Liquid staking protocol Kinetiq, which has been operational for about 24 hours, is now the second-largest DeFi project on DEX Hyperliquid’s Layer 1, HyperEVM, by total value locked.

The highly anticipated protocol launched yesterday afternoon, and has attracted over $460 million in capital across just 2,800 holders, for an average stake of $164,280, or roughly 3,400 HYPE, per wallet, according to data from Kinetiq’s website.

Other top DeFi protocols in the Hyperliquid ecosystem, such as Hyperlend, Felix Protocol, and Hyperbeat, immediately integrated Kinetiq’s liquid staking token (LST), kHYPE, offering vaults and solutions with incentivized yield and points to attract the newly minted capital.

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