BitSafe has applied for Canton Featured App status for CHYPE, a planned token backed one-for-one by HYPE, with Temple Digital Group the first intended venue.
Users would deposit HYPE on HyperEVM and receive CHYPE on Canton. They could move it between compatible applications or burn it to redeem HYPE to a supported HyperEVM address.
HyperEVM is part of Hyperliquid’s blockchain, sharing the same underlying consensus as its trading system, HyperCore. Applications there can interact with HyperCore’s markets, including its spot and perpetual order books.
BitSafe already operates CBTC, which represents Bitcoin on Canton. Its process verifies Bitcoin deposits before issuing the corresponding Canton asset. Transfers then take place on Canton without moving the underlying Bitcoin each time; redemption releases Bitcoin to an approved destination.
Independent participants verify CBTC deposits, so one operator alone cannot authorise issuance. Bitcoin reserves and Canton holdings are recorded on separate ledgers, with integration systems linking deposits, issuance and redemption. CHYPE would reuse parts of that operating model.
Sponsored by 5North, the application seeks rewards for genuine third-party CHYPE activity. Test transactions, self-transfers and artificial volume would be excluded, with minting and redemption eligible only if expressly approved.
The application targets a November 10 public launch, subject to testing, security review and Temple’s readiness. Launch must also fall at least seven days after Featured App approval and 14 days after the first MainNet mint.
