HYPE has recently launched a very interesting mechanism:
Valantis × Pendle has separated Hyperliquid’s “trading fee discount rights” and made them tradable on its own.
Previously, to obtain high discounts (up to 30%-40%), you had to actually buy and stake a large amount of HYPE.
Now traders can directly buy stHYPE YTs on Pendle and rent the discount without holding spot.
Meanwhile, holders of stHYPE can sell any unused discount, earning additional yield.
At the moment, this market is still quite small (TVL is on the order of hundreds of thousands of dollars), so in the short term it won’t cause large-scale sell pressure.
Personal view:
This is not simply a bearish signal. The short-term demand structure may shift, but for people who truly intend to hold HYPE long term and are willing to stake it, this actually activates dormant utility.
Going forward, you can focus on tracking the price and TVL changes of stHYPE YTs on Pendle, as that will directly reflect how the market is pricing the “discount rights”
$HYPE
Valantis × Pendle has separated Hyperliquid’s “trading fee discount rights” and made them tradable on its own.
Previously, to obtain high discounts (up to 30%-40%), you had to actually buy and stake a large amount of HYPE.
Now traders can directly buy stHYPE YTs on Pendle and rent the discount without holding spot.
Meanwhile, holders of stHYPE can sell any unused discount, earning additional yield.
At the moment, this market is still quite small (TVL is on the order of hundreds of thousands of dollars), so in the short term it won’t cause large-scale sell pressure.
Personal view:
This is not simply a bearish signal. The short-term demand structure may shift, but for people who truly intend to hold HYPE long term and are willing to stake it, this actually activates dormant utility.
Going forward, you can focus on tracking the price and TVL changes of stHYPE YTs on Pendle, as that will directly reflect how the market is pricing the “discount rights”
$HYPE