Original text from SMooTH

Translation｜Odaily Planet Daily Golem (@web3golem)_

To be honest, no one enters the crypto industry just to silently stare at the balance in their wallet; we all hope for our wallet balance to grow. One relatively low-risk way to achieve this is through DeFi. However, DeFi on HyperLiquid is entirely different.

Do you want your funds to appreciate? Do you want to engage in circular lending? Do you want to stake? Do you want to borrow against your principal while staking and simultaneously earn points? If you do, feel free to experience the true engine of DeFi on HyperLiquid: yield protocols, lending platforms, liquid staking layers, and automated vaults.

They may not be the flashiest applications, but this is where your funds can truly appreciate—whether you are sleeping, trading, or posting on Twitter.

Some of these protocols have existed since the birth of HyperEVM, while others have just launched. All of these protocols are built in the rapidly evolving HyperEVM native environment, which will have a profound impact on the development of DeFi on HyperLiquid.

This article provides a comprehensive analysis of these protocols based on practicality, popularity, and relevance to help you find areas worth investing in and paying attention to. (The rankings are based on a comprehensive consideration of factors such as potential, relevance, trading volume, user awareness, and overall ecosystem impact.)

S-Level Yield/Lending Protocols

These are the foundational layers of DeFi on HyperLiquid—widely used, well-integrated, and shaping the flow of capital within the ecosystem. Whether it’s lending, staking, or automated vaults, these protocols are essential for anyone engaging in large-scale farming, lending, or deploying liquidity.

Hyperlend: Real-time leveraged lending

Hyperlend allows users to provide or borrow assets like HYPE, with interest rates automatically adjusted based on demand. It also unlocks dynamic leveraged positions, providing traders with speed and flexibility across HL native assets.

Timeswap: Fixed-term lending without oracles

Timeswap allows users to lend and borrow for fixed terms without the need for oracles or price information. Anyone can create a market for any ERC-20 token, making it one of the most innovative designs in the lending space.

Felix Protocol: Borrowing feUSD using crypto collateral

Felix allows users to mint feUSD using assets like HYPE, ETH, or BTC. With margin strategies, stable pools, and trader-friendly mechanisms, it is a rapidly growing lending layer with a strong TVL.

Morpho: Customizable lending services for DeFi professionals

Morpho is a lending protocol known for its peer-to-peer and pool-based strategy combinations, allowing users to fine-tune risk and return in selected markets. Morpho has a TVL of over $4 billion and a non-profit structure, making it a security-focused, developer-friendly platform designed for flexibility.

stHYPE: Liquid staking of HYPE

stHYPE allows users to stake while using HYPE in DeFi. Staked tokens accumulate rewards in real-time, support quick unstaking, and are collateralized at a 1:1 ratio, making it one of the most widely used staking layers on HL.

A-Level Yield/Lending Protocols

This category includes platforms with great potential, strong mechanisms, and bright prospects. Some of these platforms are relatively new, while others are still expanding—but all have their core elements in place. With a little push or time accumulation, they can easily rise to the top.

HypurrFi: Leveraged lending and stablecoins as an engine

HypurrFi allows users to execute yield strategies using HYPE, stHYPE, or stablecoins in a circular manner, and to borrow against collateral using RWA-backed stablecoin USDXL. With built-in risk management and options-based strategies, it is one of the more complex lending layers in HL.

Hyperbeat: One-click DeFi yield vault

Hyperbeat offers an automated vault that finds the best yield paths within the HL ecosystem. It supports HYPE, ETH, stablecoins, and features a points program tied to its BEAT token, making it a convenient entry point for passive miners.

Kinetiq: Liquid staking protocol with validator routing

Kinetiq issues kHYPE for liquid staking and routes through an automatically optimized validator hub. With the launch of its institutional version (iHYPE) and the establishment of an auditing mechanism, it aims to expand staking for both retail and professional users.

B-Level Yield/Lending Protocols

These are legitimate protocols that are live, fully functional, and quietly building real traction. However, these protocols have lower adoption rates and awareness, or key features are still being rolled out. As their potential gradually unfolds, they are worth watching.

LoopedHYPE: Circular lending of HYPE for higher yields

LoopedHYPE automates the yield cycle of staking HYPE, converting it into LHYPE—a token you can use in DeFi to earn continuously. Smart cycles, community rewards, and ecosystem reinvestment give it a unique appeal.

Hyperpie: Liquid staking, Meme launch platform, and DEX

Hyperpie combines liquid staking, a Meme token DEX, and a Meme launch platform into a fun and powerful DeFi suite. Users can stake HYPE, launch or trade Memes, and participate in governance through “ve-style voting,” creating a full-stack Meme economy.

Liminal: Earning passive income through delta-neutral mining

Liminal automates delta-neutral strategies to earn from funding rates, providing market-neutral returns for USDC deposits. No locking, no re-pricing of tokens, just passive income with real-time performance tracking.

Hyperdrive: Stablecoin-centric funding market

Hyperdrive helps users earn yields through stablecoins, borrowing against stablecoins, and even staking HYPE, all done through a single dashboard. It also supports simplified yield strategies and DeFi stacking using HLP.

D2 Finance: On-chain derivatives vault

D2 tokenizes advanced derivative strategies into tradable positions. With an institutional background, complete transparency, and a focus on risk-adjusted returns, it offers a hedge fund-like on-chain experience.

Napier Labs: Fixed income market and tokenized interest rates

Napier enables locking in fixed income and trading tokenized interest. Its modular design supports customizable yield products and integrates with Curve to maximize liquidity. It’s like a fixed income DeFi, but composable, built for builders.

Unranked Yield/Lending Protocols

These platforms are either not yet launched, still in testing, or lack usage data, making reliable ranking impossible. Do these protocols have potential? Absolutely. But until we witness them actually going live, they remain unrated.

Altitude: Yield-generating mortgage protocol

Altitude transforms users' loan collateral into yield-generating assets. These assets are not idle but gradually reduce users' debt through an automatic rebalancing feature. It’s an excellent choice for users who want efficient loans without frequent micromanagement.

HyperYield: Native lending and yield layer

HyperYield focuses on rapid lending and automated compounding strategies native to HL. With instant liquidity, low fees, and a DeFi-first interface, it aims to become the default yield layer for HyperEVM.

Keiko Finance: Borrow KEI and earn rewards

Keiko allows users to mint KEI stablecoins by locking crypto collateral, which can then be used in DeFi. It features built-in liquidity incentives and a rolling points system to reward borrowers and liquidity providers (LPs).

Harmonix Finance: TradFi-style DeFi vault

Harmonix operates an automated vault using hedge fund-inspired strategies (such as options roulette and delta-neutral mining). With fixed or floating annual yields and complete transparency, it’s a good choice for investors seeking risk-adjusted returns.

HyperFlash: MEV-based staking (coming soon)

HyperFlash promises to provide higher staking rewards through an MEV-based extraction mechanism. Currently still in development, it aims to increase the yields for HL stakers by up to 22%.

Growi.HF: Automated quantitative investing in DeFi

Growi uses algorithmic trading strategies to help users earn passive income while reducing market risk. It’s similar to a smart investment advisor in DeFi, ideal for “laid-back” users seeking real returns without chasing tokens or points.

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