Kinetiqs new governance token, KNTQ, launched on Nov. 27 on the Hyperliquid blockchain, opening around $0.13 and implying a fully diluted valuation (FDV) near $130 million. The platform remains Hyperliquids largest Decentralized Finance (DeFi) protocol by total value locked (TVL), even as deposits have cooled from last months highs.
Snapshot: price, volume, and float
As of the latest data, KNTQ trades near $0.13, up roughly 19% in 24 hours, with about $27.7 million in trading volume. Its circulating market cap sits around $35.3 million, which is far lower than FDV because most tokens are not yet released. FDV estimates the projects value if all tokens were in circulation; market cap reflects only whats currently tradable.
Who gets the tokens
Kinetiqs token distribution sets 25% for early users, 30% for protocol growth and rewards, and the remainder for contributors, investors, and the Kinetiq Foundation. That mix can drive early community buy-in while reserving funds to expand the product. It also means unlock timing and reward emissions will matter for price and liquidity over the coming months.
What Kinetiq actually does
Kinetiq offers liquid staking, which lets people stake tokens for rewards without giving up the ability to move or trade an equivalent asset. Its flagship product, kHYPE, is a liquid version of staked HYPE. Holders continue earning staking yield while using kHYPE across the Hyperliquid network, similar to how a gift card lets you spend while still keeping a claim on the original value.
TVL surge, then a comedown
Launched in late 2024, Kinetiq quickly drew billions in deposits, becoming Hyperliquids top protocol by TVL, according to DefiLlama. That momentum has eased: TVL is down roughly 60% from a peak near $2.63 billion in early October to about $1.1 billion. A likely driver is airdrop-focused users scaling back once early rewards were captured ahead of the token launch.
Why this launch matters
- Governance in motion: KNTQ gives the community a voice on fees, incentives, and upgrades, aligning users with protocol growth.
- Liquidity signals: The gap between market cap and FDV highlights how much supply is still locked. Future unlocks and reward rates can affect price.
- Staking as a growth lane: Liquid staking remains one of DeFis most used products, and Kinetiqs kHYPE could deepen liquidity on Hyperliquid if yields stay attractive.
What to watch next
- Emissions and unlocks: Schedule and size of token releases into the market.
- Yield sustainability: kHYPE staking returns versus other chains and protocols.
- On-chain liquidity: Depth on pairs and whether market makers support tighter spreads.
- User retention: Will depositors stick around now that the airdrop is live?
- Governance activity: Proposals that set fees, incentives, or growth programs.
Bottom line: KNTQs debut gives Kinetiq a formal governance layer and fresh incentives. The next test is whether usage and yield can keep users engaged after the initial airdrop buzz fades.