October was a big month for Hyperwave, highlighted by the launch of the HWAVE token and a successful public sale to support future development.
Since the launch, all protocol revenue has been used to buy back HWAVE at a rate of 1% per week, with the proceeds distributed to GWAVE holders.
Keep reading for more updates and the latest news from Hyperwave.
HWAVE Token Launch
Season 1 HWAVE claims are now open!
Visit over to the Hyperwave app to claim your HWAVE, or stake your HWAVE for GWAVE, a liquid yield-bearing token that automatically accrues Hyperwave revenue.
HWAVE is available to trade on Hyperliquid Spot and MEXC.
The next staking window will open on November 20th.
Hyperwave USD Vault
The hwUSD vault auto-routes your stables to deliver the best set-and-forget yield.
Deposit USDT0, USDC, or USDe, and receive hwUSD on HyperEVM, Base or Ethereum mainnet. You can then boost your returns with hwUSD in DeFi on HyperEVM and beyond.
Depositors earn:
Passive stablecoin yields
2 Wave Points per hwUSD per day
Points from strategic vault allocations (starting with Hypurrfi, Hyperlend, Felix, and Morpho)
HWAVE Token Sale
7% of the HWAVE supply was made available to purchase via a Liquidity Bootstrapping Pool (LBP) for a community public sale from Thursday October 16th until Monday 20th.
The LBP model provided a fair and transparent way to distribute tokens by using a pricing mechanism similar to a Dutch Auction, with the price starting high and decreasing over time based on supply and demand - giving everyone the same opportunity to purchase.
This fundraising mechanism also enabled us to stay true to the Hyperliquid ethos and raise from the community rather than VCs.
During this sale, Hyperwave raised $532k which will go towards future protocol development.
Hyperwave Loyalty Fund
$HWAVE is the native token of Hyperwave DAO — connecting users to Hyperwave’s growth and revenue. Every time Hyperwave earns fees from its products, 100% of those fees are used to buy back $HWAVE and reward the community.
To distribute those rewards sustainably, Hyperwave is launching the Loyalty Fund — a 12-week, recurring staking program inspired by the Hyperliquid Assistance Fund where holders can stake $HWAVE to earn protocol revenue.
The Loyalty Fund creates a healthy cycle:
Hyperwave revenue buys back $HWAVE
Staking reduces circulating supply
$GWAVE distributes real yield to loyal holders
Liquidity stays active — $GWAVE can still be used across DeFi (lend, borrow, trade)
Since launch, Hyperwave has brought back over 4.6M HWAVE tokens, which accounts for 1.49% of the circulating supply.
The next staking window will open at the end of the Season 2 campaign on November 20th.
hwHLP Profits Soar on Mass Liquidations
On October 10th, a surprise tariff announcement from Trump triggered the largest single-day liquidation event in cryptocurrency history, with over $19 billion in leveraged positions wiped out across major exchanges.
But while most traders were licking their wounds, hwHLP holders were celebrating. Liquidations on Hyperliquid pushed APRs to a brief peak of 3,900%, with hwHLP paying out nearly $2M in a single day as the exchange rate climbed ~10% overnight.
In total, $40M+ in liquidations flowed into the HLP vault, more than 30% of all-time PnL at the time.The biggest winners, however, were holders of Pendle’s hwHLP-YT. Yield Tokens (YTs) represent a bet on a token’s future yield, giving holders leveraged exposure to rewards without needing to hold the underlying asset.
Those who already held the YT— and those quick enough to buy as volatility shockwaves began rippling through the market — earned outsized returns.
Overall, this episode highlights the unique qualities of hwHLP as an asset with negative market correlation: delivering steady yield in normal conditions and exceptional upside during market stress.
As previously noted in the hwHLP report from Kairos Research, it is uniquely positioned to benefit from market “black swan” events.
Community Badges
Activate a Community Badge on the Hyperwave Portfolio to receive an additional 5% boost in Wave Points.
By community request, two new badges are now live on the Portfolio: GWAVE depositors, and LBP participants.
Current communities include: Benmo, CatBal, HL Names, Hyperbuilder, Liquidity Land, LQnians, BaldBros, PiPs, SaveTheWhal3s, Hyperliquid Indonesia, Hyperliquid Korea, and Hyperliquid Spain.
Hyperwave Community Call
Join us fortnightly on Fridays at 1pm UTC in the Hyperwave Discord, where we will be hosting our 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!
The Future of Hyperwave | Space
In this Space Abi and Joao discussed HWAVE, GWAVE, and the future of Hyperwave ahead of the HWAVE launch.