Ether.fi to Expand to HyperLiquid, Introduce ‘beHYPE’ Staking Token

Ether.fi, best known for its Ethereum liquid restaking service, said it is entering the HyperLiquid ecosystem in conjunction with DeFi protocol HyperBeat and will offer a liquid staking token called beHYPE. The venture will initially offer a multisig-secured vault, preHYPE, that enables early deposits ahead of the full beHYPE rollout. Ether.fi will take care of the security framework and infrastructure. HyperBeat, which is native to HyperLiquid, will provide integration and yield strategies, according to a press release shared with CoinDesk. The vault will transition to a fully smart contract-based system within six weeks, the team wrote. The partnership is set against a backdrop of rapidly growing interest in HyperEVM, a component of the HyperLiquid environment designed to integrate the Ethereum Virtual Machine into the blockchain. The total value locked (TVL) on HyperEVM has surpassed $2 billion since its mainnet debut in February, the HyperLiquid team said. Early participants in the preHYPE vault will receive competitive staking yields, enhanced by an allocation of “hearts,” HyperBeat’s pre-token generation event incentive points. Read more: Ether.Fi to Launch Visa 'Cash' Card on Scroll Network