brsHYPE is a reward‑accruing liquid staking token (LST) for the HYPE that is staked for the exchange via the HIP-3: Builder-deployed perpetuals.

During the Funding phase, any wallet can stake HYPE to receive brsHYPE. HYPE will immediately be staked, which means you start earning staking rewards on your stake right away. After the Funding phase ends, you can only stake additional HYPE until the supply cap is reached. brsHYPE is a freely tradable ERC‑20 token, so you can always swap into brsHYPE on secondary markets.

You can unstake brsHYPE using one of two methods:

1. Direct unstakes are available except during the Launching phase. If the current HYPE underlying brsHYPE exceeds the minimum amount of 500,000 HYPE, unstakes will be processed immediately with an approximately 8.5‑day unstake period. If there is no excess HYPE, new unstakes enter a queue and are processed as soon as more HYPE becomes available.
2. Swapping instantly on a supported brsHYPE market

While the number of tokens in your wallet remains constant, the value of each brsHYPE increases when deployer revenue is realized. As rewards accumulate, the value of each brsHYPE token increases, which means the brsHYPE:HYPE exchange rate also increases. The longer you hold brsHYPE, the more rewards you accrue and the larger the difference in the exchange rate becomes.

brsHYPE inherits the same risks as kHYPE, but also includes HIP-3 slashing risk, where validators may convene to slash the stake of malicious actors. See HIP-3: Builder-deployed perpetuals for more information.