Kraken Unveils Wrapped HYPE Token with Unique Utility

Kraken Wrapped HYPE (KHYPE) is a wrapped token issued by Kraken that is backed 1:1 by native HYPE held in custody by Kraken Financial, a Wyoming-chartered SPDI. This means that for every KHYPE token, there's an equal amount of HYPE stored safely.

The token can be withdrawn from Kraken as kHYPE on Ink and used as collateral on Tydro to borrow USDC. Depositing kHYPE converts it back to HYPE 1:1, but it cannot be traded on the Kraken exchange.

The total market cap of KHYPE is $4.11M, with an all-time high price of $87.54 and a low of $87.48. Understanding KHYPE's tokenomics, including its supply and distribution, can help investors assess its potential future price movements.