CoinShares Launches Zero-Fee Hyperliquid Staking ETP
Asset manager CoinShares has launched a hyperliquid staking exchange-traded product (ETP). The product features a 0% management fee and offers a 0.5% yield, reflecting growing competition among financial firms to provide regulated, cost-effective access to crypto-native yields.
- The underlying asset of the ETP is HYPE, the native token of the Hyperliquid network. Hyperliquid is a high-performance, decentralized exchange built on its own Layer 1 blockchain, designed specifically for trading perpetual futures. - This financial product is 100% physically backed, meaning for each unit of the ETP, CoinShares holds a corresponding amount of the actual HYPE token with an institutional-grade custodian. - The ETP is listed on Germany's Xetra exchange under the ticker symbol LIQD. - Hyperliquid aims to provide a trading experience with the speed of a centralized exchange while maintaining the self-custody benefits of a decentralized platform. The platform has processed over $3 trillion in trading volume and holds a significant share of the on-chain perpetual futures market. - The launch is part of CoinShares' broader strategy of offering "staking" ETPs. These products pass on the rewards generated from holding proof-of-stake cryptocurrencies to investors. - CoinShares has previously launched similar zero-fee, physically-backed staking ETPs for other cryptocurrencies, including Polygon. - The HYPE token allows holders to participate in the governance of the Hyperliquid network and can be used for paying transaction fees and for staking to enhance network security in exchange for rewards. - A key feature of the Hyperliquid protocol is its on-chain central limit order book (CLOB), which is different from the automated market maker (AMM) model common in DeFi and is designed to mirror the functionality of traditional exchanges.
