Hyperwave has launched hwHLP, a new liquid token that earns yield from the Hyperliquidity Provider (HLP) vault. The token is designed to increase accessibility to market-making and trading fee revenues on Hypercore. This marks the first step in building Hyperwave’s DeFi platform on the HyperEVM network.
The HLP vault is a community-owned system that distributes earnings from market-making, liquidations, and trading fees — activities traditionally limited to institutional players. The introduction of hwHLP to the HyperEVM brings liquidity and yield to users by allowing stablecoin holders to deposit assets like USDe and USDT0 in exchange for hwHLP tokens.
hwHLP is compatible with the HyperEVM and is supported by ecosystem partners including Hypurrfi, Felix, and KittenSwap, as well as infrastructure providers like LayerZero, RedStone, Pyth, and USDT0. This integration enables hwHLP and the deposited stablecoins to be used across multiple chains without the need for wrapping.
To promote adoption, Hyperwave has set hwHLP fees to zero for at least 90 days following launch. After this period, fees will remain below standard market rates.
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