While activities on Hyperliquid’s Layer 1 blockchain, HyperEVM, are rapidly increasing, Kinetiq, one of the most anticipated projects in the ecosystem, announced that it will officially launch on July 15.
With this development, major HYPE investors have begun unstaking their tokens, with around 1 million HYPE (approximately $40 million) lined up to be withdrawn from existing validators.
“This notification was made to provide extra time for users in different time zones, considering the 7-day unstake period of HYPE tokens,” Kinetiq said in a statement.
Immediately following the announcement, the bulk of the HYPE tokens in the unstake queue appeared to be concentrated in three whale wallets, with a combined withdrawal of 847,000 HYPE (approximately $33.5 million).
Hyperliquid continues to lead the pack among decentralized futures protocols, with $5 billion in trading volume in the last 24 hours and over $200 billion in the last 30 days, nearly 10 times the volume of its closest rival, according to DeFiLlama data.
The launch of Kinetiq comes on the heels of the recent CoreWriter Contracts upgrade on the Hyperliquid mainnet, which allows native applications on HyperEVM to directly integrate with Hyperliquid’s decentralized exchange (DEX) and staking interface, Hypercore.
Kinetiq will also be launched as a protocol that offers liquid staking. So the purpose of these whales unstaking their HYPE tokens could be to deposit them into the liquid staking protocol.
*This is not investment advice.
