11 March 2026

HYPE’s Institutional Stack: Komainu Custody and P2P.org Infrastructure

At a Glance:

Institutions assess HYPE through market structure, custody, and operational readiness
Assets are held in custody with Komainu, enabling custody-native participation
P2P.org operates validator nodes within Hyperliquid’s active validator set
A selective operator model and clear role separation signal institutional maturity

Institutional participation in crypto rarely starts with incentives. It starts with systems.

When institutions evaluate a new asset or protocol, the questions are usually straightforward and unforgiving. How does the market behave under stress? Where do assets sit operationally? Who is responsible for running critical infrastructure?

HYPE is increasingly being evaluated through this lens.

Rather than optimizing for short-term participation, Hyperliquid has focused on building a system designed to operate consistently at scale.For institutions, that distinction matters. Market structure, custody integration, and operational discipline tend to determine whether engagement is even possible.

Why HYPE Is Drawing Institutional Attention

HYPE’s relevance is closely tied to Hyperliquid’s position as a leading perpetuals-native decentralized exchange.

Perpetuals (or perps) are widely used derivatives instruments in crypto markets. They allow market participants to maintain exposure to underlying assets without fixed expiry dates and are commonly used by trading firms and liquidity providers.

For institutions, this matters for two reasons:

First, perps are a crypto-native market structure that has proven sustained demand across market cycles. Second, decentralized perps infrastructure reduces reliance on centralized intermediaries while preserving market efficiency, a combination that is attracting growing interest from professional trading firms.

Hyperliquid’s focus on performance, market structureand system design has positioned HYPE as a core asset within this category. As institutional interest in crypto-native derivatives grows, perps DEXs are becoming an important access point, with HYPE emerging as a leading example.

Note: This section provides market context regarding the Hyperliquid ecosystem. P2P.org does not operate the Hyperliquid exchange, facilitate derivatives trading, or provide trading services.

What Institutions Evaluate Before Engaging

Before capital is allocated, institutions typically look for a small set of non-negotiables, such as:

Market structure that can absorb size: Institutions care about how a system behaves when volumes increase, volatility spikes, or usage becomes sustained rather than episodic. HYPE’s design choices reflect an emphasis on efficiency, transparency, and consistency under load.

Custody-native workflows: Assets are expected to remain under qualified custody. Any interaction with a protocol must integrate cleanly with existing custody, governance, and risk frameworks. Workflows that require assets to move outside custody introduce friction and operational risk.

Proven infrastructure operators: Validator and staking operations are not interchangeable. Institutions look for operators with a operational experience and monitoring discipline, monitoring discipline, and experience operating infrastructure at scale.

If one of these elements is missing, engagement usually stops there.

Custody as the Foundation

For institutions, custody is typically the foundation everything else is built on.

In the HYPE ecosystem, assets are held in custody with Komainu an institutional-grade digital asset custodian supporting regulated funds, asset managers, and financial institutions.

Komainu’s custody framework allows institutions to engage with blockchain networks while maintaining segregation of assets, governance controls, and operational oversight. This enables participation without compromising custody.

In practical terms, this means staking activity can occur without assets leaving Komainu custody.

How Infrastructure and Custody Work Together

Custody alone is not sufficient. Institutions also require secure infrastructure that can operate reliably within these constraints.

Within Hyperliquid’s active set of [nodes or validators], P2P.org operates validator infrastructure while assets remain secured under Komainu custody. Each party plays a clearly defined role.

In practice:

Assets remain under Komainu custody at all times
P2P.org operates and maintains staking infrastructure within Hyperliquid’s active set
Monitoring, performance, and operational processes are designed for institutional standards
Custody, infrastructure, and protocol responsibilities remain cleanly separated

This separation of roles reduces operational risk and increases transparency.

Selectivity Signals Operational Intent

Another signal institutions pay close attention to is selectivity.

Rather than allowing an unrestricted validator set, Hyperliquid maintains a curated active set of operators. Participation depends on infrastructure quality, reliability, and the ability to meet institutional standards.

P2P.org has experience operating more than $10B in secured assets across over 190 institutional clients. P2P.org’s presence in Hype‘s active validator set reflects its high standard of infrastructure discipline

On the custody side, Komainu’s support positions it among a small group of custodians enabling institutional access to HYPE today, an important factor for institutions evaluating new participation.

Infrastructure as a Prerequisite for Institutions

Custody-native integration, a selective operator set, and production-grade operational processes are indicators that a protocol is being built for durability rather than short-term activity spikes.

HYPE’s growing institutional attention reflects these underlying choices. Rather than relying on incentives to attract participation, the ecosystem aligns with how institutions actually operate.

As institutional engagement with crypto continues to deepen, protocols that prioritize custody, operational clarity, and infrastructure quality are more likely to see sustained participation over time.

Learn More

For institutions exploring custody-native participation in the HYPE ecosystem, understanding how custody and infrastructure fit together is essential.

Learn more about Komainu and its institutional custody framework: https://komainu.com/
For platforms, wallets, or infrastructure teams looking to integrate HYPE staking data, explore P2P.org’s Staking API: https://link.p2p.org/acce38

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André Caldeira

EigenLayer: Activating Additional Rewards for Restaked LSTs

<h2 id="the-problem-with-restaking-today">The Problem with Restaking Today</h2>EigenLayer has reshaped how institutional capital approaches Ethereum security. Over $10 billion in assets have been restaked to secure the protocol, and P2P.org has established itself as a leading Operator with hundreds of millions in delegated stake.However, for many restakers the economic model has remained incomplete.The typical restaking workflow looks like this: users delegate their stETH or rETH to an EigenLayer Operator, accumulate $EIGEN programmatic incentives, and maintain exposure to the restaking ecosystem. The underlying Liquid Staking Tokens (LSTs) delegated to Operators often remain inactive from a reward perspective, effectively functioning as collateral for restaking participation.For institutions managing large ETH positions, capital efficiency matters. When assets serve a single purpose inside the restaking system, allocators naturally look for ways to activate additional utility while maintaining protocol exposure.<h2 id="introducing-aleph-finance">Introducing Aleph Finance</h2>Aleph Finance is an EigenLayer AVS (Actively Validated Service) designed to address this limitation.Through the integration, idle LST liquidity within EigenLayer Operators can be connected to on-chain reward strategies while remaining within the broader EigenLayer ecosystem.This enables restakers delegating through P2P.org to participate in additional protocol-level reward mechanisms alongside their existing restaking participation.The reward streams include:Protocol rewards on LST liquidity: Additional rewards generated through Aleph Finance integrations with on-chain strategies.Restaking incentives: Continued accumulation of $EIGEN programmatic incentives through EigenLayer participation.Optional $EIGEN restaking: Participants may restake accumulated $EIGEN incentives through Aleph’s mechanisms to enable further protocol-level rewards.Importantly, restakers maintain their EigenLayer exposure while participating in these additional reward mechanisms.<h2 id="why-this-matters-now">Why This Matters Now</h2>EigenLayer’s Programmatic Incentives v2 recently increased the allocation of $EIGEN incentives to restakers from 1 percent to 4 percent.This structural change strengthens the incentives for continued participation in the restaking ecosystem.The Aleph Finance integration introduces an additional protocol-level functionality related to rewards for LST liquidity already participating in EigenLayer, enabling a more capital-efficient restaking configuration without requiring users to exit the ecosystem.<h2 id="how-the-integration-works">How the Integration Works</h2>P2P.org operates as an EigenLayer Operator and has integrated Aleph Finance as an AVS.The integration functions through the following structure:<ol><li>Restakers delegate stETH or rETH to P2P.org as their EigenLayer Operator</li><li>LST liquidity associated with these delegations can be connected to Aleph Finance reward strategies</li><li>Strategy configurations are curated by kpk, a recognized provider of institutional DeFi strategy design</li><li>Protocol incentives and reward distributions may occur on-chain while $EIGEN programmatic incentives continue to accumulate through restaking participation </li></ol>The infrastructure supporting the integration includes monitoring systems, whitelisted operator configurations, and optional third-party coverage mechanisms depending on configuration.The AVS stack has undergone multiple independent security audits, with ongoing audit programs maintained across the system.Note: Participation in the Aleph Finance AVS requires delegation through a dedicated whitelisted <a href="http://p2p.org/?ref=p2p.org" rel="noopener noreferrer">P2P.org</a> EigenLayer Operator. <a href="http://p2p.org/?ref=p2p.org" rel="noopener noreferrer">P2P.org</a>’s primary Operator is not opted into Aleph Finance by default<h2 id="p2porg-as-your-eigenlayer-operator">P2P.org as Your EigenLayer Operator</h2>P2P.org is one of the largest EigenLayer Operators by delegated stake, operating validation infrastructure across more than 40 networks and securing over $10 billion in assets.As one of the community multisig participants securing the EigenLayer protocol, P2P.org has supported the ecosystem since its Stage 1 Mainnet launch.Clients delegating through P2P.org benefit from enterprise-grade infrastructure, including SOC 2 compliant operational standards, geographically distributed validator architecture, and continuous monitoring systems across production environments.Each AVS integration is evaluated prior to activation to assess operational and protocol risks, and P2P.org maintains direct coordination with protocol teams to ensure reliable infrastructure deployment.The Aleph Finance integration has already been presented to institutional Liquid Restaking Token partners, with active coordination between the teams as the ecosystem continues to expand.<h2 id="activating-additional-rewards-on-restaked-lsts">Activating Additional Rewards on Restaked LSTs</h2>For institutions holding stETH or rETH within EigenLayer, the Aleph Finance integration introduces a way to enable additional protocol reward streams while maintaining restaking participation.P2P.org can configure a dedicated EigenLayer Operator environment tailored to Aleph Finance participation, allowing institutional clients to maintain operational separation from other delegations.To learn more about the integration, infrastructure configuration, and participation process, you can schedule a discussion with our team.Schedule a call:<a href="https://calendly.com/jonathan-reisman-p2p/30min-1?back=1&ref=p2p.org">https://calendly.com/jonathan-reisman-p2p/30min-1?back=1</a>Disclaimer: This material is provided for informational purposes only and does not constitute investment advice, an offer, or a solicitation to invest in any financial instrument or strategy. Participation in restaking, staking, and AVS-related activities involves risks, including potential loss of assets. Past performance or protocol rewards are not indicative of future results.

André Caldeira

from p2p validator