Hyperdrive is an automated market maker (AMM) that enables fixed-rate markets to be built on top of yield sources (e.g. LSTs, LRTs, stablecoin yield, borrowing markets, etc.). The yield source provides a variable rate of return, while the AMM's novel pricing mechanism facilitates trading rates, supported by the liquidity that underlies a given market. Hyperdrive supports perpetual LP'ing, solving liquidity fragmentation across terms. In addition, it drastically simplifies the UX for both traders and LPs, while enhancing the efficiency of yield markets across DeFi. Key features include:
Terms on Demand
Traders open Long or Short positions with a fresh full-duration term minted for them on demand by the AMM.
Single-Sided Liquidity
Liquidity Providers (LPs) need only provide a base asset, which dynamically caps open positions while ensuring solvency.
Continuous Liquidity
Liquidity is not tied to specific terms, allowing LPs to maintain continuous liquidity and earn fees without managing term expirations.
Hyperdrive Products
- Hyperdrive One is a fixed rate platform where users open Long and Short positions backed by LPs (similar to PT/YT). LPs provide single-sided liquidity that is 100% capital efficient, delegated to the underlying yield source when not backing user positions. With 24 pools across 4 chains, Hyperdrive One lets you stack multiple ways to earn.
- **DELV Fixed Borrow (DFB)** is built on top of the Hyperdrive Protocol, in collaboration with Morpho, and enables users to convert their variable rate loans to a fixed rate, providing predictability and mitigating interest rate volatility risk. DFB will be integrating with AAVE, Spark, and Euler, as well as other popular borrowing protocols.
Incentives
- HyperVue Foundation launched a Miles Points program.
- The first Miles distribution was announced on January 30th and will run until the TGE.
- Miles will map to 5% of the token supply.
- Anticipated TGE event in Q2 of 2025.
- DELV launched a liquid rewards program called Big Short Energy.
- Currently targeting two DAI pools, on Ethereum mainnet and Gnosis.
Security
- 6 security audits were completed on Hyperdrive by Spearbit & Chainsafe, as well as formal verification by Certora.
- Ongoing risk monitoring by DELV of all live pools, including invariant testing and fuzzing.
Links
https://hyperdrive.box/
📝 Whitepaper
📚 Docs
🔐 Security & Audits
Socials:
https://x.com/delv_tech
https://x.com/hyperdrive_box
https://x.com/HyperVueFDN