Decentralized finance protocol Hyperwave has launched a brand new liquid token that accrues yield from Hyperliquid’s market-making vault.
Hyperwave, a decentralized finance (DeFi) protocol constructed on Layer 1 blockchain Hyperliquid, has launched hwHLP, the primary liquid token that earns yield from the perpetuals trade’s Hyperliquidity Supplier vault (HLP).
In a Thursday submit on X, Hyperwave — incubated by Swell Labs — defined that the token allows customers to revenue from market making and liquidations on the Hypercore platform, whereas holding their belongings liquid to be used in DeFi apps on HyperEVM and different networks.
Customers should deposit Tether’s USDT0 or Ethena’s USDe stablecoins and mint hwHLP in return, which they’ll use to extend their earnings via DeFi choices like liquidity swimming pools on Curve Finance, lending, or yield buying and selling.
Withdrawals are anticipated to be enabled inside two weeks and can take roughly two days to course of, the group says. As a part of the launch, Hyperwave can be providing zero charges on hwHLP transactions for the primary 90 days.
Hyperwave additionally emphasised that the token is supported by companions such because the DeFi lending protocol Hypurrfi, the HyperEVM-based decentralized trade Kittenswap, the decentralized oracle Pyth Community, Goldsky, and the omnichain messaging protocol LayerZero.
Thanks to those companions, hwHLP can work throughout a number of blockchains while not having to be wrapped, Hyperwave says.
The launch comes shortly after Hyperliquid-based Felix Protocol crossed $100 million in excellent loans in early June. As The Defiant reported, exercise on the HyperEVM has been boosted by hypothesis round a attainable future HYPE token airdrop, although no official rewards program has been confirmed up to now.
