Hyperliquid’s new Hype EVM (an Ethereum-compatible Layer-1 environment) went live on February 18, 2025. Since launch, a rich ecosystem of DeFi, infrastructure, and gaming projects has rapidly formed on Hype EVM. Below is a structured overview of notable projects either recently launched or upcoming on Hype EVM, including their type, use case, launch status, and key links.
Felix Protocol (DeFi – Stablecoin Platform)
Description & Use Case: Felix is the first native stablecoin protocol on Hype EVM, issuing an over-collateralized USD-pegged stablecoin called feUSD. It’s a Liquity v2-based CDP (Collateralized Debt Position) system, allowing users to mint feUSD by depositing assets like HYPE (Hyperliquid’s token) and major coins (BTC, ETH, SOL) as collateral. A redemption mechanism maintains the 1:1 USD peg – feUSD can always be redeemed for underlying collateral, enabling arbitrage to stabilize the price. Felix also offers a Stability Pool where users stake feUSD to earn yield and liquidation rewards.
Launch Status & Date: Felix launched alongside HyperEVM’s mainnet rollout in early 2025. By May 2025 it has become the largest DeFi dApp on Hype EVM, with about $160 million in value locked. The team introduced a “points” rewards program on April 13, 2025 to incentivize early adopters, hinting at a future Felix token airdrop.
Notable Attention: Felix’s rapid growth to nine-figure TVL reflects its role as a foundational liquidity module on Hyperliquid. As the “people’s stablecoin” (per the team’s tagline), it is closely watched by the community for its stability and yield opportunities.
Links: Official website: usefelix.xyz. Twitter: u/felixprotocol. (The protocol’s launch and security were also detailed in a DeFiEducation substack.)
HypurrFi (DeFi – Leveraged Lending & Stablecoin)
Description & Use Case: HypurrFi is a leveraged lending platform on Hype EVM that also issues its own over-collateralized stablecoin, USDXL. Users can borrow USDXL by collateralizing HYPE or even staked HYPE (stHYPE), meaning your HYPE can continue earning staking rewards while serving as collateral. This effectively boosts capital efficiency – you borrow stablecoins against your HYPE without sacrificing the yield from staking. HypurrFi’s model is akin to a cross of a lending market and a Liquity-like stablecoin, enabling leveraged yield farming (borrowed USDXL can be redeployed into DeFi).
Launch Status: HypurrFi launched on HyperEVM in Q2 2025 and is fully live on mainnet. It has been conducting a “Season 1” points campaign for early users, rewarding actions like lending and stablecoin usage behind the scenes (even if points aren’t immediately visible). This suggests early adopters may later receive an airdrop or other benefits.
Notable Attention: As a native stablecoin lender with a novel twist (earning interest on collateral via staked HYPE), HypurrFi has drawn interest from yield farmers on HyperEVM. It’s regarded as a key building block for on-chain liquidity alongside Felix. HypurrFi’s early users are likely positioning for future rewards, and the platform emphasizes that it tracks all user activity for potential multi-faceted incentives.
Links: Twitter: @HypurrFi. (Project documentation and app links are expected via the HypurrFi Twitter or Hyperliquid community channels.)
PrimeFi (DeFi – Omnichain Lending Market)
Description & Use Case: PrimeFi is an omnichain lending and borrowing protocol expanding to Hype EVM. Built by Prime Numbers Labs and powered by LayerZero technology, PrimeFi allows users to lend and borrow assets across multiple chains. For Hyperliquid, this means liquidity can flow between HyperEVM and other EVM networks seamlessly. In practice, a user could deposit collateral on one chain and borrow on another, bridging liquidity gaps between ecosystems. PrimeFi’s goal is to bring cross-chain money market functionality to HyperEVM, enhancing capital efficiency beyond a single network.
Launch Status: As of May 2025, PrimeFi is in late-stage testing / early launch phase on HyperEVM. The team ran a public Testnet Incentive Campaign on HyperEVM (lasting ~4 weeks) to battle-test the platform. According to community updates, PrimeFi was scheduled to launch on Hyperliquid’s mainnet “next month” after the testnet campaign – implying a mainnet debut around March or April 2025. By mid-May, PrimeFi is expected to be live or imminently launching on Hype EVM, marking Hyperliquid’s first cross-chain lending dApp.
Notable Attention: PrimeFi is noteworthy for being Hyperliquid’s first omnichain DeFi dApp. It is often promoted as the “first omnichain money market on HyperEVM”. This unique positioning, along with backing by the Prime Numbers ecosystem (which also spans an NFT marketplace and staking system), has attracted interest. PrimeFi’s arrival could significantly increase Total Value Locked by tapping into liquidity from other networks.
Links: Official site: primenumbers.xyz (PrimeFi section). Twitter: @PrimeFiXYZ. Medium blog: PrimeFi v1 Testnet Guide.
HyperLend (DeFi – Lending & Liquidity Pools)
Description & Use Case: HyperLend is a decentralized lending platform native to Hyperliquid, offering multiple types of lending pools. It supports three lending pool models: (1) Core Pools – analogous to global pooled lending (like Aave/Compound style markets for broad assets), (2) Isolated Pools – separate risk pools for specific assets or communities, and (3) Peer-to-Peer Pools – direct lending between users under custom terms. An innovative feature of HyperLend is that it allows users to utilize HyperLiquidity Provider (HLP) tokens as collateral for borrowing. HLP tokens are obtained from Hyperliquid’s main exchange (they represent liquidity provided to Hyperliquid’s order books), so HyperLend effectively bridges the exchange and DeFi: users who provide liquidity on Hyperliquid’s perps exchange can borrow against those LP tokens, earning extra yield while still supporting the exchange.
Launch Status: HyperLend launched on HyperEVM mainnet in February 2025 alongside or shortly after the EVM activation. It is fully live (mainnet) as of May 2025, functioning as one of the core money markets on HyperEVM. The project has a growing user base and has integrated with other protocols (e.g., HyperLend accepts feUSD stablecoin from Felix as collateral, and integrates with yield optimizers like Mizu – demonstrating composability).
Notable Attention: Often described as the “liquidity backbone” of Hyperliquid’s DeFi stack, HyperLend has gained traction for its flexible pool designs and deep integration with Hyperliquid’s trading ecosystem. By unlocking borrowing against HLP tokens, HyperLend adds a novel source of liquidity for traders. Its unique features were highlighted in community channels and it’s considered a likely candidate for a future governance token (the team has run point incentive programs similar to others).
Links: Twitter: @HyperLendx. (Official documentation is available via Hyperliquid’s GitBook and HyperLend’s own channels.)
Timeswap (DeFi – Oracle-Free Lending Protocol)
Description & Use Case: Timeswap is a fixed-term lending and borrowing protocol that distinguishes itself by having no oracles and no liquidations. Originally built on Ethereum, Timeswap deployed on HyperEVM to provide a more predictable lending model. It uses a constant product AMM-style pool for loans, where interest rates and collateral ratios are determined algorithmically by supply-demand, not by external price feeds. Users can lend or borrow for specific durations with fixed rates determined at loan creation. Because there are no liquidations, borrowers must choose safe parameters (e.g. high collateral or short duration) to avoid default; if they fail to repay by maturity, lenders simply claim the collateral. This approach enables trustless fixed-rate lending, a complement to traditional variable-rate markets.
Launch Status: Launched on HyperEVM mainnet – Timeswap went live on Hype EVM by early Q2 2025. The Hyperliquid team officially announced Timeswap’s integration, noting that HYPE holders can now borrow stablecoins using HYPE as collateral on Timeswap. This integration came shortly after HyperEVM launch, making Timeswap one of the first external DeFi protocols to go live on Hyperliquid. The current status (May 2025) is that users are actively lending and borrowing through Timeswap pools on HyperEVM (including pools for assets like HYPE or bridged BTC/ETH).
Notable Attention: Timeswap’s arrival on HyperEVM is significant because it offers a truly decentralized lending option (no dependency on price oracles). It provides an alternative for users wary of liquidation risks. The protocol already had recognition in the broader DeFi community for its novel design, and its expansion to Hyperliquid signaled confidence in HyperEVM’s growth. It has likely attracted some TVL and usage from DeFi power-users seeking fixed-rate opportunities.
Links: Website: timeswap.io. Announcement: Hyperliquid News on X – “Timeswap is now live on HyperEVM...”. Twitter: @TimeswapLabs.
Kinetiq (DeFi – Liquid Staking)
Description & Use Case: Kinetiq is a liquid staking protocol for HYPE tokens on HyperEVM. Users stake their HYPE through Kinetiq and receive kHYPE, a liquid staking derivative token, in return. Under the hood, Kinetiq distributes the staked HYPE across multiple validator nodes in the Hyperliquid network. Uniquely, it doesn’t just spread stake evenly – it uses a performance-based scoring system to allocate more stake to high-performing validators and will reallocate funds away from underperforming ones. This incentivizes validators to maintain excellent uptime and supports the network’s security. Meanwhile, kHYPE holders can use their token in DeFi (as collateral, in liquidity pools, etc.) while still accruing staking rewards, thus keeping HYPE liquid and productive.
Launch Status: Mainnet launched – Kinetiq went live around HyperEVM’s launch (early 2025). By May 2025, Kinetiq is operational, and many HYPE holders have started staking via Kinetiq to get kHYPE. It is one of several liquid staking solutions on Hyperliquid (others include Tenderize and Cluster as mentioned by the Hyperliquid team), but Kinetiq appears to be the flagship native one specifically optimized for HYPE.
Notable Attention: As staking is critical for network security, Kinetiq holds an important role. It’s highlighted as a key Liquid Staking Derivative (LSD) project in the ecosystem. Its dynamic validator allocation model is a point of interest (enhancing decentralization and performance). Additionally, Kinetiq has its own points reward program (Season 1 ran in early 2025) and hints at a governance token in the future – thus drawing yield hunters into its fold. The project is relatively specialized but crucial for those who want to stake HYPE without lock-up tradeoffs.
Links: Twitter: @kinetiq_xyz. (Kinetiq’s app is accessible via Hyperliquid’s official portal and their Twitter announcements.)
Kittenswap (DeFi – Decentralized Exchange)
Description & Use Case: Kittenswap is a community-driven AMM DEX (Automated Market Maker) on HyperEVM. It emerged as one of the first Uniswap-style exchanges on the chain, focused on providing liquidity mining incentives and a playful theme (“Kitten”). Kittenswap allows users to swap tokens and provide liquidity to earn fees. More prominently, it launched aggressive yield farming programs: liquidity providers (for pairs like HYPE/BTC, etc.) can earn very high APRs (on the order of 30–50% APR) via Kittenswap’s incentives. The platform introduced a points system where LPs accumulate points that will later convert into its native tokens or airdrops, effectively promising “double rewards” (current yield + future token).
Launch Status: Launched on mainnet – Kittenswap went live in Spring 2025. By May 2025 it is the largest DEX on HyperEVM by liquidity, outpacing other exchanges. Its liquidity mining campaign quickly attracted users’ funds, which is reflected in a high Total Value Locked (it has garnered more TVL than its competitors on HyperEVM). The platform is fully functional for trading and yield farming, with its points program underway.
Notable Attention: Kittenswap has drawn notable community attention as it effectively kickstarted the DeFi AMM sector on HyperEVM. Farmers are particularly interested due to the lucrative rewards and the expectation of a future governance token airdrop. Its success is such that even Hyperliquid-focused analysts have flagged Kittenswap as a must-participate for those chasing multi-project rewards. As of May 2025, Kittenswap is often referenced as a DeFi success story on Hyper – a grassroots project that quickly climbed to #1 DEX position.
Links: Website: kittenswap.finance. Twitter: @KittenswapHype.
HyperSwap (DeFi – Decentralized Exchange)
Description & Use Case: HyperSwap is another native DEX on HyperEVM, offering token swaps and liquidity pools. It positions itself as a fast and user-friendly AMM tailored for Hyperliquid. HyperSwap launched its own liquidity incentives and a points reward system similar to Kittenswap. According to reports, HyperSwap’s points program will run for a limited duration of 10 weeks, during which users providing liquidity earn points (likely convertible to a future HyperSwap token). HyperSwap supports the major trading pairs in the ecosystem and focuses on deepening liquidity in those markets.
Launch Status: Live on mainnet – HyperSwap was live by around March 2025. It currently stands as the second-largest DEX on HyperEVM by TVL, with roughly $30+ million locked in its pools. The platform is active and accessible to all HyperEVM users for swapping and liquidity mining. The limited-time nature of its rewards suggests an impending token or conclusion of distribution in the coming weeks (from May 2025).
Notable Attention: HyperSwap benefits from the “Hyper” branding and was initially expected to be the primary DEX. It has secured a significant user base, though slightly trailing Kittenswap in liquidity. Many users are farming on both platforms. HyperSwap’s clear timeline for its reward program (10-week campaign) has traders watching closely for a token generation event. It’s a pivotal part of Hyperliquid’s DeFi layer, ensuring that new project tokens launching on HyperEVM have a venue for trading.
Links: Website: hyperswap.exchange. Twitter: @HyperSwapX.
Unit (Infrastructure – Cross-Chain Asset Bridge)
Description & Use Case: Unit is an asset tokenization and bridging infrastructure built for Hyperliquid. It enables seamless deposits and withdrawals of major assets between Hyperliquid and external chains. For example, Unit’s first integration allows users to deposit native BTC directly into Hyperliquid – the BTC is wrapped into a Hyperliquid-compatible form and made available on HyperEVM. Similarly, ETH and SOL integrations are planned or live, allowing those assets to flow into Hyperliquid’s ecosystem. Unit provides one-click transfers: users can move assets from their self-custody wallet or even centralized exchange account into Hyperliquid, without needing to manually bridge via third-party UIs. Once on HyperEVM, those assets (e.g. Bitcoin) can be traded or used in DeFi (via Hyperliquid’s spot markets or protocols like HyperLend and Felix).
Launch Status: Launched – Unit went live with the HyperEVM mainnet or very shortly thereafter in early 2025. As of May 2025, Unit is operational, supporting BTC deposits (and possibly ETH by now). Users are actively using Unit to bring liquidity into Hyperliquid’s ecosystem. There is no native token for Unit yet; however, the community considers Unit “the most promising Hyperliquid ecosystem project” with a high likelihood of a future token, so many are using it in anticipation of potential rewards.
Notable Attention: Unit has received significant attention as a critical piece of infrastructure. By onboarding assets like BTC directly, it broadened Hyperliquid’s appeal (e.g., traders can deposit BTC and immediately trade it or collateralize it on HyperEVM). Its rumored token potential and indispensable utility have made it a top pick for users looking to maximize future airdrops. In effect, Unit is helping Hyperliquid “bridge” the gap with larger ecosystems, and is often cited as a factor in Hyperliquid’s growth.
Links: Portal: Hyperliquid app’s “Transfer to EVM” (built-in via Hyperliquid UI). Twitter: @hyperunit.
Silhouette (DeFi/Infrastructure – Private Trading Platform)
Description & Use Case: Silhouette is an upcoming decentralized trading platform with a focus on privacy. It aims to provide private trade execution on HyperEVM while still leveraging Hyperliquid’s liquidity. Silhouette is building a hidden matching engine that uses advanced cryptographic techniques – specifically Fully Homomorphic Encryption (FHE) and Secure Multi-Party Computation (sMPC) – to match and execute trades without revealing details to the public until after execution. This privacy-preserving design will prevent front-running and MEV exploits, allowing even large orders to be executed without leaking information. Essentially, Silhouette will function like a dark pool or confidential exchange on HyperEVM, beneficial for traders who value anonymity and protection from sandwich attacks, while still settling on-chain.
Launch Status: Upcoming (Testnet) – As of May 13, 2025, Silhouette is not yet live on mainnet. It is an announced project in development. The team behind Silhouette has been communicating its vision, and a launch on HyperEVM is expected soon. Given its complexity (implementing FHE/sMPC on a blockchain exchange), extensive testing is likely. We can expect a testnet or beta by mid-2025 and a mainnet launch later in the year.
Notable Attention: Silhouette is considered a “game changer” type of project for Hyperliquid, bringing a unique value proposition (private, institutional-grade trading). It has been highlighted in ecosystem overviews as a notable forthcoming addition. If successful, it could attract larger traders to Hyperliquid. The project’s integration of privacy tech has also drawn interest from the wider crypto community because fully private on-chain trading is still a nascent area. Silhouette’s progress is being closely watched, and it exemplifies HyperEVM’s ambition to support cutting-edge DeFi applications.
Links: Twitter: @silhouette_ex. (More technical details may be shared by the team via official blog posts or Hyperliquid’s community updates as launch nears.)
Mizu Labs (DeFi – Yield Aggregator & Mining Optimizer)
Description & Use Case: Mizu Labs is a yield aggregator and automated farming tool in the HyperEVM ecosystem. Its focus is to simplify and optimize participation in the many HyperEVM DeFi protocols that offer rewards. Mizu provides vaults (currently for hypeETH and hypeBTC) – these are wrapped versions of ETH and BTC that have been bridged into Hyperliquid (via Unit and others). Users deposit their assets (ETH or BTC, converted to hypeETH/hypeBTC) into Mizu’s vault, and Mizu then automatically distributes these across up to eight different protocols to farm yield and points. For example, one deposit into Mizu might be allocated into Felix stablecoin staking, HyperLend pools, HypurrFi, Harmonix, Timeswap, etc. The goal is to “stack” multiple incentives without the user having to manually chase each one. Mizu continuously monitors opportunities and rotates funds to maximize returns and point accumulation for its users.
Launch Status: Launched – Mizu Labs went live on HyperEVM by April 2025, aligning with the wave of yield farming activity. As of May 2025, it has active vaults and users. The platform has likely completed a Season 1 mining period and may offer ongoing or new vault strategies as more protocols join HyperEVM. Mizu is fully deployed on mainnet and has been mentioned in community guides as a recommended “passive strategy” for those holding bridged ETH/BTC.
Notable Attention: Mizu gained attention as a productivity booster for yield farmers in the Hyperliquid ecosystem. Given the multitude of point programs (Felix, HyperSwap, Kittenswap, HypurrFi, etc.), Mizu’s one-stop approach is highly convenient. It has been covered in BlockBeats and Binance Square articles as one of the top ways to farm HyperEVM’s early rewards. By aggregating yield across protocols, it also indirectly benefited those protocols by funneling liquidity into them. Users who prefer a set-and-forget strategy have welcomed Mizu. It’s likely to receive a share of any future token distributions from the protocols it integrates, some of which Mizu may pass on to vault depositors.
Links: Twitter: @MizuLabs. (For now, Mizu does not have a known token; the best source of info is community guides and Mizu’s Twitter announcements on vault updates.)
Sovrun (Gaming – Decentralized Gaming Ecosystem)
Description & Use Case: Sovrun is a Web3 gaming project/infrastructure that originated from BreederDAO (a well-known gaming asset company). Sovrun’s vision is to empower the creation and liquidity of game assets and entire virtual worlds on the blockchain. It provides modular smart contracts and AI integration to allow gaming communities to co-create game content and economies. Notably, Sovrun was behind the breeding bots for Axie Infinity in the past (as BreederDAO), supplying over 120k Axie assets to players. Now rebranded and refocused, Sovrun is building an ecosystem where players and developers collaboratively build and govern games, with on-chain assets and AI-driven mechanics.
On Hyperliquid, Sovrun made headlines by becoming one of the first gaming tokens listed on the Hyperliquid exchange. Its token $SOVRN secured a listing slot via Hyperliquid’s auction mechanism in January 2025. Sovrun paid $262,000 for the ticker slot – a competitive bid that signaled strong intent to be in the Hyperliquid ecosystem. With the listing, Sovrun gains access to Hyperliquid’s deep liquidity and user base.
Launch Status: Listed & Building – As of May 2025, Sovrun’s token is trading on Hyperliquid (spot market), and the project is actively building out its platform on HyperEVM. It is among the first wave of game projects on Hype EVM, though its full game platform is likely still in development (no fully released game yet, but possibly demos or early modules). Sovrun’s presence on HyperEVM is established through its token and initial contracts, with more functionality expected to roll out through 2025.
Notable Attention & Funding: Sovrun is backed by major investors including Andreessen Horowitz (a16z), Delphi Digital, and LongHash. This significant backing has garnered attention, as Sovrun could potentially become a flagship Web3 game ecosystem on Hyperliquid. Its successful listing on Hyperliquid (alongside other names like Mon and InfiniGods) was a proof-of-concept that gaming projects see HyperEVM as an attractive platform. Sovrun is often mentioned as pioneering the gaming category on HyperEVM, and the community is watching its progress in merging AI, user-generated content, and blockchain gaming.
Links: Website: sovrun.xyz. Twitter: @Sovrun (formerly BreederDAO). Press Release: Decrypt – “Sovrun’s Vision Meets Hyperliquid’s Infrastructure...”.
MON Protocol (Gaming – Web3 Gaming & IP Publisher)
Description & Use Case: MON Protocol is a Web3 gaming and IP publishing platform. It acts as a publisher and launchpad for bringing popular intellectual property (IP) and games on-chain. MON’s mission is to take beloved characters and game universes (“the characters you love”) and integrate them into blockchain gaming experiences. They work with game developers to launch projects, and also support an NFT launchpad (MON Launchpool) to bootstrap game communities. One notable association is with Pixelmon, a metaverse game IP which MON helps publish. Overall, MON Protocol aims to be the “publisher of choice” across multiple chains (they mention Ethereum, Solana, Aptos, Immutable, etc., indicating a multi-chain approach).
On Hyperliquid, MON Protocol made a splash by becoming the first EVM-native token to launch on Hyperliquid’s spot market. In December 2024, MON’s token $MON was listed via Hyperliquid’s auction system, where MON’s co-founder (GiulioX) bid and won the slot for $487,900. This set a new record at the time for Hyperliquid’s listing auctions, underlining how much value MON saw in being on HyperEVM. By securing this listing, MON ensured that when its published games roll out, the token already has liquidity on a high-performance exchange.
Launch Status: Listed & Active – MON’s token is live on Hyperliquid (since Dec 2024). The project itself is active in partnering with game developers. As of May 2025, MON has announced 50+ partner projects and another 50 in the pipeline, many of which could launch on HyperEVM or use MON’s infrastructure. MON is likely in the process of rolling out games/IP on Hyperliquid in 2025. Meanwhile, $MON token holders benefit from being early in a broad gaming portfolio (MON’s model may give token holders exposure or rewards as partner games succeed).
Notable Attention: MON Protocol received significant attention and funding signals through its auction. Paying nearly half a million dollars to list on Hyperliquid spoke to the team’s confidence and raised eyebrows across crypto Twitter. Many consider MON a bellwether for Web3 gaming on HyperEVM. Its strategy of aggregating many game IPs under one token is also unique and has drawn interest from investors (Delphi Digital wrote about MON’s model, etc.). The Hyperliquid community welcomed MON as it indicated serious gaming adoption early on. With numerous games expected from their pipeline, MON could greatly boost HyperEVM’s user base if even a few partner titles hit success.
Links: Website: monprotocol.ai. Twitter: @monprotocol. Announcement: “$MON: The First EVM Token to Launch on Hyperliquid Spot” – MON Twitter. News: PANews – MON auction record.
Other Notable Projects and Ecosystem Highlights
- Spectra (DeFi – Derivatives): Spectra is an upcoming protocol bringing on-chain options and interest rate derivatives to HyperEVM. It focuses on allowing users to trade options/futures with a CeFi-like experience. Spectra’s launch will add a new dimension to Hyperliquid’s DeFi, enabling hedging and speculation on-chain. (Status: In development, not live by May 2025.)
- D2 Finance (DeFi – Derivatives): D2 is another derivatives project on the horizon, aiming to offer advanced trading products (potentially decentralized perpetuals or structured products) on HyperEVM. Like Spectra, it’s noted for planning a CeFi-grade UX for on-chain futures/options. (Status: Upcoming.)
- Cross-Chain Bridges: HyperEVM is supported by major cross-chain bridges – Wormhole, deBridge, Across, and HyBridge are all enabling asset transfers to and from Hyperliquid. These integrations (some live at mainnet launch, others ongoing) ensure that users can easily move liquidity into HyperEVM. For example, Wormhole and deBridge facilitate bridging of stablecoins and altcoins, while Across Protocol provides quick transfers of ETH/L2 assets. HyBridge is a native solution for Hyperliquid’s own HyperCore ↔ HyperEVM transfers.
- Oracles and Data Feeds: To power DeFi apps, Pyth Network and RedStone have integrated as primary price oracles on HyperEVM. These oracles provide high-frequency price data for assets, which protocols like lending platforms and derivatives exchanges rely on. Their presence is crucial for things like collateralization and options pricing.
- Stablecoin Protocols: In addition to Felix and HypurrFi, other stablecoin-focused projects are emerging. Resolv and StableJack are two protocols building “stablecoin layers” on HyperEVM – likely offering yield on stablecoins or issuing new stable assets to bolster on-chain liquidity. Also of note, Ethena (a well-funded stablecoin project) has launched its USDe stablecoin on Hyperliquid’s exchange and EVM in May 2025, offering cross-chain yield opportunities.
- NFT & Gaming Growth: The NFT and GameFi scene on HyperEVM is nascent but growing. Projects like Drip.Trade (an NFT marketplace) and NFT collections such as Wealthy Hypio Babies are gaining traction, attracted by HyperEVM’s low fees and fast finality for minting. On the gaming side, beyond Sovrun and MON, studios like InfiniGods (known for mythological NFT games) have shown interest – InfiniGods is cited as another notable gaming project aligning with Hyperliquid. Additionally, game platforms like Hyperverse and Moon HL (an upcoming Hyperliquid-themed game) are in development. These indicate a broader expansion into GameFi, with some projects receiving venture funding to build on HyperEVM.
Conclusion: As of May 13, 2025, Hype EVM’s ecosystem is vibrant and rapidly evolving. From DeFi protocols (lending markets, DEXes, stablecoins, liquid staking) to infrastructure (bridges, oracles) and gaming projects, Hyperliquid is attracting a wide array of developments. Many projects are launching incentive programs and testnets as they prepare for full launch, and several have already gone live with notable success (e.g. Felix’s $feUSD, Kittenswap’s TVL). The momentum and funding behind projects like Sovrun and MON Protocol show that even the gaming sector is eyeing HyperEVM. If this growth continues, HyperEVM could become a significant new hub for Web3 innovation, blending high-performance trading with decentralized applications.
Each project above offers links for further research, and readers can follow their social channels for the latest updates.
