DeFi Play of the Week: HyperEVM

Hyperliquid is already processing billions of dollars in trades per day and has solidified itself as a go-to destination for onchain degens looking to leverage trade crypto tokens.

Its HYPE airdrop last December stunned industry observers with lucrative six-figure paydays for many participants. Now, Hyperliquid is leveling up with the HyperEVM, a general-purpose blockchain that allows developers to innovate on Hyperliquid’s existing offerings.

And the best part? The majority of HyperEVM protocols are tokenless, meaning airdrop rewards could be on the way for early network users! If you missed the first Hyperliquid airdrop, don’t sleep on this list of top drop opps. 👇

🏦 HyperLend

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HyperLend is a “friendly fork” of Ethereum’s premier lending market, Aave. In exchange for a license to recycle the time-tested code of Aave, Hyperliquid intends to share 10% of its protocol revenue (plus a one-time allocation of 3.5% of its native token) with the Aave DAO.

By designing unique lending markets for the Hyperliquid ecosystem, like those for Hyperliquid Liquidity Provider (HLP) tokens, HyperLend hopes to unlock sustainable looping strategies on this high-yielding collateral, enabling users to provide more liquidity and earn more from their positions.

Whether you’re looking to borrow at low rates, reinvest your gains, or simply to explore new innovations, HyperLend’s markets stand ready to support you.

🥩 stakedhype

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As its name suggests, stakedhype is a liquid staking solution for HYPE, offering HYPE depositors stHYPE tokens, which automatically accrue Hyperliquid validator rewards and redeposit these emissions into staking to earn more rewards.

Thanks to DeFi-native composability, stHYPE can be used in conjunction with various Hyperliquid lending markets in looping strategies, potentially enabling HYPE stakers to supercharge their yields by borrowing against their tokens and redepositing the borrowings into the stHYPE strategy.

💱 HyperSwap

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Although Hyperliquid already offers support for automated market making through its HLP primitive, depositors into this strategy make markets for all available Hyperliquid spot and perpetual pairs.

In contrast, HyperSwap is the first native DEX deployed on the HyperEVM, offering traditional AMM markets that allow users to choose specific spot asset pairs for liquidity provision.

HyperSwap launched with a points program, meaning that liquidity providers and swappers who register for the program with a unique user name can establish eligibility for a future airdrop by simply using the platform.

🐈 Felix Protocol

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Felix Protocol offers a collateralized debt position (CDP) stablecoin natively issued on the HyperEVM, meaning that users can borrow against crypto assets – including HYPE and bridged majors like BTC or ETH – to mint feUSD, a dollar-pegged stablecoin backed by these deposits.

Holders of feUSD can redeem their tokens at any time for $1 worth of collateral, and by supplying feUSD to stability pools, Felix users can earn fees by agreeing to absorb protocol losses on specific collateral types in the event a borrow position is unprofitability liquidated.

Felix has secured an exclusive license to deploy Ethereum-native stablecoin issuer Liquity’s codebase to the HyperEVM. As part of this agreement, mainnet users of Liquity’s BOLD will qualify future Felix incentives. Further details on a Felix points program for its HyperEVM users are expected to be announced soon.

🏷️ Hyperliquid Names

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Hyperliquid Names is a protocol for issuing, exchanging, and managing tokenized “.hl” domain names on the HyperEVM blockchain.

The application is slated to roll out in three phases, and to celebrate the launch of HyperEVM; whitelisted users can now mint approved “.hl” domains for 1 HYPE per year as part of Phase One. Details on subsequent public auction and open mint phases will be announced soon.

🧐 Hyperliquid’s Second Debut

Hyperliquid has already demonstrated itself as an onchain trading powerhouse. The launch of HyperEVM lets this ecosystem evolve beyond trading, bringing DeFi composability and the promise of refreshed airdrop incentives to its users.

While most HyperEVM protocols are tokenless at this time, these airdrop opportunities won’t last forever. Front run the opportunity (and the next wave of hype) by interacting with HyperEVM applications today.