Modern financial account, powered by stablecoins
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Tokenized stocks and ETFs are now live on Felix
On-chain traders no longer have to off-ramp funds to gain exposure to US capital markets. Additionally, Felix users now have the ability to trade tokenized stocks/ETFs in large order sizes without the steep execution costs that have plagued on-chain adoption up until now (Example: Buy $1M in GOOGL on Felix with a net execution cost less than 10bps today).
Trade over 250 different assets now: trade.usefelix.xyz/equities
Not available in the U.S. and other prohibited jurisdictions.
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1/ What’s next for HYPE?
Staking it? Borrowing against it? Both? A brief breakdown on what the future of HYPE looks like with the incoming HyperEVM:
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Felix mainnet is now live with a 5M mint cap.
Got feUSD?
Mainnet link: usefelix.xyz/borrow
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1/ It’s finally time for Felix public mainnet. The feUSD mint cap will be lifted to 5M feUSD on Tuesday, April 8 at 12:00PM UTC.
Felix underwent a staged mainnet roll out over the past weeks. The team has been slowly scaling up feUSD to ensure the stable growth of the system.
- We witnessed five successful liquidations and two redemptions
- There is currently 1.5 million feUSD minted
- There are currently 34 borrow positions open
- feUSD/USDC is live on the spot orderbook
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HyperEVM is just getting started. Bring your friends over.
Three announcements:
1. BTC collateral is live on Felix
2. Mint cap on HYPE collateral is raised to 35M
3. First Felix points batch will be released on Friday, April 18 at 12pm UTC
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TSLA-USDH perp is now live to trade on Hyperliquid
The perp market is deployed and managed by the Felix team (via HIP-3). The starting parameters of the market are the following:
>On hours pricing covers 9:30AM ET to 4PM ET to start (not accounting holidays), with plans to support pre-hours, post-hours, and beyond in the next iteration
>Off hours pricing involves a self-referential price that utilizes the local orderbook’s impact price, with price bands applied around the On hours last close
>The max leverage to start is 5x for positions of 0 - 1M and 3x for positions of 1M+
>OI cap set at 0.5M USD to start
USDH is the margin asset for Felix-deployed perp markets. Beyond the Hyperliquid cultural alignment, our goal is to offer tangible economic benefits / cost reductions to both takers and makers. USDH-margined perp markets will have the following upgrades after the aligned stablecoin proposal is deployed to mainnet: 20% lower taker fees, 50% better maker rebates, and 20% more volume contribution toward fee tiers. Furthermore, we are also introducing the Felix VIP program for further trader discounts. Users can reach out to the Felix team for more information on VIP.
Trade here: app.hyperliquid.xyz/trade/fl…
Docs can be viewed here: usefelix.gitbook.io/perps
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Felix officially joins @MorphoLabs App as curator for Hyperliquid
Felix Vanilla (built on Morpho) launched in May of 2025. Since then, Vanilla has scaled to hundreds of millions of dollars in both supply and borrows
Now with Morpho bringing HyperEVM to the Morpho app, users will be able to access Felix Vaults directly via Morpho’s interface
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1/ Welcome to Hyperliquid
In the past 10 days, with HYPE nearly reaching $40, Hyperliquid has gained nearly 70,000 or +10% new users.
To all new users making their first journey into Hyperliquid with this recent ATH, what are we building here, and what does the opportunity set look like for you? A brief breakdown:
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Felix x Morpho
Felix continues to build out the most secure borrowing platform on HyperEVM with this instance of Morpho.
This unlocks new use cases that aren’t already possible with the Felix CDP and expands the use of feUSD.
A few of the use cases that will be enabled by Felix integrating Morpho:
> Direct borrowing of fiat-backed stablecoin HUSD
> Isolated markets for long-tail collateral assets as well as lending opportunities for feUSD
> Optimized looping of yield-bearing assets like kHYPE
The Morpho codebase is one of the most renowned in DeFi, having undergone audits from Spearbit and Open Zeppelin with $2.5M of outstanding bounty on Cantina as well as formal verification by Certora in December of 2023. The Morpho codebase is immutable and governance-minimized.
Rollout will take place in the coming weeks.
Morpho Hyper Everywhere
Morpho smart contracts are now deployed on @HyperliquidX HyperEVM, with front ends operated by @felixprotocol and @hyperbeat.
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Welcome, BTC. To Hyperliquid.
This is an important step as Hyperliquid continues its dominance as an on-chain trading venue, growing beyond perps. Now, you can trade BTC on a high performance spot orderbook. Soon, you'll be able to do even more with the EVM.
Introducing Unit: the decentralized asset tokenization layer for all of finance, built exclusively on Hyperliquid.
Unit will enable seamless deposits, withdrawals, and trading for a wide variety of assets. Our first integration allows major spot crypto tokens to flow between Hyperliquid and their native blockchains, launching today with native BTC.
This is a significant unlock for users, enabling:
1-Click Native Deposits & Withdrawals: Deposit or withdraw BTC via their self-custodial wallet or centralized exchange account. (ETH and SOL coming soon).
Unified Trading Experience: Trade both spot and derivatives within a single, integrated platform.
New Capital Onramps: Send spot from any supported native source chain and sell in the spot order book to access USDC.
Deposit BTC now directly on app.hyperliquid.xyz or at app.hyperunit.xyz.
For more details on the protocol design, see our documentation at docs.hyperunit.xyz and to stay up to date on what we're building, you can join our telegram channel: t.me/hyperunit
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1/ The Felix Protocol Security System
With HyperEVM mainnet top of mind, we'd like to share the major steps we are taking to secure the Felix protocol and bring feUSD, our CDP stablecoin product, to HyperEVM. Full paper linked below.
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Felix Vanilla has crossed $550M in deposits.
Users are utilizing Felix Vanilla to power a number of key activities:
∙ Loop on kHYPE, kHYPE PTs, and stHYPE
∙ Loop on yield bearing dollar assets like hwHLP and wHLP
∙ Borrow stables to unlock perps trading against HYPE / UBTC collateral
∙ Borrow stables to unlock additional DeFi farming and yield activities on HyperEVM or elsewhere
Felix Vanilla utilizes the Morpho stack to power its lending markets. Why do we use the Morpho codebase?
∙ Security: Morpho offers a trusted codebase that secures billions of dollars of capital and gives large Felix users ease of mind
∙ Network Effect: We work with the Morpho team closely, gain access to a liquidation network, and are able to deliver an optimized product experience
∙ Innovation: Felix will be early adopters of future developments like Morpho v2
gFelix, gMorpho
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Over the last week, the Felix team has been hard at work during our phased rollout of mainnet. Just yesterday, two users took on max leverage and quickly reached the liquidation threshold. They were successfully liquidated without any issues.
- purrsec.com/tx/0x327692f31b4…
- purrsec.com/tx/0x45f0576d656…
Currently, we use a Redstone oracle to price HYPE collateral which worked as expected. Redstone is a push-based oracle and currently has a maximum deviation of 0.5%, which works well so far.
Furthermore, these two liquidations were executed by our in-house liquidation bot, which also worked as expected.
Stability pool depositors have been earning anywhere from 7% interest to 40% interest. They also earned discounted HYPE, as liquidated collateral flows to the stability pool depositors.
Liquidations are working smoothly end-to-end and we’re excited to continue battle-testing our system, as we gear up to scale. Onward!
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1/ Felix is partnering with the @anthiasxyz risk team to bring high quality risk management to Hyperliquid DeFi.
Now, we expand upon our in-house risk monitoring and parameterization capabilities with better mint caps, LTVs, liquidation incentives, and more.
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Introducing Felix Frontier
On Hyperliquid, stablecoin holders are hungry for new ways to generate yield. The primary venues for this thus far have been lending, the basis trade, and HLP
As a part of Felix Vanilla, we are now rolling out Frontier Vaults, which offer higher yield options for stablecoin lenders. Frontier Vaults are newer Morpho lending pools that allocate to more exotic collateral markets - this allows us to segment risk while providing more optionality for lenders. Currently, Frontier Vaults lend to UETH, hwHLP, and WHLP collateral
Soon Felix Vanilla will introduce collateral options for hbUSDT, PT-hbUSDT, kHYPE at a 77% LTV, and HYPE at a 77% LTV (compared to 62.5% LTV for both of these assets from the Flagship vaults)
Users will now be able to achieve better capital efficiency borrowing against kHYPE and HYPE collateral as well as begin looping hbUSDT and PT-hbUSDT on Felix Vanilla to run leveraged looping strategies. Lenders willing to lend to more “risk-on” collateral markets as determined by our risk team will be able to earn higher yield over time
Welcome to the Frontier: usefelix.xyz/vanilla-earn
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1/ With a revitalized fervor for DeFi since the US elections coinciding with the imminent launch of HYPE, we at Felix are excited to share more about our motivation for building on the Hyperliquid L1.
To put it shortly, we believe Hyperliquid L1 will vertically integrate all of the user patterns that today are spread across the likes of Ethereum, Binance, and Solana.
Written in collaboration with @hyperactive_cap.
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kHYPE PTs are now live on Felix Vanilla for looping and stablecoin borrowing.
What are kHYPE PTs? kHYPE PTs allow kHYPE users to buy kHYPE at a discount relative to the market price which can then be thought of as a fixed yield in kHYPE terms. This is ideal for users who want to lock in a yield, in return for giving up the upside of speculative yield.
How are kHYPE PTs priced on Felix Vanilla? A linear discount oracle is used to price kHYPE PT collateral, where PT-kHYPE is priced at a discount to kHYPE and approaches 1:1 with kHYPE as it reaches maturity on the expiration date. This linear discount approach allows borrowers to loop more reliably without concerns of short-term depegs.
Use kHYPE PTs on Felix: usefelix.xyz/vanilla-borrow
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1/ We're excited to push the Hyperliquid ecosystem forward by contributing to HUSD.
In any DeFi ecosystem, fiat stablecoins are indispensable. They serve as the base asset for liquidity provision, a unit of account for lending and borrowing, and the foundation for more complex financial primitives.
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1/ Today, Felix emerges from stealth.
We sit at a critical juncture for Hyperliquid. The opportunity is clear: to stand on the shoulders of the disruptors that came before, and become the on-chain financial system for everything.
Our mission is to accelerate @HyperliquidX L1. We’re building feUSD, the first Hyperliquid-native stablecoin.
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It's time to go Native: USDH is now live as a borrow/lend asset on Felix Vanilla
USDH is the Hyperliquid-native stablecoin deployed by
@nativemarkets. USDH is issued on Bridge @Stablecoin rails and backed by cash and US treasury equivalents
Users can acquire USDH from the Hyperliquid spot orderbook, or mint directly with Native Markets, and borrow/lend on Felix Vanilla today
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Felix x Ethena
Question: Is there a better way to start the week than to have a multi-billion TVL protocol deploy on HyperEVM?
Pair USDe or sUSDe against @felixprotocol feUSD on @CurveFinance, earning Felix points, 30x Ethena rewards, and sUSDe APY
Users will be able to use sUSDe as collateral on Felix Vanilla markets
Link to pool: curve.fi/dex/hyperliquid/poo…
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USDC is now live on Felix Vanilla
Users can now bridge USDC to HyperEVM from other chains via @StargateFinance or @AcrossProtocol (powered by CCTP v2 beneath the hood) and then borrow + lend on Felix Vanilla
To clarify, USDC is not currently linked between HyperCore and HyperEVM, which means USDC cannot be transferred directly between your Core and EVM account yet. This is coming soon from Circle
Supported collaterals for borrowing USDC:
- HYPE
- kHYPE
- UBTC
- More coming this week and next
Welcome to HyperEVM, Circle
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Where were you when 95% of Binance volume migrated to Hyperliquid L1?
"Hyperliquid, Brick by Brick" poster
Felix Protocol, circa 2024
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USDhl lending is live on Felix with a 1M Cap.
Earn borrower interest and HYPE rewards.
Lend USDhl: usefelix.xyz/vanilla-earn
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Lend and borrow stables HUSD / USDT0 / USDe on Felix Vanilla Markets. Who's ready?
> Battle-tested and secure codebase
> Optimized yields with lending vaults
> Isolated risk
Powered by @MorphoLabs
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Vanilla Markets are now live.
Got Vanilla?
Borrow and lend USDT0 and USDe on Felix: usefelix.xyz/vanilla-borrow
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The feUSD launch mint cap has been filled and will be lifted to 10m in the next few days, along with UBTC collateral support.
gFelix
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Quick roll call: who's ready to receive HYPE yield? Time to return fiat stable yield back to users.
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kHYPE is live on Felix CDP with a 10M mint cap
Mint feUSD against kHYPE today
usefelix.xyz/borrow
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kHYPE from @kinetiq_xyz is now live on Felix, starting with Vanilla.
kHYPE is the first LST provider that has gone live using CoreWriter. There is currently $290M+ of kHYPE minted in the first day. Users earn kPoints and use kHYPE across the HyperEVM
Users can accomplish the following use cases on Felix:
- Leverage-loop kHYPE to maximize staking yield and kPoints exposure
- Borrow stables against kHYPE for 1) spot leverage, 2) trading liquidity, 3) yield farming
kHYPE will be listed on Felix CDP as soon as a market-based price oracle is live.
Caps across all markets will be scaled up as per risk team recommendations.
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As @0xOmnia says: "Gorillions." Let the kHYPE flow.
Soon, you can use kHYPE on Felix to:
1. Unlock more trading liquidity for perps + spot
2. Deposit into stability pool
3. Deposit into HLP
4. Farm the funding rates (basis trade)
5. Farm HyperEVM eco
kM, gFelix
We're ecstatic to share that @felixprotocol will support kHYPE for collateralization on Day 1.
This means you'll be able to mint feUSD against your kHYPE, allowing you to run sophisticated strategies and maximize your capital efficiency.
Heavily kHYPE coded.
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The first round of Felix USDC incentives goes live today
Felix Vanilla borrowers borrowing USDC against HYPE, kHYPE, or UBTC collateral will now be eligible for USDC rewards
Current USDC borrow APYs with the rewards:
>UBTC/USDC: 3.53% -> -4.34%
>kHYPE/USDC: 19.61% -> 13.29%
>HYPE/USDC: 19.02% -> 10.31%
More information on the campaign can be found via @merkl_xyz here: app.merkl.xyz/?search=hypere…
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thBILL is live as collateral on Felix Vanilla
With thBILL, Felix offers leverage access against @Theo_Network's new institutional-grade onchain money market fund. This is Felix’s first step into offering RWAs as collateral
The USDT0 Frontier pool / vault lends against thBILL collateral, which highlights one of the core strengths of the Felix Vanilla design: lenders have the flexibility to express their risk tolerance by lending in the USDT0 vault or the USDT0 frontier vault, which have different collateral exposures. This allows lenders to express their risk preferences while allowing borrowers to access the liquidity they need.
Borrowers can loop thBILL on Felix Vanilla for max exposure to Theo points and treasury yield once borrow costs decrease. Lenders can take the other side and supply USDT0 to the USDT0 Frontier Vault on Felix to earn yields that are currently nearing 3x the market beta
Felix x Theo
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In just the last week, Felix Vanilla Markets has grown quickly.
> $51.9M of collateral deposited
> $18.4M stables borrowed
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stHYPE looping and HYPE lending are now live on Felix Vanilla.
Got stHYPE?
Maximize yield and incentives: usefelix.xyz/vanilla-borrow
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YEAR 2025: HYPERLIQUID VS. THE WORLD.
Felix welcomes new users from Ethereum and Solana - put aside your past and join the Hyperliquid frontier. Bring your stables, BTC, ETH, and more.
Felix is readying users for the journey ahead. DM us if you want to try out the Felix testnet before HyperEVM mainnet is live.
In the last few days, the team at @felixprotocol has noticed that gas costs on HyperEVM testnet have increased 10x+, which is very peculiar since daily transactions are not particularly up. This morning, @chameleon_jeff announced in the Discord that base gas fee was increased to 0.1 gwei.
Regardless, this touches on open questions I am excited to see more information released on the EVM over the next few months:
∙ How effective is the chain at handling high throughput?
∙ Will we see heavy reliance on priority fees and users fighting for inclusion into blocks?
∙ Will there be searcher demand and front run / back run flows, which will be a main source of priority fees?
∙ If gas is high, can apps subsidize costs for users as a point of differentiation?
Many interesting design questions coming into the purview as we near HyperEVM mainnet.
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Who's ready to loop kHYPE PTs and earn leveraged yield?
Pendle is now live on HyperEVM
With this launch, we're bringing Pendle's fixed yield infrastructure to life for HyperEVM users.
Joining forces with our new friends:
@hyperbeat @kinetiq_xyz
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Felix x @pvp_dot_trade = HYPE coin margin
Coming to you on April 8
How to 40x long BTC on PVP with HYPE collateral.
- Deposit HYPE collateral on Felix, and borrow feUSD
- Sell feUSD for USDC on HyperCore
- Open 40x BTC long on PVP with USDC
Welcome to the arena ☠️
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kHYPE PTs 19 March 2026 are now live on Felix Vanilla for looping and stablecoin borrowing.
For those who have not used kHYPE PTs as collateral on Felix before, a linear discount oracle is used to price kHYPE PT collateral, where PT-kHYPE is priced at a discount to kHYPE and approaches 1:1 with kHYPE as it reaches maturity on the expiration date. This linear discount approach allows borrowers to loop more reliably without concerns of short-term depegs.
For those transitioning from November expiry kHYPE PTs, feel free to redeem for underlying kHYPE via Pendle and mint new 19 March 2026 kHYPE PTs before using as collateral on Felix Vanilla
Use kHYPE PTs on Felix:
usefelix.xyz/vanilla-borrow
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2/ Stake HYPE
By staking HYPE to a validator, you participate in the L1 network consensus and will likely be rewarded with additional HYPE rewards. There are two staking options: 1) you can directly delegate to a validator of your choice or 2) deposit into an LST provider like @kinetiq_xyz (kHYPE) or @ThunderheadLabs (stHYPE).
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4/ The Big Picture
As always, do your own research before executing any strategy with your HYPE as all will have risks.
A full article on the future of HYPE posted to the Felix Mirror page can be found here: tinyurl.com/hyperevm
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beHYPE is now live on Felix Vanilla
beHYPE is @hyperbeat's liquid staking token for HYPE, built in collaboration with @ether_fi
With beHYPE live on Vanilla, users can now loop beHYPE at a max LTV of 86% and borrow USDT0 against beHYPE collateral to trade more on HyperCore
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3/ Borrow against (staked) HYPE
Deposit HYPE tokens into the Felix protocol, and borrow feUSD against your holdings at an interest rate of your choosing. This gives you access to immediate capital for new trading and/or farming opportunities.
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More info:
We have partnered with the team at @redstone_defi to develop custom price feeds for the equity perp markets we will list through HIP-3. These feeds will aggregate data from NASDAQ, IBKR, and DataBento. More on our off-hours pricing mechanics can be found in the docs above. In addition, we are working with @HyperionDeFi and @smartestmoney as stake providers for the required 500k HYPE stake.
Serving the Trader on @HyperliquidX. gFelix
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4/ Next Week
Starting next week, there will be a points program rolled out with referrals. Happy minting, and we will see you on April 8.
Mainnet link: usefelix.xyz
gFelix
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3/ Security and risk management come first
We have received an exclusive license from Liquity AG for the right to repurpose and deploy @liquityprotocol V2 on HyperEVM. This allows us to build off of their existing work and come to market with a thoroughly audited product.
Furthermore, we are working closely with security & risk partners @threesigmaxyz @anthiasxyz - and actively conducting early testing with the power users at @hyperactive_cap. We’re excited to share more soon.
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4/ Putting Security First
Hyperliquid ecosystem must win, and to accomplish that, all DeFi teams in the ecosystem must put security as a priority within their product offering. We are happy to work with other teams in the ecosystem on protocol security, as we build out the early innings of the HL ecosystem.
Read more about our security design here:
tinyurl.com/pz7tvzan
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- Borrow against your HYPE securely
- Earn native yield with feUSD
- Set your own interest rate
DM to learn more.
Risk disclosure: usefelix.gitbook.io/felix-do…
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2/ Introducing feUSD
feUSD is the cornerstone of the Felix DeFi suite. It enables users to borrow against majors (ETH, BTC, HYPE, etc.) and unlock liquidity for more use cases. Given its unique CDP architecture, Felix can offer the best rates for borrowers.
feUSD itself serves as a censorship-resistant stablecoin complete with sustainable native yield.
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5/ Institutional DeFi
The programmability of smart contracts paired with the sophisticated orderbook infrastructure opens up new use cases for institutional-grade firms.
Tapping into the trading activity, smart contracts can implement sophisticated risk management systems that institutional-grade firms are accustomed to: autonomously monitor portfolio Value at Risk, track correlation between positions, execute emergency deleveraging when needed, and more.
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The current state of things:
- $16.4M in collateral and $5M feUSD borrowed / minted
- $2.96M in the Stability Pool, which receives first rights to liquidations
- 303 active borrow positions
- feUSD 24H volume on the spot orderbook is $1.271M
Furthermore, some users encountered issues with transactions timing out potentially as a result of congestion, which the engineering team is investigating. Certain wallets have had more issues, while other wallets like Rabby have performed well.
Please don't hesitate to DM if in need of assistance
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4/ To All 70,000 new .HLs, Welcome
For those looking for a more bespoke experience on Hyperliquid or still unsure of where to go next, feel free to send a DM–our team at Felix has been building on Hyperliquid for almost a year now, and we are happy to help you get set up directly based on your desires regarding yield, liquidity, etc.
Read the full piece here on HyperEVM:
paragraph.com/@felixprotocol…
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3/ Our Security Standard
From day one at Felix, our focus has been building security-first solutions that directly address the risks of DeFi. Much of the Felix engineering team consists of previous auditors, particularly from @threesigmaxyz.
Oracle manipulations, flash loan attacks, admin control exploits - we've studied these attack vectors deeply and know what to look out for.
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And we're only scratching the surface. Over the next few weeks, we'll continue sharing our thoughts and work with other builders in the space.
We wish everyone the best fortunes this week.
Read more: tinyurl.com/hl-defi
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For more information on Felix, read the newly released docs: usefelix.gitbook.io/felix-do…
Contributors are in the Felix Discord and available to answer any questions after you read the docs. Public testnet coming soon.
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2/ The best of both worlds
Hyperliquid's ascent has revealed the market's appetite for high-performance, cost-effective trading infrastructure, while maintaining the benefits of an on-chain experience (self-custody, composability, etc.).
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Felix incentives will begin tracking this Friday and first release will be Friday, 4/18 at 12pm UTC.
If you need assistance with protocol usage at mainnet, do not hesitate to DM or reach out in the Felix Discord.
This is the last tweet—happy minting.
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3/ What is to come for Hyperliquid?
On May 2, 2025, Hyperliquid announced HIP-3, a proposal to enable builder-deployed perpetuals markets. This follows a series of major expansions: the launch of PURR in early 2024 brought user-listed spot assets via ticker auctions, and by early 2025, Hyperliquid began supporting majors like BTC, ETH, and SOL through @unitxyz.
HIP-3 will also introduce the ability to have new collateral types for perps, one potential collateral asset bring USDhl, a fiat-backed stablecoin built for Hyperliquid. USDhl uses treasury yield to buy back HYPE, distributing it to users who LP, lend, or otherwise engage with USDhl across the ecosystem. Just a couple glimpses into what is to come.
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3/ Risk-off Use Cases
And the following “risk-off” use cases:
- Buy feUSD to deposit into Felix Stability Pools
- Buy/Mint feUSD in order to LP in AMM pools
For users looking to more clearly understand the risk profile of each of these use cases or to create tailored strategies, please reach out to Felix via DM.
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4/ Out-of-the-box trading infrastructure
Hyperliquid offers built-in components: a perpetual futures orderbook, a spot orderbook, and a general EVM environment.
This provides infrastructure and a mature market structure to build on top. With EVM and order book composability, a whole suite of sophistication is unlocked. Smart contracts can manage perp and spot positions programmatically.
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2/ Risk-on Use Cases
feUSD has been used for the following “risk-on” use cases:
- Mint feUSD against HYPE to long more HYPE via perps
- Mint feUSD to run an HLP carry trade, taking advantage of the low borrow cost on Felix
- Mint feUSD to leverage loop HYPE on HyperEVM
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2/ Lazarus, DPRK, and the Dark Forest
DeFi can be a dark forest, and protocol security always remains table stakes. Blackhats never rest, and we don't either - security audits, monitoring, internal reviews, and more are all part of our security approach so that users can rest easy with their funds.
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3/ Performance, while maintaining decentralization
Hyperliquid runs on a custom, Rust-based consensus algorithm, HyperBFT.
This allows for fast transaction execution while preserving the core benefits of decentralized systems: censorship resistance, self-custody, and trustless operation - though Hyperliquid’s decentralization remains an area of healthy contention.
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4/ Join the Community
Come build the future of Hyperliquid with us: discord.gg/mvUXVyfgPq
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4/ Read the Full Risk Piece
The essence of risk management in these evolving on-chain money markets is the following: spotting, properly sizing, and responding to risk before it morphs into an existential threat.
This enables our users to tap into the exciting financial workflows and earning opportunities across DeFi in a risk-adjusted, security-first manner.
Full analysis below:
paragraph.xyz/@felixprotocol…
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3/ Implementing feUSD Mint Caps for Safe Scaling
Felix will implement mint caps on feUSD at launch to ensure that Felix scales in a risk-adjusted way. Felix mint caps will be used to ensure that there is no excess feUSD minted against relatively illiquid assets.
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Felix x Morpho
It has been key since the launch of Felix to operate with a sound codebase like that of Morpho. We will now be working with Morpho on a larger acceleration into Hyperliquid, starting with Felix Vaults being accessible via the Morpho interface with more to come
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Currently, billions of dollars of on-chain BTC are locked away in cold wallets, sitting idle. There is now a great opportunity for the Hyperliquid ecosystem to unlock new use cases and utility for on-chain BTC holders.
For HL newcomers and existing community members, feel free to speak with the Felix team if you have any questions about Unit, how to bridge, Bitcoin use cases, or anything related to Bitcoin on HL.
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Read our announcement to the Morpho forum here:
forum.morpho.org/t/introduci…
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2/ Defining the Goal of Felix Risk Management
The job of money market risk management is to continually balance growth and VaR (value at risk). To best serve our users, our job at Felix is to monitor changing market conditions, adjust parameters, and swiftly plug leaks that arise.
In our latest piece, you can read how we define VaR and Growth and seek to balance these inputs.
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2/ You have HYPE, Why?
You may have come to Hyperliquid firstly to buy HYPE, one of the few fundamentals-driven assets in DeFi. The Hyperliquid Assistance Fund has been buying back $1M–$3M of HYPE daily. Meanwhile, HYPE staking powers Hyperliquid’s proof-of-stake consensus (HyperBFT) and unlocks trading fee discounts for large stakers, adding utility and demand.
These dynamics have driven over $784M in HYPE buybacks, $13.3B staked, and more than $400M liquid-staked so far.
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3/ Adoption across the EVM
To start, HUSD will be paired feUSD on Curve. Furthermore, it will proliferate across our money markets and other HyperEVM money markets.
With time and sufficient community buy-in, HUSD can integrate more deeply with HyperCore’s operations.
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2/ The need for a fiat stable
Without a unified fiat stable, Hyperliquid relies on bridged USDC on HyperCore (the orderbook environment) and relies on CDP stablecoins on the EVM (which work suboptimally without being paired with an EVM fiat stable).
We've experienced the pain point as we roll out feUSD.
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Vanilla Markets are built on the @MorphoLabs stack.
With their infrastructure, we can bring a traditional borrow + lend experience to Hyperliquid traders. Users are now equipped with two powerful tools: CDP and Vanilla.
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To learn more, read our full piece here: paragraph.xyz/@felixprotocol…
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All Felix products are tracked for the points program.
Try it now: usefelix.xyz/vanilla-borrow
Docs: usefelix.gitbook.io/felix-do…
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Very soon sir. Appreciate your testing and early support @0xPerfectPath
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