Welcome to the seminal issue of Wave Report, the official Hyperwave newsletter.
Inside, you’ll find key updates and highlights from the past month at Hyperwave — from the launch of hwHLP to multiple integrations and media appearances.
Be sure to subscribe so you don’t miss future editions, and read on to discover the beginnings of a newly launched protocol that’s carving out something completely new on HyperEVM.
Since launch on June 19th, Hyperwave has achieved:
10,000+ users
$20M+ in assets deposited
Multi-chain deployment on both Ethereum and HyperEVM
Integrations with Pendle, Hypurrfi, Felix, Kittenswap, Timeswap, and Bunni — with more to come!
These milestones mark the beginning of what Hyperwave is setting out to achieve. Behind the scenes, the team continues to cook up new products, integrations, and even more ways to earn!
hwHLP Launch
Hyperwave launched hwhLP, the first ever liquid token that accrues yield from the Hyperliquidity Provider vault (HLP).
hwHLP lets you profit from market making and liquidations on Hypercore, while retaining your liquid assets for DeFi on HyperEVM and beyond.
Deposit USDT0, USDe, or USDhl and receive hwHLP that you can use to boost your returns in HyperEVM and beyond.
Wave Points
Become an early adopter of Hyperwave to earn Wave Points that will be redeemable for $HWAVE – Hyperwave’s native token – when it launches in 2025.
Hyperwave’s Points Program began on June 19th, and will run for a total of 10 weeks, ending on August 28th, 2025.
51.2% of the $HWAVE supply will be distributed to the Hyperwave community, with 8% of the total $HWAVE allocated to the current 10-week Wave Points campaign.
Hyperfren Referrals
You can now refer your frens to Hyperwave with our Hyperfren Referral Program.
Activate a Hyperfren code to get a 5% boost on your Wave Points balance, and create and refer your Hyperfren code to get a 5% boost on the combined Wave Points balance of your Hyperfrens.
The top 100 of referrers (based on your combined Hyperfren’s Wave Points) you will get a share of 1% of the total $HWAVE supply, taken from within the 8% distributed during the Wave Points campaign.
Swap HyperEVM Assets into hwHLP
You can now take your idle assets on HyperEVM and swap it into hwHLP. This feature, powered by GlueX, finds the best route to swap into hwHLP, to instantly start earning HLP yield and Hyperwave Points.
Supported tokens include: USDe, USDT0, USDhl, HYPE, wHYPE, UBTC, stHYPE, UETH, wstHYPE, LHYPE, USDXL, USH, FEUSD, PURR, BUDDY, JEFF, CABAL.
Hyperwave Bridge
You can now move assets from any chain on to HyperEVM directly within the app, and use them to mint hwHLP with the Hyperwave Bridge, powered by LI.FI.
hwHLP is live on Ethereum
hwHLP is now live on Ethereum, unlocking HLP yield on mainnet and advancing our mission to make it as easy as possible to provide liquidity to Hyperliquid.
Deposit USDe or USDT on Ethereum to get HLP exposure without bridging to HyperEVM.
Note: hwHLP on Ethereum Mainnet can only currently be redeemed on HyperEVM. An option to redeem on Ethereum will be rolled out in future.
hwHLP is on Pendle
Zap any asset into the new hwHLP pool on Ethereum mainnet to earn HLP yield and Wave Points, with early deposits capped at $10M.
You can buy:
PT for fixed yield
YT to lever up on HLP yield and Wave Points. One YT gets all the yield and points of one hwHLP token
Community Badges
Activate a Community Badge on the Hyperwave Portfolio to receive an additional 5% boost in Wave Points.
Current communities include: Benmo, CatBal, HL Names, Hyperbuilder, Liquidity Land, LQnians, PiPs, SaveTheWhal3s, Hyperliquid Indonesia, Hyperliquid Korea, and Hyperliquid Spain.
Hyperwave Community Call
Join us on Fridays at 1pm UTC in the Hyperwave Discord, where we will be hosting our weekly Community Calls in the Hyperwave Town Hall.
The team will recap announcements, dive into new integrations, provide some alpha on what’s coming next, and most importantly answer any questions you may have!
Integrations
Hyperwave is live on Okto Hypezone
Download the Okto app and use Hyperwave on Okto’s Hyperzone.
Hyperwave is now tracked on DefiLlama
DefiLlama is now tracking Hyperwave on Arbitrum and Hyperliquid. Track key metrics including TVL, fees, and yield accruing to hwHLP from the HLP vault.
Hyperwave Pyth Price Feed
The price feed for hwHLP is live on Pyth Network, and sponsored on HyperEVM and across 100+ blockchains.
Liquidity
Kittenswap hwHLP/USDT0 Pool
The hwHLP/USDT0 pool is live on Kittenswap with 2x Wave Point rewards!
Curve Tri-Stable Pool
Deposit in the USDXL/USDHL/hwHLP Tri-Stable Pool on Curve and earn:
hwHLP HLP yield and Hyperwave points on full LP
USDXL Hypurrfi points on full LP
Hypurrfi Lending Marketplace
Earn Wave Points by depositing in either the isolated USDT0/hwHLP market or isolated hwHLP/USDHL market:
USDT0/hwHLP isolated market:
Supplying USDT0
Borrowing USDT0
Depositing hwHLP as collateral
hwhLP/USDHL isolated market:
Supply USDhl
Deposit hwHLP as collateral
Borrow USDhl against hwHLP
USDT0/hwHLP Pool on Timeswap
The all-new USDT0/hwHLP pool on Timeswap allows you to earn Wave Points when you:
Supply USDT0
Deposit hwHLP as collateral
Borrow USDT0 against hwHLP
LP in the pool
hwHLP/USDT Bunni Pool
hwHLP liquidity on Ethereum is supported by a new hwHLP/USDT pool via Bunni on Uni V4. To boost earnings, the pool deposits idle $USDT into Euler’s USDT prime market.
Podcasts and Events
hwHLP and the future of HyperEVM | Space
Listen to this alpha-packed Space with LayerZero, RedStone, and Hypurrfi where we discuss hwHLP, the future of the HyperEVM and more.
Exploring HyperEVM with GlueX, Timeswap, and Hyperstable | Space
In this Space we were joined by GlueX, Hyperstable, and Timeswap, to discuss what HyperEVM unlocks that other chains don’t, and how HIP-3 will take it to the next level.
Hyper Degen Episode 5 | Okto Wallet Space
Daniel, Founder of Hyperwave, joined Okto Wallet’s latest Space to deep dive into how hwHLP unlocks yield from HLP, and DeFi on Hyperliquid.