Staked HYPE
STHYPE
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AI Analysis
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STHYPE (Staked HYPE) is a liquid staking receipt token representing 1:1 staked HYPE on Hyperliquid / HyperEVM, earning approximately 2.3% APY. The protocol was launched by Thunderhead and acquired by Valantis Labs in August 2025. Strengths include an established TVL/market cap (~$155M-$200M+), verified third-party audit history from Pashov Audit Group (dated October and November 2025), and a clean track record free of exploits, depegs, or regulatory actions. However, STHYPE exhibits notable structural weaknesses: secondary market liquidity is exceptionally thin (~$11.8k in 24-hour volume), undermining its primary value proposition of instant liquidity. Furthermore, governance is highly centralized under Valantis via admin keys and an EOA without DAO voting, active public development updates are sparse, and token-specific community engagement is virtually non-existent.
Development Activity
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Community Support
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Tokenomics
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Market & Use Case
Value proposition and competitive landscape
Team & Governance
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Security & Audits
Security history and audit status
About Staked HYPE (STHYPE)
STHYPE (Staked HYPE) is a liquid staking token operating on the Hyperliquid ecosystem via HyperEVM. Originally developed by Thunderhead and acquired by Valantis Labs in August 2025, the token functions as an ERC-20 receipt derivative representing staked HYPE on a 1:1 backed basis. It enables holders to maintain exposure to underlying staking rewards—yielding approximately 2.3% APY—while retaining a transferable asset that can be utilized as collateral across decentralized finance protocols within the network.
From a security standpoint, STHYPE maintains a clean operational record with no reported smart contract exploits, hacks, or historical depeg events. The protocol's codebase was subjected to two security reviews conducted by the Pashov Audit Group in October and November 2025, and the project is supported by an active bug bounty program.
Despite its operational history and total value locked, the protocol exhibits notable structural and liquidity risks. Secondary market trading volume is exceptionally low relative to its market capitalization, which limits exit liquidity and poses the risk of the token trading at a discount under distressed conditions. Additionally, governance is centralized under Valantis Labs through admin keys and externally owned accounts (EOAs) without on-chain decentralized autonomous organization (DAO) voting mechanisms.