Kinetiq

Kinetiq is a liquid staking protocol built on the Hyperliquid blockchain that allows users to stake HYPE, Hyperliquid's native token, and receive a liquid receipt token called kHYPE in return. The problem it addresses is the traditional trade-off in proof-of-stake networks where staked assets are locked up and unavailable for other uses; kHYPE is designed to remain usable across decentralized finance applications while the underlying HYPE continues earning staking rewards. It is aimed at HYPE holders who want staking participation without giving up access to their capital.

When a user deposits HYPE, the protocol issues kHYPE and automatically delegates the deposited HYPE to Hyperliquid validators selected by StakeHub, Kinetiq's internal validator scoring and delegation system. The KNTQ token is a governance token for the Kinetiq protocol and sits within the HyperEVM ecosystem. The protocol currently holds a total value locked of 939,181,306.19 USD, reflecting the aggregate HYPE deposited by stakers.

Fees are generated by the staking activity flowing through the protocol; over the trailing 30 days the protocol collected 1,945,526.28 USD in fees, of which 340,669.93 USD was retained as protocol revenue, implying a take rate of 17.51 percent over that period. The remaining fees, 1,604,856.35 USD over the trailing 30 days, represent supply-side revenue passed back to stakers as staking rewards. Token holders received 137,736.86 USD in revenue over the same trailing 30-day period. Annualizing from the trailing 30 days, fees reach 23,670,569.74 USD and protocol revenue reaches 4,144,817.48 USD, giving a market-cap-to-revenue ratio of 23.52 and a fully diluted valuation-to-revenue ratio of 74.68.