Total Value Locked
sHYPE Exchange Ratio
# sHYPE Holders
FAQ
Liquid Staking
Why is 1 sHYPE not 1 HYPE?
sHYPE represents a share of the total pool of staked HYPE. The staked HYPE earns yield over time in the form of more HYPE, so the amount of HYPE in the pool grows relative to the amount of sHYPE outstanding. As this happens, each sHYPE token represents more HYPE in the pool. This means that holding sHYPE gives users access to both their initial staked HYPE and their share of the new HYPE earned as yield. This ratio never resets to 1:1, so the value of sHYPE relative to HYPE grows continuously over time.
What are Liquid Staked Tokens (LSTs)?
Liquid Staked Tokens (LSTs) represent ownership of staked assets, typically cryptocurrencies like HYPE. LSTs let users earn staking rewards while keeping their tokens liquid—meaning they can still use these tokens across the decentralized finance (DeFi) ecosystem.
How sHYPE earns yield
sHYPE earns yield because it represents a share of the protocol's pool of staked HYPE. When HYPE is staked with validators on the Hyperliquid, the staking rewards earned are added back to this pool. As the pool grows relative to the total supply of sHYPE, the value of each sHYPE increases. Additionally, sHYPE can be used in DeFi to earn extra yield beyond the staking rewards.