HyperToke(nize)

What is tHLP?

Updated on June 21st, 2025

Overview

THLP (Tokenised HLP)

$tHLP

Wrapped HyperLiquidity Provider (tHLP)tokenises deposits into Hyperliquid’s market-making vault HLP. One tHLP starts at 1.00 USD and appreciates as HLP rewards accrue.

  • Target APY: ≈ 8.7%
  • Performance fee: 10%
  • Accepted assets: USDHL, USDT0, wHYPE, UBTC, UETH
  • Token address: 0x1359b05241cA5076c9F59605214f4F84114c0dE8
  • Bridging: Native LayerZero

How tHLP Works

HLP passively market-makes every Hyperliquid pair, backstops liquidations, and streams profit to LPs with zero depositor fees. tHLP automates the deposit workflow and wraps each share in a transferable ERC-20—unlocking DeFi composability on HyperEVM.

Yield Sources

  • Maker fees from passive order flow
  • Funding-rate spread
  • Trader liquidations
  • USDHL base yield (≈ 4 %) compounded

Sub-Vault Architecture

Deposits route into multiple sub vaults, allowing the protocol to honour most withdrawals instantly while another vault stays fully invested inside HLP.

Deployment Phases

Phase 1 – Fully Trustless Core Protocol Vault

CoreWriter precompiles live ➜ full automation. Deposits, withdrawals, bridging, and limit orders execute on-chain with one-block finality.

  • Trustless cross-env asset flow
  • On-chain encoded vault limits & conversions
  • Sub Bucket Architecture for instant withdrawls
  • No manual signatures required

Phase 2 – Looping tHLP Vaults

Loop your tHLP on HyperEVM to increase your yield

  • Loop your tHLP on HyperEVM
  • Borrow against your tHLP
  • Deposit borrowings into tHLP
  • Repeat - yield compounding

Phase 3 – Additional HLP Vaults

Additional HLP community vaults deployed (precompiles pending). More vaults = more liquidity = more yield.

  • Additional community vaults deployed
  • Additional collateral assets
  • Choose your concentrated strategy

Deposits

Depositing tHLP is a four-step on-chain flow:

  1. Users transfers USDHL, USDT0 or other whitelisted assets to tHLP.
  2. tHLP contract converts to USDC on Core using Limit Order
  3. USDC is deposited to HLP Vault
  4. User can withdraw tHLP

⚡ Reccomended Collateral - USDHL

USDHL yields ≈ 4 % and is the settlement asset for most Hyperliquid swaps, boosting blended returns for tHLP holders.

Withdrawals

Sub-vault design lets up to 20 % TVL withdraw instantly on HyperEVM. Larger exits batch daily.

  • Instant bucket: on-hand HyperEVM liquidity
  • Daily batch: automated USDC → asset conversions & bridging
  • Stress mode: up to five days if requests > 20 % TVL

Redemption asset default = USDC on Core

Performance Fees

The protocol charges a 10 % performance fee on net HLP profits. Fees mint new tHLP routed to the Nucleus treasury.

No management, deposit, or withdrawal fees. All HYPE incentives auto-compound.

Integrations

DEX Liquidity

tHLP provides deep USDHL/tHLP liquidity on key HyperEVM DEXs.

Lending

Lending markets will accept tHLP as collateral, enabling leveraged exposure, looping and instant liquidity

Lending Markets (soon)

Various HyperEVM lending markets will accept tHLP as collateral, enabling leveraged exposure, looping and instant liquidity without leaving HyperEVM.

📅 Roadmap

  • Phase 1: CoreWriter trustless automation (live)
  • Phase 2: Looping tHLP vaults (wip)
  • Phase 3: Additional HLP vaults (coming soon)