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: 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.

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. 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.

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 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

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. 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.

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. 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.