Okto Wallet Steps Up with Hyperliquid Integration
Wallet Provider Okto Announces Full Integration of Hyperliquid Protocol, Enabling Native Hyperevm Swaps and HYPE Staking Support
In a June 4 X post, Okto Wallet announced its transition to a fully Hyperliquid-native model. This move follows a year-long stint within the Hyperliquid ecosystem, during which more than 10,000 traders joined the platform, amassing billions in trading volume. The Okto Wallet overhaul brings multiple features, including Hyperevm swaps, a desktop browser extension, and tools such as copy trading and wallet tracking, expanding its footprint in Decentralized Finance (DeFi).
The Okto Wallet revamp includes the launch of native HYPE token staking, signaling Okto's commitment to decentralized trading. Okto co-founder Neeraj Khandelwal emphasized the platform's success and stated their intention to provide a smoother user experience via Hyperliquid integration. The X reveal also showcased significant metrics achieved during the one-year phase on the Hyperliquid Network.
Decentralized Trading on the Rise
Hyperliquid has been on a growth trajectory, handling $190 billion in trading volume over the last month. It claims 21% of Binance's and 50% of Bybit's Bitcoin perpetual trading volume. The network's open interest surpassed $10 billion, with the Total Value Locked (TVL) on the platform reaching $500 million. These numbers indicate a trend towards on-chain trading and a departure from centralized exchanges, favoring decentralized solutions instead.
Okto Wallet has contributed several features to the ecosystem. These include the mobile futures interface, Builder Codes integration, HL Spot Orderbook, an SDK, multi-network bridging function, and Hypezone - a decentralized application store. In terms of trading activity, Okto Wallet has facilitated over $3 billion in futures trading volume and more than $200 million in spot orderbook activity. Okto Wallet also introduced the Solana-to-HL bridge within its app, awarding its community over $400,000 in HYPE tokens, fostering further participation in the decentralized network.
How HYPE Token Staking Works
Introduced in the Okto Wallet upgrade, HYPE staking operates within Hyperliquid's staking system, HyperCore. Token holders can transfer HYPE tokens between their spot and staking accounts using a delegated proof-of-stake model where validators must meet self-delegation requirements. Validators may charge capped commission fees to delegators. Staking rewards are compounded daily, encouraging user participation in the network while maintaining a fair and predictable reward system.
The structured staking approach mirrors Ethereum's staking system. Rewards decrease as more tokens are staked, ensuring fairness and network stability. For instance, with 400 million HYPE tokens staked, the projected annual reward is 2.37%. These rewards emerge from a reserve set aside for future emissions, ensuring transparency in the distribution process. This organized system maintains a sustainable and fair award system for participants within the network.
Hyperliquid Integration Signals Shift in Blockchain Landscape
As DeFi evolves, Okto Wallet's Hyperliquid integration reflects a broader industry transformation. The long-term impact depends on adoption speed and developer involvement, but the upgrade represents a significant stride towards a more unified and user-friendly decentralized environment. As other platforms mimic this approach, the divide between traditional finance and DeFi may continue to narrow, welcoming more individuals into Web3.
- Okto Wallet's integration with Hyperliquid, as announced in a recent X post, signifies a transition to a fully Hyperliquid-native model, marking the expansion of Decentralized Finance (DeFi) services.
- The revamped Okto Wallet unveils native HYPE token staking, underscoring Okto's commitment to decentralized trading and token-based investing within the Hyperliquid ecosystem.
- Hyperliquid's growth trajectory is highlighted by its handling of $190 billion in trading volume over the last month, surpassing 21% of Binance's and 50% of Bybit's Bitcoin perpetual trading volume.
- Okto Wallet has rolled out multiple features within the Hyperliquid ecosystem, including the mobile futures interface, Builder Codes integration, HL Spot Orderbook, an SDK, multi-network bridging function, and Hypezone - a decentralized application store.
- The daily compounded rewards from HYPE token staking encourage user participation while maintaining a fair and predictable reward system, mirroring the structure found in Ethereum's staking.
- The growing popularity and integration of decentralized solutions like Hyperliquid signal a shift in the blockchain landscape, reflecting a broader industry transformation and narrowing the divide between traditional finance and DeFi, paving the way for more individuals to join the Web3 revolution.
