December 30.

Decentralized finance protocol (#Hyperliquid) has launched a native staking process on its mainnet, allowing holders to receive rewards for securing the network.

According to an announcement made on December 30, users can choose validators to stake tokens based on various metrics, such as uptime, commission, reputation, and community contributions. The feature debuted with 16 validators.

The Hyperliquid protocol provides decentralized trading for crypto assets. According to #DefiLlama, it raised over $12 billion in trading volume in December, generating over $8.6 million in cumulative revenue.

When staking, users lock up tokens to support network operations, such as validating transactions and securing the blockchain. In return, participants earn rewards, usually in the form of additional tokens.

According to data compiled by #ASXN, $344 million worth of HYPE tokens have been staked.

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