kHYPE is a wrapped version of HYPE, built so clients can put their HYPE to work in DeFi while it stays fully backed and verifiable onchain.
- Kraken introduces kHYPE, a wrapped ERC-20 token representing HYPE, designed for use in DeFi applications on the Ink network.
- kHYPE is fully backed 1:1 by HYPE held in Kraken's custody, with reserves verifiable on-chain.
- This initiative aims to enhance HYPE's utility by enabling its integration into decentralized applications and potentially other networks.
Topics: Asset types, Blockchain usage, Integration with defi, Stablecoins digital cash, Ethereum evm l 1 s, Rwa collateral lending
Tags: #khype #hype #wrappedtoken #defi #erc20 #kraken #ink #onchainreserves #dapps