Merchants are piling into Pendle markets that leverage Hyperliquid’s main liquid staking protocol, betting on a future airdrop.
Yield tokenization platform Pendle and Hyperliquid’s main liquid staking protocol, Kinetiq, proceed to profit from one another as Pendle’s kHYPE markets cross the $1 billion milestone.
Kinetiq staked HYPE, or kHYPE, is the third largest market on Pendle, trailing Ethena’s USDe and sUSDe, with $1.13 billion in complete worth locked. Practically 80% of that’s concentrated in kHYPE, whereas the remaining 20% is in Veda kHYPE (vkHYPE) markets.
PENDLE and HYPE have been two of DeFi’s top-performing tokens in 2025, with HYPE up 480% from its April low, and PENDLE up 170% from its native backside in March.
The kHYPE market’s success is probably going pushed by the increase in Kinetiq factors that kHYPE YT holders obtain as they speculate on the long run Kinetiq airdrop.
Whereas there aren’t any particulars on when the Kinetiq token is predicted to launch, the platform’s debut turned heads even earlier than its official opening date, as tens of tens of millions price of HYPE have been unstaked forward of Kinetiq’s launch, in order that customers might route their stake by way of the liquid staking platform as a substitute.
Kinetiq makes use of an autonomous scoring system which ranks and distributes customers’ HYPE tokens amongst the community’s validators.
