Kinetiq’s TVL Surges Past $2B as Airdrop Campaign Fuels Inflows

Kinetiq, the liquid staking protocol for Hyperliquid’s HYPE token, has seen explosive growth in recent weeks as traders rush to participate in its airdrop points program.

Total value locked (TVL) on Kinetiq has soared from about $458 million in mid-July to more than $2.1 billion today, according to DefiLlama. Part of the increase comes from a 20% rise in HYPE’s price over the same period, but the bulk has been driven by new deposits. The amount of HYPE staked has climbed from fewer than 10 million tokens in July to nearly 40 million now.

The protocol launched its points program in mid-July, rewarding participants with both standard staking yields and points that could count toward a future Kinetiq token airdrop. The dual incentive has attracted heavy inflows from yield-focused DeFi users, with some traders describing the strategy as “irresistible” on social media.

The surge in activity highlights Hyperliquid’s growing role in decentralized finance, with rising liquidity, trading, and staking demand reinforcing its position as a rapidly emerging DeFi heavyweight.