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Navigating HyperEVM DeFi: A Guide for What is to Come As HyperEVM approaches mainnet, it is time to begin formulating optimized capital deployment strategies for your specific user type. Unlike other ecosystems where core teams play a direct role in

The long-awaited USDC linking between HyperEVM and HyperCore is now live

An Open Letter to the Bank of England: Bring The Digital Pound to Hyperliquid On January 14, 2025, the Bank of England released its first progress report of the year detailing its advancements toward developing a digital pound. This update outlines the Bank's efforts over the

On the Need for a Native Stable on HyperEVM A significant impediment to the growth of HyperEVM DeFi is the absence of native USDC or another native stable. In this article, I will examine why this is a primary obstacle we face and explore the

Hyperliquid as NASDAQ 2.0 On February 8, 1971, the National Association of Securities Dealers Automated Quotations, or NASDAQ, launched the first fully electronic stock market. This would revolutionize trading forever, which,

Explain the Unit Guardian System Like I’m 5: BTC on Hyperliquid Analogy: The Hypurr Plushie at ETH Denver Imagine you have 1 Hypurr plushie. You want to bring that Hypurr plushie to ETH Denver because it will give you access to exclusive Hyperliquid events and

Today, Hyperliquid launched PAXG perps--first commodity on HL. Will be watching the activity + volumes on this - is there demand for commodities + FX? What if you could trade the Pound or the Yuan on HL? HyperFX

Some notes on sunsetting FLX HIP-3: First, will share that sunsetting HIP-3 changes nothing for Felix borrow/lend or Felix spot equities. Both will continue to see more upgrades in the weeks to come as our team narrows focus Our team began work on our HIP-3 offering in June of 2025 as the clear use case for Felix borrow/lend was borrow to trade; we viewed adding our own markets as a way to customize more of that user flow and capture more upside. We also saw HIP-3 as a way to launch perps for assets that had never had perp market before and set out for a novel way to do this Things obviously didn't play out in our favor over the months post-FLX launch, even though we were first to market with a few key markets, namely OIL, GOLD, and SILVER. These markets drove us solid fees during December and January and about 3bn in volume, but were eventually surpassed by TradeXYZ once they launched the same markets denominated in USDC A few takeaways I've pondered for why things didn't work out in our favor and what could have gone differently--curious to hear if others think otherwise too: 1. TradeXYZ went with USDC over USDH, which seems obvious to be the correct choice in hindsight. When we launched, we did not know growth mode was on the horizon, which made the cost benefits of USDH negligent and left USDH markets as a fragmentation issue as opposed to a new core asset HL users wanted to use as margin. USDH appears to have been a well-played pawn to get Circle/Coinbase to move on driving USDC yield back to HL, but we didn't see the board this way at the time 2. XYZ beat us to market by launching on the day HIP-3 went live and about a month before we went live. This allowed early brand traction to build + time to get ready to launch more markets sequentially 3. XYZ beat us on market listing numbers early-on and built a moat of market listings quickly, while being the sole USDC-based deployer. Probably a bit of a balance sheet advantage here to pay for tickers and get liquidity in those markets; we had to pick markets more carefully due to balance sheet constraints 4. XYZ had an early brand halo around a mystery airdrop, which led to heightened early usage, which helped build initial volume/OI/liquidity, which created a growth flywheel that we were unable to catch. They then leveraged this growth flywheel to keep doubling down with more markets, larger partnerships, etc 5. With the 4 points above, XYZ was able to dominate the HL-native / CT-native trader base on HIP-3. Our options then were 1) launch novel/more esoteric market types that other deployers wouldn't touch or 2) build distribution in a net-new market. 1 is not that interesting to me since, as we saw with SILVER and OIL, as soon as a market gets traction, the top deployer can likely copy it. And 2 is something we haven't accomplished yet; it's an area we are determining how we want to approach as a company. When we accomplish 2, we may return as a deployer, but maintaining the deployment in the meantime is an unnecessary cost and not driving unique value, especially with the USDH sunset I'm sure there are other factors too that I haven't unpacked yet, but those are the main set I see Thanks again to all the HL traders who gave feedback over the build out of FLX and post-launch. Hopefully we can continue to serve you with your debt and yield needs via Felix borrow/lend. Feel free to ping me any time with thoughts, questions, or needs

How to buy 12k HYPE at a discount? Seems some power users have been earning full HYPE stacks by depositing feUSD into Felix Stability Pools and taking advantage of HYPE price volatility (liquidated HYPE from Felix CDP is processed and earned by SP depositors in exchange for deposited feUSD. Depositors then benefit from the liquidation incentive liquidator bots would normally capture) Felix SP = ultimate HYPE maxi yield source

Binance has USDT Coinbase has USDC Hyperliquid has…(?)

It’s been officially 3 months since Felix went live In those three months: >Felix Vanilla: $0 -> $347m TVL >Felix CDP: $0 -> $303m TVL >feUSD Supply: $0 -> $75m >USDhl Supply: $0 -> $18m >Over 14,700 unique addresses on Felix Hopefully just the start gFelix

Some notes on sunsetting FLX HIP-3: First, will share that sunsetting HIP-3 changes nothing for Felix borrow/lend or Felix spot equities. Both will continue to see more upgrades in the weeks to come as our team narrows focus Our team began work on our HIP-3 offering in June of 2025 as the clear use case for Felix borrow/lend was borrow to trade; we viewed adding our own markets as a way to customize more of that user flow and capture more upside. We also saw HIP-3 as a way to launch perps for assets that had never had perp market before and set out for a novel way to do this Things obviously didn't play out in our favor over the months post-FLX launch, even though we were first to market with a few key markets, namely OIL, GOLD, and SILVER. These markets drove us solid fees during December and January and about 3bn in volume, but were eventually surpassed by TradeXYZ once they launched the same markets denominated in USDC A few takeaways I've pondered for why things didn't work out in our favor and what could have gone differently--curious to hear if others think otherwise too: 1. TradeXYZ went with USDC over USDH, which seems obvious to be the correct choice in hindsight. When we launched, we did not know growth mode was on the horizon, which made the cost benefits of USDH negligent and left USDH markets as a fragmentation issue as opposed to a new core asset HL users wanted to use as margin. USDH appears to have been a well-played pawn to get Circle/Coinbase to move on driving USDC yield back to HL, but we didn't see the board this way at the time 2. XYZ beat us to market by launching on the day HIP-3 went live and about a month before we went live. This allowed early brand traction to build + time to get ready to launch more markets sequentially 3. XYZ beat us on market listing numbers early-on and built a moat of market listings quickly, while being the sole USDC-based deployer. Probably a bit of a balance sheet advantage here to pay for tickers and get liquidity in those markets; we had to pick markets more carefully due to balance sheet constraints 4. XYZ had an early brand halo around a mystery airdrop, which led to heightened early usage, which helped build initial volume/OI/liquidity, which created a growth flywheel that we were unable to catch. They then leveraged this growth flywheel to keep doubling down with more markets, larger partnerships, etc 5. With the 4 points above, XYZ was able to dominate the HL-native / CT-native trader base on HIP-3. Our options then were 1) launch novel/more esoteric market types that other deployers wouldn't touch or 2) build distribution in a net-new market. 1 is not that interesting to me since, as we saw with SILVER and OIL, as soon as a market gets traction, the top deployer can likely copy it. And 2 is something we haven't accomplished yet; it's an area we are determining how we want to approach as a company. When we accomplish 2, we may return as a deployer, but maintaining the deployment in the meantime is an unnecessary cost and not driving unique value, especially with the USDH sunset I'm sure there are other factors too that I haven't unpacked yet, but those are the main set I see Thanks again to all the HL traders who gave feedback over the build out of FLX and post-launch. Hopefully we can continue to serve you with your debt and yield needs via Felix borrow/lend. Feel free to ping me any time with thoughts, questions, or needs

The First Three Months of Felix Three months post the launch of Felix, where has Felix come and where is Felix going? This article will serve as a breakdown of Felix and its product suite for all potential and current Felix users in

How to buy 12k HYPE at a discount? Seems some power users have been earning full HYPE stacks by depositing feUSD into Felix Stability Pools and taking advantage of HYPE price volatility (liquidated HYPE from Felix CDP is processed and earned by SP depositors in exchange for deposited feUSD. Depositors then benefit from the liquidation incentive liquidator bots would normally capture) Felix SP = ultimate HYPE maxi yield source

Spot equities onchain has been something I've wanted to see for years, but we've been consistently hindered by a lack of 1) asset optionality and 2) decent liquidity on the limited options available. Because of these pains, for anyone with access to a traditional brokerage, offramping and executing on IBKR / Schwab / Etrade / Fidelity / Robinhood, etc has remained the default mode of buying equities, even for onchain natives Through Felix spot equities with Ondo, we’ll allow for asset optionality (single ticker equities, ETFs, etc) and tradfi-level liquidity on 100+ assets at launch, expanding to 1,000+ assets in the months to come. Goal is to build the brokerage of the future, feel free to ping if interested in early access

The long-awaited USDC linking between HyperEVM and HyperCore is now live

HyperEVM appears to be both cursed and blessed with its relation to HyperCore currently The blessings are obvious with userbase, use cases, etc The curse however comes in the form of HYPE supply on the EVM’s constraint due to staking fee discounts exclusive to native stakers on HyperCore. Many of the largest HYPE holders and HL traders gain more from vanilla staking on HyperCore than the capital efficiency gained via an LST like kHYPE, leaving millions of HYPE that will not be used on HyperEVM Solution here seems to be to let liquid stakers also take part in fee discounts—curious to hear arguments against this however (would certainly need a community vetting process of LSTs, etc)