HyperEVM Insight #2
HyperEVM is the new playground built on Hyperliquid, letting apps tap directly into Hyperliquid's speed and liquidity. Lending protocols are popping up fast. Here's the lowdown on the leading players:
-
HypurrFi (@HypurrFi)
- Tech: Forked from AAVE V3 (Solid base!)
- TVL: $54.41M (Leading the pack right now)
- Team: @androolloyd, @alphaK3Y, @andyhyfi
- Backers: Got some heavy hitters like Robot Ventures, True Ventures, Breyer Capital, Eden Block.
- Tokens: HYPE, wstHYPE, uBTC, uETH
- Special Sauce: Issues its own stablecoin, USDXL. This is a big differentiator, making it more than just a lender.
- Vibe: Strong backing and early TVL lead. The native stablecoin is their unique play.
- Links: Docs, App
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HyperLend (@hyperlendx)
- Tech: Also an AAVE V3 fork.
- TVL: $53M
- Team: Co-founders @0xNessus (CEO) & @fbsloXBT (CTO).
- Backers: A bit unclear on backers, but they are fundraising and mention strong partners.
- Tokens: HYPE, wstHYPE, uBTC (Note: No uETH currently listed like HypurrFi)
- AAVE Relations: Pursuing an official "Friendly Fork" status with AAVE governance (TEMP CHECK & ARFC passed!). This is a smart long-term play.
- Special Sauce (Planned):
- hHLP (Liquid Hyperliquidity Provider): Use HLP tokens (Hyperliquid LP tokens) as collateral.
- Liquid Perpetual Positions: Use actual perp positions as collateral.
- These are HUGE potential game-changers, leveraging HyperEVM's direct access to Hyperliquid.
- Vibe: Solid tech, official AAVE ties, and exciting Hyperliquid-native features planned. Keep an eye on when hHLP and perp collateral launch.
- Links: Docs, App
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Sentiment (@sentimentxyz)
- Tech: Originally an Arbitrum project. It might not be a direct AAVE V3 fork. Known for undercollateralized lending focus on Arbi.
- TVL: $3.6M
- Team: Led by @0xSnarks.
- Funding: Raised $2.4M back in Sep 2022 (pre-HyperEVM) led by Archetype, with Castle Island, Matrixport, etc.
- Tokens: Currently lists only HYPE. Very limited compared to others.
- Vibe: Experienced team from Arbitrum and has funding, but low TVL and limited tokens on HyperEVM currently. What's their unique angle here? Needs clarification. Had a reentrancy hack on Arbitrum in April 2023 (~$1M, mostly recovered).
- Links: Docs, App
-
HyperDrive (@hyperdrivedefi)
- Status: Not yet launched.
- Team: @sphere_cm, @cainosullivan.
- Background: Pivoted from Ambit Finance on BNB Chain. Ambit focused on a USDT-backed stablecoin ($AUSD) and lending.
- Funding: Ambit raised $4.5M in Dec 2022 from Binance Labs (as Yzi labs is mentioned in the user prompt, but Binance Labs is confirmed for Ambit). Unclear how much applies post-pivot.
- Vibe: HyperDrive is designed as a comprehensive yield platform that integrates lending, liquid staking, and leveraged exposure to Hyperliquid's HLP. It is built by Ambit Labs, known for their prior work on Anchor Protocol, and aims to offer risk-mitigated high yields across multiple assets.
- Links: HyperDrive.fi
Also, there is another lending protocol called HyperYield (@HyperYieldx) with a TVL of $0.27M, which handles HYPE, PURR, wstHYPE, USDXL, uETH, and feUSD. The founder is @IamGyomei.
Quick Comparison
| Protocol | Status | TVL | Collateral Tokens | Base Tech | Key Feature/Plan | Backers/Funding Highlight |
|---|---|---|---|---|---|---|
| HypurrFi | Live | $54.41M | HYPE, wstHYPE, uBTC, uETH | AAVE V3 Fork | USDXL Stablecoin | Strong VCs (Robot, True) |
| HyperLend | Live | $53M | HYPE, wstHYPE, uBTC | AAVE V3 Fork | hHLP, Perp Collateral (Planned) | AAVE Friendly Fork, Backers TBD |
| Sentiment | Live | $3.6M | HYPE | Arbitrum Origin | TBD on HyperEVM | $2.4M Seed (Pre-HyperEVM) |
| HyperDrive | Not Live | N/A | N/A | Ambit Pivot | Yield Platform (Lending, LST, HLP Leverage) | $4.5M for Ambit (Binance Labs) |
| HyperYield | Live | $0.27M | HYPE, PURR, wstHYPE, USDXL, uETH, feUSD | Unknown | TBD | Founder: @IamGyomei |
Key Takeaways & Trends
- AAVE V3 Forks Dominate (For Now): HypurrFi & HyperLend use AAVE V3 code – a safe, fast way to launch.
- HyperEVM's Real Power: HyperLend's plans (hHLP, perp collateral) show the real potential – directly using Hyperliquid features that no other chain can. This is the space to watch for innovation.
- Native Stablecoins: HypurrFi's USDXL is a big bet on building core infrastructure within HyperEVM.
- Early Days: It's still super early. TVL is concentrated, and competition is just heating up. Sentiment needs to find its HyperEVM footing, and HyperDrive's launch could shake things up.
Overall: HyperEVM lending is young but buzzing. HypurrFi has the early lead in TVL, but HyperLend's planned native integrations look like the most exciting long-term play, leveraging what makes HyperEVM special. Let's see how it unfolds!