The financial terms of the deal were not disclosed.
The stHYPE protocol, which has reached nearly $200 million in TVL (total value locked), was the first LST to launch on HyperEVM – a general-purpose blockchain developed in parallel with HyperCore, a DEX for perpetual futures.
The LST protocols’ operations, development and scaling efforts are now being managed entirely by Valantis Labs.
Valantis Labs has also appointed Addison Spiegel, founder of Thunderhead – the entity behind the stHYPE protocol – as an advisor to Valantis.
This acquisition positions Valantis for its next phase of growth within the Hyperliquid ecosystem.
stHYPE launched on day one of the HyperEVM launch and quickly grew to $500 million in TVL while becoming integrated into every major HyperEVM DeFi protocol.
The acquisition comes after Valantis’ LST-specific DEX launches for both stHYPE and kHYPE, the two largest DEX pools on the chain with a total of nearly $60 million in TVL and over $500 million in cumulative volume.
Valantis Labs plans to use the acquisition to build on top of their existing success in LST-specific DEXs.
In a statement, Deven Matthews, co-founder and CEO of Valances Labs, said,
“An asset’s DEX liquidity is the single biggest factor in its success.
We believe that what the Hyperliquid team is building with HIP-three, and staking tiers allows an LST to be so much more than what it has been in the past, and our experience as novel DEX builders puts us in a perfect spot to create a vibrant ecosystem around stHYPE.”
Valantis Labs also touched on a roadmap of their plans with stHYPE, including plans to make the protocol more permissionless, deepen integrations with their DEX and HyperCore and eventually evolve into being a liquidity network for all of Hyperliquid.
The HyperEVM has been one of the fastest-growing chains this year, launching in mid-February and since then amassing over $2 billion in TVL across nearly 100 protocols deployed on the chain.
Valantis is the modular DEX on Hyperliquid.
The DEX hosts a suite of custom liquidity pools built specifically for staked assets, with the best risk-adjusted potential returns for LPs and the best pricing for traders.
