HyperEVM Insight #1
Introduction
This research note explores three stablecoins on HyperEVM: $USDXL, $feUSD, and $KEI. HyperEVM is a Layer-1 blockchain within the Hyperliquid ecosystem, enabling DeFi application development in an EVM-compatible environment.
$USDXL Details
$USDXL is linked to HypurrFi @HypurrFi, a lending and borrowing platform forked from AAVE V3, utilizing HYPE, stHYPE, and USDXL. According to the data, it has a supply of 2.563M, a cap of 3M, a TVL of $40.04M, and a borrow APY of 2.02%. Its collateral includes WHYPE, wstHYPE, uBTC, and uETH.
The documentation (HypurrFi Introduction) describes USDXL as a hybrid-backed stablecoin used for leveraged lending and maintaining Hyperliquid native asset spot positions. Protocol revenue supports the acquisition of yield-bearing assets for added security.
$feUSD Details
$feUSD is a friendly fork of LiquityProtocol V2, associated with the Felix protocol @felixprotocol. The provided data indicates its market cap or TVL will rise from $2M to $5M. It currently uses HYPE as collateral, with PURR, uBTC, uETH, and uSOL planned for future inclusion.
Highlights strong community expectations for its role in boosting HyperEVM's DeFi applications. The $2M to $5M increase—whether market cap or TVL—suggests significant growth potential for the Felix protocol.
$KEI Details
$KEI, forked from Liquity V1, is managed by Keiko Finance. Per the data, 1.172M KEI have been minted, with a price ceiling of $1.10 based on a 90% maximum LTV ratio and a TVL of $3.40M. Its collateral includes wstHYPE, PURR, HYPE, LHYPE, uBTC, and uETH.
The Keiko Finance @KeikoFinance documentation (Keiko Finance Docs) notes dynamic collateral ratios, liquidation mechanisms, and a Stability Pool. It also offers a community points program rewarding long-term supporters and new members.
Additional Insights
HyperEVM, part of the Hyperliquid ecosystem, inherits HyperBFT consensus security, offering high transaction throughput and low gas fees. Its native gas token is HYPE, with a focus on DeFi and trading applications. The stablecoin figures provided are based on the latest data and may fluctuate with market conditions. The broader Hyperliquid ecosystem TVL is reported at $1.367B (Felix Protocol Mirror).
Table: Stablecoin Comparison
| Stablecoin | Protocol | Supply/Cap | TVL/Market Cap | Borrow APY | Collateral |
|---|---|---|---|---|---|
| $USDXL | HypurrFi (AAVE V3 fork) | 2.563M/3M | TVL $40.04M | 2.02% | WHYPE, wstHYPE, uBTC, uETH |
| $feUSD | Felix (Liquity V2 fork) | 2M/2M→$5M (planned) | $5.65M (Deposited HYPE) | - | HYPE and PURR, uBTC, uETH, uSOL (planned) |
| $KEI | Keiko (Liquity V1 fork) | 1.172M | TVL $3.40M | - | wstHYPE, PURR, HYPE, LHYPE, uBTC, uETH |
Conclusion
$USDXL, $feUSD, and $KEI are stablecoins on HyperEVM, each with unique protocols and features, supporting the growth of the DeFi ecosystem. The provided figures likely reflect current market conditions, requiring ongoing monitoring.