Seven HYPE LST protocols were found to jointly pledge over 38 million HYPEs, accounting for 3.81% of the total HYPE, and the track is still in its early stages Kinetiq pledges over 28 million HYPEs, occupying over 70% of the market share in HYPE LST, and is also HyperEVM's first TVL protocol to surpass $1 billion The combination of lending protocols HyperLend and Morpho on Kinetiq, Pendle, and HyperEVM is crucial. Pendle, HyperLend, and Morpho are now the first, second, and fourth largest holding entities of kHYPE, respectively. PT kHYPE, after the yield split, can be used as collateral for HyperLend, and the yield boost nesting path is very clear The future potential of HYPE LST depends on the demand from external developers for building partition markets on top of Hyperliquid after HIP-3. After the launch of Unit, the listing path of Hyperliquid has been opened, and there are mature distribution channels such as mainstream wallet Phantom and top trading terminal Axiom. The listing and distribution path is clear, and developers can also focus more on building the market itself HIP-3 requires external developers to pledge 1 million HYPEs, which can be seen as the basic threshold for LST. In addition to Kinetiq, the pledged amount of stHYPE, Liquid HYPE, and Looped HYPE currently exceeds 1 million HYPE. (If there are any omissions, please let us know and supplement the HYPE LST that has been launched.)