HIP-3 greatly enhances the openness and composability of Hyperliquid, while also directly driving the demand for HYPE LST. Recently, we have also seen frequent actions of the HYPE LST protocol. Currently, the HYPE staking rate of mainstream HYPE LST protocols has reached 4% - Kinetiq：31.05m KHYPE， Occupying over 75% of the market share, it is rumored that financing worth N times the previous round is also underway - StakedHYPE：4.3m stHYPE， Acquired by Valantis - Hyperbeat：2.71m beHYPE + 0.96m Ultra HYPE， $5.2 million financing, with participation from Coinbase Ventures. It is worth mentioning that building a pre IPO sustainable HIP-3 market, Ventuals, involves building a vault on Hyperbeat, with the quota fully booked -Other options include Looped HYPE, Hyperpie Staked mHYPE, haHYPE