75.78% of outstanding HYPE is currently staked. Almost all of it sits in one place. Direct protocol staking accounts for 405.78M HYPE (93.88% of the staked base). Liquid staking and HIP-3 deployer stake together make up the remaining 6%. Liquid staking tokens represent 22.28M HYPE (9.35% of circulating supply) with kHYPE as the dominant wrapper. HyperLend holds around 10.78M HYPE-linked tokens on the supply side and 2.91M on the borrow side. That works out to roughly 48% of the liquid staking market sitting in a single lending venue. kHYPE dominates deposits, wHYPE dominates borrows. Holders are borrowing HYPE against HYPE they have already staked. Most HYPE is earning yield, wrapped, or used as collateral. The float that actually moves through markets is a fraction of what the circulating number suggests.(Delphi Digital)