Kinetiq ends its kPoints program, switching to a paid claim model for KNTQ, causing the token price to drop over 30% at one point.

According to The Defiant, Kinetiq, a liquid staking protocol within the Hyperliquid ecosystem, announced the conclusion of its kPoints program. Rather than receiving free KNTQ tokens, point holders will obtain the right to purchase the tokens at a fixed price. Kinetiq has allocated 50 million KNTQ for this program, with a purchase price of $0.26 per token and a 10-day claim window. If fully redeemed, it is expected to generate $13 million in revenue. In terms of market performance, KNTQ traded at approximately $0.422 prior to the announcement, dropping to around $0.281 shortly after, marking a maximum decline of roughly 33%. It later rebounded to near $0.325, still representing a decrease of about 23% compared to pre-announcement levels. Kinetiq stated that any unclaimed KNTQ remaining after the 10-day period will be returned to the Kinetiq Foundation for use in ecosystem and growth initiatives. Previously, the kPoints program had distributed approximately 36.8 million points in total.