Valantis, a decentralized exchange (Dex) Protocol, have acquired stacked hype (Sthype)the second -largest floating stacking token (Lst) on hyperliquid. Financial conditions for the agreement were not revealed.
Sthype launched as the first LST on Hyperevm currently has about $ 180 million in the total value locked (Tvl)according to the sthype site.
Following the agreement, Sthype’s operations, development and scaling of Valantis Labs are administered. Addison Spiegel, founder of Thunderhead, the team behind Sthype, will serve as an advisor to Valantis.
Liquid Staking has become a central pillar in Hyperliquid’s ecosystem. According to Defillama, Liquid Stitching accounts for more than half of Hyperliquid L1’s $ 2.26 billion in Defi Tvl
The acquisition is based on Valantis’ previous launch of LST-specific DEX pools for both sthype and hhype, which together have attracted nearly $ 70 million in Tvl and treated more than $ 500 million in trade volume.
Valantis said in a press release that it plans to expand Sthype’s integration with its DEX and Hypercore with the aim of establishing a wider liquidity network for Hyperliquid.
Hyperevm, which went alive in February, has grown to more than $ 2 billion in Tvl over almost 100 protocols.
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