Wrapped HYPE (WHYPE)
Wrapped HYPE (WHYPE) is a wrapped token operating within the HyperEVM ecosystem. It functions as a representation of another asset, enabling its use on the HyperEVM blockchain. [1]
Overview
Wrapped HYPE (WHYPE) is a digital asset designed to function on the HyperEVM blockchain. As a wrapped token, it typically represents an underlying asset from another blockchain or system, allowing that asset's value or utility to be utilized within the HyperEVM environment. This process involves locking the original asset and issuing an equivalent amount of the wrapped token on the target chain. The primary purpose of wrapped tokens like WHYPE is to enhance interoperability and liquidity across different blockchain networks. [1]
The WHYPE token is integrated into the HyperEVM ecosystem, which is associated with Hyperliquid. Its presence on HyperEVM facilitates participation in decentralized applications (dApps), trading, and other activities native to that chain. The token's market data, including price, trading volume, and market capitalization, is tracked across various exchanges where it is traded. [1] [2]
Technology and Functionality
WHYPE operates as a wrapped token on the HyperEVM blockchain. The wrapping mechanism typically involves a custodian or a smart contract that holds the underlying asset in reserve while the wrapped token is minted on the HyperEVM chain. This ensures that each WHYPE token is backed by an equivalent amount of the underlying asset it represents. The process can be reversed, allowing holders to redeem WHYPE for the original asset by burning the wrapped tokens. This structure aims to maintain a price peg between the wrapped token and its underlying asset. [2] [3]
Markets and Trading
Wrapped HYPE (WHYPE) tokens are primarily traded on decentralized exchanges (DEX) within the HyperEVM ecosystem. The price of WHYPE is determined by aggregating data from various exchanges and markets using a volume-weighted average formula. [1]
Key exchanges where WHYPE is traded include: