Kraken announced the launch of kHYPE, an ERC-20 token that serves as a wrapped version of HYPE, designed to allow clients to utilize their HYPE in DeFi while maintaining full 1:1 backing and on-chain verifiability. Clients can verify reserves on-chain at any time. kHYPE is currently available on the Ink Network, with plans for expansion to more networks in the future.