Yield Hunters Flock to HyperLiquid Staking Ecosytem to Farm Kintetiq’s Airdrop

Kinetiq, a liquid staking protocol constructed round Hyperliquid’s HYPE token, has seen an explosion of inflows in current weeks as customers pile in to farm the protocol’s airdrop factors marketing campaign.

Total worth locked (TVL) on Kinetiq has jumped from roughly $458 million in mid-July to over $2.1 billion as we speak, in accordance to DefiLlama.

While a part of the rise could be attributed to a 20% rise within the worth of HYPE over the identical interval, one other massive driver has been uncooked deposits. The quantity of HYPE staked has climbed from underneath 10 million tokens in July to almost 40 million now. Kinetiq’s factors program opened mid-July, underscoring that it’s driving exercise in its ecosystem.

The surge demonstrates the rising affect of Hyperliquid, which is quick turning into a DeFi heavyweight as liquidity, buying and selling exercise and staking demand migrate onto its ecosystem.

Points applications particularly, the place protocols distribute future token allocations to early members, proceed to pull in yield-hungry crypto buyers. By staking HYPE by Kinetiq, customers not solely earn normal staking rewards but in addition accumulate factors towards a possible Kinetiq token airdrop.

For many DeFi merchants, that double yield alternative has confirmed irresistible, some have shared on X.

Read extra: Native Markets Leads Early Voting for Hyperliquid’s USDH Stablecoin Contract