HIP-3 is a huge enhancement to the openness and composability of Hyperliquid, while also directly driving the demand for HYPE LST. Recently, we have seen frequent activities in the HYPE LST protocol, and currently the HYPE loan-to-value of mainstream HYPE LST protocols has reached 4%:



- Kinetiq: 31.05m KHYPE, accounting for over 75% of the market share, it is heard that the valuation is N times higher than the previous round of financing is also ongoing.

- StakedHYPE: 4.3m stHYPE, acquired by Valantis

- Hyperbeat: 2.71m beHYPE + 0.96m Ultra HYPE, $5.2 million financing, with investment from Coinbase Ventures. It is worth mentioning that the HIP-3 market Ventuals, which builds a pre-IPO perpetual market, has established a Vault on Hyperbeat, and the quota has been fully subscribed.

- Other includes Looped HYPE, Hyperpie Staked mHYPE, haHYPE
HYPE3.87%
UOS-1.9%
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