HYPED - Hyperdrive's LST

HYPED - The most capital-efficient, trustless, and user-centric HYPE Liquid Staking Token.

At Hyperdrive, we believe our LST for the Hyperliquid ecosystem should be a public good—a foundational, trust-minimized primitive built for maximum utility, operating with 0% management fees.

Every dollar earned from validators is passed to users.

Trust-Minimized - 100% On-Chain Operations

At launch, HYPED is the only LST that uses both Precompiles and CoreWriter to operate 100% on-chain.

• Direct HYPE staking and unstaking via smart contract

• Non-custodial.

• No manual updating of staking balances from rewards.

• No manual validator stake delegations.

How?

• CoreWriter is used to send balances directly to the Hyperliquid staking account via smart contract.

  • Staking is delegated to the validators as soon as it is received, thus maximizing APR

• Precompiles allow the exchange rate between HYPE and HYPED to be read and updated in real-time.

  • Other LSTs use externally permissioned actors to update the contract's stake to track rewards.

  • Hyperdrive’s LST cannot be manipulated by permissioned actors to drain assets.

Not only are our operations trust-minimized, but users do not pay additional fees for validators to update staking reward balances or run off-chain processes.

Note that there is a capped redemption cost to process unstaking for each batch - 0.01% or 1 HYPE, whichever is lower. This makes HYPED the HYPE LST with the lowest fees by far.

Superior Capital Efficiency & Composability

A better LST is not only more secure, but unlocks more value for its holders. HYPED is built to be a superior form of collateral, composable in many different applications.

• Higher LTVs & Better Liquidation Thresholds: Due to the use of Precompiles and CoreWriter, HYPED negates risks inherent in many LSTs. This allows protocols to confidently offer higher loan-to-value (LTV) ratios and better liquidation thresholds when using HYPED as collateral, significantly boosting capital efficiency.

• Maximum Composability: HYPED is compliant with EIP-7535 (Native Asset ERC4626 Tokenized Vault) and EIP-7540 Async Redemptions specifications.

• Hypedrive Money Market Support: Hyperdrive will be the first to utilize HYPED’s benefits, offering higher LTVs and friendlier liquidation parameters for users on Hypedrive money markets.

Foundational Public Good; Financial Primitive for Hyperliquid

HYPED is more than a product; it is built to be a foundational public good for the Hyperliquid ecosystem. By offering a liquid staking token that is highly capital-efficient and technologically superior, HYPED aims to be a public good that benefits all. It is the most trustless way to use staked HYPE on the HyperEVM, designed for the yield maxis, the farmers, and anyone who believes in the House of Finance.

Be liquid, https://get.hyped.now/