hlHYPE is HyperLink’s ERC20 liquid staking token for HYPE on HyperEVM. Users stake HYPE through HyperLink’s on-chain staking vault and receive non-rebasing hlHYPE at the current exchange rate. The HYPE backing the vault is delegated to Hyperliquid validators, while hlHYPE remains transferable. As validator rewards accrue, the HYPE-per-hlHYPE exchange rate increases. hlHYPE also supports staking-based trading fee discounts for eligible HyperLink users.