Kraken Unveils kHYPE for Decentralized Finance on Ink

Kraken has introduced kHYPE, a wrapped version of HYPE designed for decentralized finance applications on Ink. The exchange says each kHYPE token is backed one-to-one by HYPE held in Kraken custody, with reserves that users can inspect on-chain.

The official launch announcement describes kHYPE as a cross-network-compatible ERC-20 token available on Ink at launch. This gives HYPE holders a representation that can interact with applications on Kraken's Ethereum layer-2 network.

Kraken publishes two verification points: the kHYPE smart contract on Ink and a separate HYPE custody address. Together, those records are intended to let users compare the wrapped-token supply with the underlying assets held by the exchange.