kHYPE is a wrapped HYPE token issued by Kraken. It’s fully backed by HYPE held in Kraken’s custody and designed for use on Ink. This allows you to use HYPE in DeFi activities and other onchain applications.
For more information on what ‘wrapped’ crypto assets are, visit our Learn center.
Each kHYPE token is fully backed by an equivalent amount of HYPE held in Kraken’s segregated asset reserves. This ensures that for every kHYPE in circulation, there is an equal amount of HYPE securely stored by Kraken, providing transparency and security.
Kraken maintains transparency by allowing users to verify the reserves backing kHYPE. You can check the reserve balances through the links provided by Kraken.
kHYPE smart contract on Ink — 0xAd09Cd20e513E4d8cB78036F77Ab9AfdE8555929
HYPE custody wallet — 0x8f13f610a732d872134494dc2de14d2fcfdec5c4
Obtaining kHYPE is different from other tokens, in that it is not available to buy, and instead you need to exchange your HYPE for it in your Kraken account. To exchange HYPE to kHYPE:
- Hold some HYPE in your Kraken account.
- Go to the portfolio page on Kraken (web or mobile).
- Select Withdraw and choose HYPE from the Asset dropdown.
- Select Ink (kHYPE) from the Network dropdown.
- Complete the process, and your HYPE will be exchanged to kHYPE on Ink.
To exchange kHYPE back to HYPE, you will need to deposit kHYPE into your Kraken account. On the deposit page, choose HYPE from the Asset dropdown then select Ink (kHYPE) from the Network dropdown. Send your kHYPE to that address. Once the kHYPE is received, Kraken will automatically exchange it back to the HYPE equivalent in your Kraken account.
kHYPE can be used in various on-chain activities on Ink at launch. Keep an eye on our blog and this article for the latest updates on kHYPE.
No. HYPE held in your Kraken account may be eligible to earn staking rewards. HYPE withdrawn as kHYPE is no longer held in your Kraken account and does not earn those rewards. If you exchange kHYPE back for HYPE, you can re-enrol it in staking.
Yes, kHYPE benefits from Kraken’s industry-leading security and over a decade of custodial expertise, with the HYPE backing each kHYPE token securely stored in Kraken’s segregated reserves. As a state-chartered bank, Kraken Financial ensures the safety and security that is expected from a regulated financial institution, with digital assets protected by advanced encryption and security protocols at all times.
No, there are currently no trading pairs available with kHYPE.
Minimum Deposit:
Ink: 0.2 kHYPE
Minimum Withdrawal:
Ink: 0.1 kHYPE
Processing Time:
On Ink: approximately 3 Minutes
Required Network Confirmations:
Ink: 180 L2 Confirmations
kHYPE can be used on Ink. It’s compatible with a range of onchain projects, allowing you to explore opportunities within the onchain ecosystem.
For clarification, kHYPE is not the same as HYPE. kHYPE allows you to participate in the onchain ecosystem by putting the HYPE that is backing the kHYPE to work in ways that aren’t possible while it sits in your Kraken account. kHYPE offers the flexibility to do so.
You can exchange any amount of HYPE to an equivalent amount of kHYPE, with a minimum equal to the required minimum for withdrawals and deposits (see “What are the transaction parameters for kHYPE?”).
The conversion rate is 1:1, meaning 1 HYPE equals 1 kHYPE. For example, 10 HYPE will be exchanged for 10 kHYPE, and 0.5 HYPE will be exchanged for 0.5 kHYPE.
Yes, the kHYPE smart contract has undergone thorough reviews by Kraken’s engineering and security teams. Additionally, it has been subjected to a third-party smart contract security audit from ChainSecurity, to ensure its safety and reliability.
Yes, Kraken is continually exploring opportunities to expand kHYPE’s availability. Stay tuned for updates on future network support.
kHYPE is a wrapped token. Wrapped tokens are typically backed by, and represent, other crypto-assets, and are created to facilitate compatibility and interaction across different blockchain protocols. In addition to the general risks associated with crypto assets, wrapped tokens like kHYPE have some unique risks. Learn more about kHYPE risks in the whitepaper.