49% of Hyperliquid HYPE Staked by Foundation-Linked Validators

Approximately 49% of the staked HYPE of Hyperliquid is held by validators affiliated with the Hyper Foundation. While the operation of validators is open, it has been pointed out that decision-making power is concentrated within specific affiliates. The Hyper Foundation controls 48.9% of the staked HYPE, and according to an independent audit, as of June 2026, the proportion of foundation-linked validators is reported to be 49.3%. Hyperliquid operates on a Delegated Proof of Stake (DPoS) model, where validators receive rewards proportional to the staked amount they are delegated. According to Hyperliquid's official documents, anyone can operate as a validator, but active validators are limited to the top 27. Starting from November 2025, a vesting of 238 million HYPE allocated to the Hyper Foundation and key contributors will begin, and if this amount is staked, the foundation and contributors could hold a majority of the validator voting rights. Currently, there are 27 active validators, and the total staked amount is approximately 436.17 million HYPE. Although the proportion of foundation-linked validators has decreased compared to the past, they still hold a significant stake, making the issue of stake concentration a continuing concern.