➥ $HPL has just launched, but the most interesting point is the ecosystem that is being built around it.
• TVL : ~321 M$
• Annualized fees : ~6,5 M$
• FDV at launch : ~15 M$
In other words, the protocol is currently valued at a fraction of its current activity.
But the real story is what is happening around Hyperliquid.
HyperLend has just announced a partnership with Hyperion, presented as the first DeFi company linked to Hyperliquid listed on an exchange.
The goal: launch private lending pools with restricted access and dedicated credit facilities, allowing large entities to borrow against $HYPE.
This type of infrastructure clearly targets institutional capital, opening access to on-chain credit markets while incorporating compliance constraints.
If these channels truly start capturing a portion of institutional capital, the Hyperliquid ecosystem could quickly take a much more significant place in DeFi.