Hyperliquid has remained resilient throughout market ups and downs, and platforms on the HyperEVM chain such as Felix, Project X, and Hyperwave are offering attractive yields and points incentives, while Dimensional provides real-time vault performance tracking. Although details around a future HYPE airdrop remain unconfirmed, diversified participation across the Hyperliquid ecosystem looks like it can be advantageous when it comes to securing eligibility.
Hyperliquid looks solid right now, with the HYPE token sitting not far from ATHs, so let’s take a look at what’s happening on the HyperEVM chain. In this ecosystem there are currently several protocols offering very good yields along with points earning opportunities, plus we’ll pick up on a useful tool for monitoring returns across projects building on Hyperliquid.
What Is HyperEVM and Why Use It?
As mentioned in an earlier guide to Hyperbeat, the Hyperliquid ecosystem is actually divided into two parts. There’s the Hyperliquid perps trading DEX (from where you can also stake HYPE tokens), and there’s HyperEVM, which is the general purpose blockchain where you’ll find plenty of DeFi protocols actively developing.
As for why to use HyperEVM, one advantage is very straightforward: there are some high yields on offer. That in itself is reason enough, but additionally, you can earn points from new protocols, which should lead to various future token rewards, and there’s also the possibility of earning eligibility for a future HYPE airdrop.
To be clear about HYPE, there is no confirmation about when any further airdrop might take place, with only speculation about what kinds of onchain activities will lead to eligibility. So, it makes sense to spread your activity around the ecosystem, including by trading and staking on Hyperliquid, and by moving funds within protocols on HyperEVM.
When it comes to the numbers, the Hyperliquid TVL is steadily increasing and now stands at $2.6 billion, while the chain recently reached new all-time highs in fees and volume.
Next then, we’ll look at some protocols, but first, be aware of the usual DeFi risks, which can include smart contract vulnerabilities, stablecoin de-pegs, frontend attacks, and high volatility across DeFi and crypto.
Felix
This is the sixth biggest Hyperliquid platform as measured by TVL, which is at $409 million, and you currently can get a hefty 22% APY by depositing the USDe stablecoin from the Ethena protocol, which actually has been gaining plenty of attention of its own for the pace at which it surpassed a $10 billion market cap.
To find this, you’ll need to open the app and connect your wallet, then click on the Vanilla dropdown in the navigation bar on the left, and from there, select Lend. This will bring up a selection of vaults into which you can deposit, with assets lent through Morpho to earn interest.
Click on the Deposit button on the USDe vault to make your deposit, or of course you can explore the other options too, and keep in mind that you will also be earning points rewards from Felix.
Project X
Next, let’s skip over to a platform called Project X, where you can find a wide range of APRs for depositing to concentrated liquidity pools.
This kind of pool varies its returns depending on how wide a range you supply liquidity within (check the…
