Thread by @PinkBrains_io

Hyperliquid is probably the most unique ecosystem today.

Apps run on the same engine. No foundation-led liquidity programs. No discretionary narrative protection. Projects compete on execution.

The @HyperliquidX ecosystem looks like Ethereum in its early days 🧠🧵

HyperEVM is best understood not as a general-purpose chain, but as the userland extension of a functioning exchange.

No GameFi, no NFTs, no SocialFi really make sense here. Only financial primitives and infra/tools built to improve trading, liquidity, and capital efficiency.

🧠 AMM DEX

The DEX war on top of HyperEVM looks similar to other chains.

Uniswap-style concentrated liquidity, ve(3,3) flywheels, and intent-based routing compete on LP deposits and token-incentive flows.

1. @prjx_hl: Self-funded HyperEVM AMM returning 86% of fees to LPs; hit nearly $300K daily fees in its 1st month.

2. @HyperSwapX: First native AMM and liquidity hub on HyperEVM; the closest Uniswap analog on the chain.

2. @HybraFinance: HyperEVM "public liquidity layer" pairing concentrated liquidity with an upgraded ve(3,3) flywheel and intent-based gasless trades.

4. @NestExchange: MetaDEX that routes ~40% of fees into MEGAHYPE, a leveraged HYPE derivative, with 100% of rewards to veNEST voters.

5. @RamsesExchange: Concentrated-liquidity x(3,3) DEX with a dynamic fee algorithm that auto-adjusts to volatility to protect LPs from toxic flow.

6. @KittenswapHype: Velodrome-forked ve(3,3) DEX with dual volatile/stable pools and stablecoin fees as low as 0.01-0.02%.

7. @ultrasolid_hl: Core-aligned veDEX bridging HyperEVM programmability to HyperCore execution via aggregated routing.

🧠 Lending

Lending markets are where that capital comes back productive: collateralize $HYPE, wrapped assets, RWAs borrow stables against it, looping, and keep exposure while unlocking liquidity.

This is the backbone of capital efficiency on HyperEVM.

1. @felixprotocol: Felix's Vanilla Markets is a borrow and lend market built on Morpho. Borrowers deposit HYPE/LST/BTC/ETH as collateral and borrow USDhl, USDT0, USDe, etc. ~$$462M in total deposits, $124M in total borrows.

3. @hyperlendx: Aave V3-style lending protocol recognized by Aave governance as a friendly fork; known for Hyperloop one-click leverage.

4. @HypurrFi: Hyperliquid-native lender and exclusive partner leveraging the full Euler stack, with the Swype credit card and $USDXL stablecoin.

🧠 Earn

Traders, $HYPE holders, HLP depositors, and non-trading users all face the same question: how to earn better on Hyperliquid.

$HYPE liquid staking, route idle collateral into delta-neutral strategies, wrap HLP itself into composable yield tokens.

This is where Hyperliquid's funding rate and staking yields get packaged for the rest of DeFi.

1. @Kinetiq_xyz: Dominant HYPE LST with $$956M+ TVL and 82.5% staking market share, auto-delegating via StakeHub.

2. @hyperbeat: Yield-infrastructure hub; involving into neobank, pioneered HIP-3 VLP vaults.

3. @stakedhype: Second-largest Hyperliquid LST ($164M TVL), vertically integrated with Valantis's modular DEX for synchronous HyperCore liquidity.

3. @Looped_HYPE: Automated HYPE looping vault

4. @Hyperwavefi: "House of Payments" protocol issuing hwHLP, the first liquid token earning yield from Hyperliquid's HLP vault.

5. @liminalmoney: Delta-neutral yield layer tokenizing Hyperliquid funding rates into composable xTokens usable across EVM.

6. @harmonixfi: First Hyperliquid-native onchain hedge fund, running delta-neutral and option-wheel vaults.

7. @pendle_fi: Yield-tokenization protocol where Kinetiq pools passed $420M TVL, its largest non-stablecoin market.

🧠 HIP-3

Any team with 500K $HYPE staked can spin up a perp market on any asset, from pre-IPO equities to sector indices to commodities.

This is where Hyperliquid stops being a crypto DEX and starts being the house of all finance.

1. @tradexyz: Dominant HIP-3 deployer driving ~90% of HIP-3 volume; pioneered XYZ100 and continuous crude-oil markets.

2. @felixprotocol: Equity-perps deployer using RedStone feeds aggregating NASDAQ, IBKR, and DataBento Crowdfund Insider.

3. @ventuals: Pre-IPO perps (SpaceX, OpenAI, Anthropic) priced via a hybrid oracle weighting secondary-market data and mark-price EMA 50/50.

4. @Markets_xyz: USDH-collateralized HIP-3 covering equities, commodities, forex, and crypto, built on Kinetiq's Launch crowdfunding platform.

5. @hyenatrade: Based x Ethena x Hyperliquid venture deploying HIP-3 markets with USDe as collateral.

6. @Dreamcash: Tether-backed deployer of USDT0-collateralized RWA perps (TSLA, NVDA, other stocks, S&P 500, gold).

7. @tradeparagon: Crypto-native HIP-3 index perps (BTC.D, TOTAL2, OTHERS) with up to 50x leverage.

🧠 Trading Terminals

Builder codes turned Hyperliquid’s orderbook into plug-and-play infrastructure with rev share for any frontend.

Now we're seeing a Cambrian explosion of terminals and frontends targeting wallet-native traders, Telegram degens, AI-agent quants, mobile-first retail, and institutional prop desks.

The edges are UX and distribution.

1. @BasedOneX: 2nd largest builder-code frontend on Hyperliquid, generating ~$15M annualized revenue
2. @liquidtrading: Paradigm-backed terminal that has facilitated $5.6B in Hyperliquid volume and also routes to Ostium and Lighter.
3. @silhouette_ex: Shielded "dark-pool" DEX on Hyperliquid using TEEs to hide order flow
4. @tread_fi: Algorithmic trading terminal with Market-Maker and Delta-Neutral bots.
5. @pear_protocol: Pairs-trading (long/short spread) terminal on Hyperliquid for relative-value strategies.
6. @InsilicoTrading: Pro-trader terminal on Hyperliquid with advanced order types and analytics
7. @ProprXYZ: Crypto prop firm, funding traders up to $100K with an 80% profit split and onchain payouts.

By UX:

1. Crypto wallets: Metamask, Rabby, Rainbow, Phantom, @OneKeyHQ
2. DeFi Apps: @infinex Perps, @SushiSwap Perps
3. Mobile-first self-custodial app: @Dreamcash, @Dexari, @massdotmoney
4. Telegram-based bot: @pvp_dot_trade, Moonbot
5. AI-powered quant: @minara (one-click Trading Copilot and Autopilot strategy), @senpi_ai (personal AI trading agent, Telegram tools)

🧠 Options

Perps dominate Hyperliquid, but advanced traders want non-linear payoffs like defined-risk downside hedges, covered-call yields, and volatility plays.

Options are the missing piece. Early, but interesting.

1. @ryskfinance: Volatility yield layer to earn upfront USD yield on any asset, using covered calls rebuilt as a liquid, onchain asset. $66.8M in TVL. Nasdaq-listed @HyperionDeFi launched the first institutional volatility income vault on Rysk using HYPE LSTs and $USDH as collateral.

2. @DeriveXYZ: Formerly Lybra. Bridge vault on HyperEVM lets HYPE back covered calls (7-15% APY) without leaving Hyperliquid.

3. @hypersurfaceX: Structured products on HyperEVM for fully-collateralized covered calls and cash-secured puts on HYPE, WBTC, SOL.

🧠 Tokenization Layer

HyperCore is the execution engine. HyperEVM is the smart-contract layer.

The tokenization layer connects them: bridges wrapping BTC, ETH, SOL, RWA tokenization, and native stablecoin issuance.

With it, Hyperliquid becomes a self-contained financial stack.

1. @unitxyz: Canonical asset tokenization and bridging layer; source of uBTC, uETH, and uSOL collateral on HyperEVM.

2. @Theo_Network: The biggest institutional RWA rail on HyperEVM. 3 yield-bearing RWAs: $thBILL (tokenized US Treasuries), $thGOLD (yield-bearing gold), and $thUSD (a delta-neutral, gold-backed stablecoin)

3. @nativemarkets: Issuer of $USDH, Hyperliquid's native stablecoin, with 95% of reserve revenues directed back to the Hyperliquid community.

HIP-4 is coming up. A trader can hold a long ETH perp and hedge it with a YES contract on the next Fed decision, cross-margined against the same collateral, in the same account.

That's not a feature, it's a new category.

Hyperliquid is the way to be the house of all finance.