HyperEVM is shifting the way we define stablecoins.

With multiple stablecoin models available, traders, institutions, and builders can choose the right dollar for the job, unlocking efficiency and stability to their portfolios. 2/ Every stablecoin in the market shares the same goal of keeping its price anchored to the USD.

However, the way they achieve this varies, and understanding these differences plays a crucial role in making smarter choices while optimizing your liquidity.

Hyperliquid ecosystem is expanding.

TVL keeps climbing, new assets are being listed & $HYPE is pumping.

The HyperEVM is coming alive with new protocols are being deployed.

Here’s a full breakdown of what’s going on, on HyperCore and HyperEVM. 👇👇 2/ Over the past month, Hyperliquid has shown clear growth, not just through the rise in $HYPE price but also across key performance indicators within both HyperCore and HyperEVM.

1/ Hyperliquid Core only supports USDC as quote asset. But as Jeff hinted, multi-collateral support is on the roadmap.

If it arrives, builder code exchanges will be able to launch quote markets in new stablecoins ahead of the Core frontend. 2/ A builder choosing HUSD as the quote asset could potentionally unlock a new source of income to the ecosystem.

Idle balances might generate daily yield, and that growth could be reinvested into operations, product incentives, or even used to subsidize part of the traders’ funding rates.

Hyperliquid changed what it means to launch an exchange by removing the hard parts

Instead of building matching engines, sourcing liquidity or maintaining custody infra, builders can plug directly into a shared stack where liquidity is already live & execution already works🧵👇 2/ The standard model forces every new exchange to recreate the wheel. Teams spend months building infrastructure and paying for depth that quickly decays. Liquidity spreads across too many venues, and all participants pay the cost in form of slower growth, higher friction and worst trading experience.

Redemption throughput defines peg integrity for $feUSD.

On HyperEVM, small-block gas ceilings cap how much collateral clears in a single block.

Redeemers either slice transactions or migrate to big blocks, introducing latency, slippage, and routing competition. 🧵👇 2/ Lower minimum debt lifts Trove count, forcing redemptions to iterate across larger lists and burn more gas per operation.

At ~200k daily redemptions, a one-block clear is already marginal. Breaching 300k forces redemptions into multiple transactions, amplifying latency risks.

The failure of a price feed means the collapse of the entire system.

Since Felix is a fork of Liquity, we inherited a strong foundation for price feeds.

Today I want to walk you through how we utilized @liquity protocol model for liquid staked assets like stHYPE and kHYPE. 🧵 1/🔎 The core challenge:

Liquid staking tokens like stHYPE and kHYPE are not pegged 1:1 with HYPE.

They accrue staking rewards over time, meaning their value naturally diverges from HYPE.

This requires a more careful approach to price feeds.

Felix is one of the foundational pillars of the HyperEVM.

We enable users to access on-chain leverage without selling their assets.

But for leverage to be truly powerful it needs more apps, more markets, more opportunities.

Felix is here early and we're inviting builders. 👇 2/ Felix lets users deposit assets like HYPE or UBTC and borrow against them, unlocking liquidity without giving up exposure.

This model, often called a Collateralized Debt Position, is a fundamental financial primitive for any blockchain ecosystem.

I’ve been talking to founders building on HyperEVM across AMMs, money markets, stables, and vaults.

And one topic keeps coming up:
There’s still no fiat-backed stablecoin.

It’s not just an inconvenience.
It’s a real, and probably the BIGGEST blocker for the ecosystem 🧵 2/ A DeFi ecosystem needs one thing before anything else:

A stable, trusted unit of account.

Right now, HyperEVM has no fiat-backed stablecoin.

And without one, everything downstream becomes harder: pricing, adoption, and capital efficiency.

Launching a token on HyperCore?

There’s one part of the process that’s easy to overlook, but it matters a lot:

Linking your ERC-20 on HyperEVM to your L1 ticker on HyperCore.

It’s a one-time, permanent action.

Here’s how it works, and how to get it right 🧵👇 2/ To list a token on Hyperliquid, you don’t just deploy.

You bid in a Dutch-style auction for the ticker itself.

Tickers have been consistently selling for ~$40K.

Once you win the auction, the ticker is yours.

Around 1 new ticker is claimed every 32 hours.

🚨 If people know you have crypto, you may become a target.

The co-founder of Ledger was kidnapped, tortured, and had a finger severed.

You don't have to be afraid, but you should be aware of the risks.

A thread on why security has to include the physical layer too. 👇 1/ In January 2025, David Balland, co-founder of Ledger, was taken hostage in his own home.

He was moved to a secondary location. His wife was taken elsewhere.

The attackers demanded 100 BTC (~$10M). To prove they were serious, they cut off one of his fingers.

france24.com/en/france/2025…

Everyone’s panicking over Hype. Meanwhile, Felix is quietly arming the smartest traders on-chain.

Here’s how to actually play the current market using Felix and Hyperliquid.

How to remain capital efficient with your $HYPE. 👇 1. Let’s start w/ the obvious: $HYPE is down ~70%.

The chart looks like a ski slope. But no one’s turned on Hyperliquid.

Why? Because people actually used the product before the token showed up.

Hyperliquid is showing how it should be done.

Execution > Vibes.

1/ Is Hyperliquid actually decentralized?

What happened with the HLP vault says a lot, but should we really care in the long run?

Let’s break down the tradeoffs, and why this might not be a problem over time 🧵 2/ Yesterday’s Hyperliquid / JELLY / Binance meltdown wasn’t just chaos, it was a live stress test of decentralization.

And the result was... complicated.

HYPE staking just got interesting.

You can stake $HYPE natively on Hyperliquid and get up to 40% off fees.

Or you can stake it via @kinetiq_xyz or @thunderheadxyz and stay liquid.

But you can’t have both.

Let’s unpack what that means 🧵👇 1/ If you’re staking directly, you’ll get discounts based on how much HYPE you lock.

More size, less fees. Simple.

But LSTs (liquid staking tokens) don’t count toward the discount.

Hyperliquid recently passed $1 trillion in volume.

CEXs were supposed to be untouchable. Not anymore.

Smart money stays (hyper)liquid.

Liquidity is shifting. 🧵 👇 1/ For years, perps belonged to CEXs.

Binance, Bybit, OKX, they had the liquidity, the traders, the infrastructure.

DEXs were an experiment. Good for decentralization maxis, but not for serious trading.

Hyperliquid just changed that.