Top 10 Promising Emerging Hyperliquid Native Protocols to Watch

marsbitPubblicato 2026-05-21Pubblicato ultima volta 2026-05-21

Introduzione

Title: A Review of 10 Emerging Native Protocols on Hyperliquid Hyperliquid is evolving beyond perpetual contracts into a comprehensive on-chain financial stack. This article highlights 10 key native protocols driving this growth: 1. **Monetrix**: A yield-optimizing protocol akin to Ethena, aggregating funding rates, HLP rewards, maker rebates, and HIP-3 into a single stablecoin yield. 2. **ROSETTA**: An automated stablecoin yield router, allocating USDC across top protocols (e.g., Felix, Aave, HLP) for optimal returns, factoring in gas and slippage. 3. **papertrade.xyz**: A fair-launched perpetuals protocol offering up to 1000x leverage, no funding rates, no slippage, and fully on-chain, oracle-based execution. 4. **alt.fun**: A launchpad where tokens are paired with leveraged perpetual positions (2x-5x), linking token price to trading activity and underlying position performance. 5. **Ventuals**: Pre-IPO perpetual contracts (built on HIP-3) allowing up to 10x leveraged speculation on valuations of private companies like SpaceX and Stripe. 6. **Liminal**: A delta-neutral yield protocol that captures funding rates via automated short positions and uses generated xTokens (xBTC, etc.) as DeFi collateral. 7. **Melt**: Brings tokenized stocks, commodities, and RWAs to Hyperliquid spot markets, enabling 24/7 trading alongside crypto assets. 8. **Chainsight**: An oracle and data infrastructure protocol providing low-latency (<3s) price feeds, volatility indices, and risk metrics fo...

Author: Stacy Muur

Translation: Jinse Finance

In this article, I will briefly introduce 10 emerging Hyperliquid native protocols that I am paying attention to:

1. Monetrix: A native yield-maximizing protocol on Hyperliquid. It is a portfolio margin-driven single stablecoin that integrates funding rates, HLP, maker rebates, and HIP-3 into a comprehensive on-chain yield. Think of it as the Hyperliquid version of Ethena.

2. ROSETTA: An automated stablecoin yield router on Hyperliquid. Deposit USDC, and the system automatically migrates funds between Felix, Hyperlend, Morpho, Aave, and HLP every block to the protocol with the highest current yield, while factoring in Gas fees and slippage costs.

3. papertrade.xyz: A fair-launched perp protocol on Hyperliquid offering up to 1000x leverage with no funding rates and no slippage. Trading execution is based on price oracles rather than order books, with the entire process completed on-chain.

4. alt.fun: A launchpad on Hyperliquid where each token is paired with a leveraged perp position, allowing 2x, 3x, or 5x long or short exposure in any HL market. The token's price is influenced by both trading activity and the performance of its underlying perpetual position.

5. Ventuals: Pre-IPO perpetual contracts on Hyperliquid. Built on HIP-3, it allows users to take long or short positions on the valuation of non-listed companies like OpenAI, SpaceX, and Stripe, with up to 10x leverage.

6. Liminal: A delta-neutral yield protocol on Hyperliquid. Deposit stablecoins, capture funding rates via automated short positions, and reuse the generated xTokens (xBTC, xETH, xHYPE) as collateral within the DeFi ecosystem.

7. Melt: Brings tokenized stocks, commodities, and equities into Hyperliquid spot markets. You can trade Real World Assets (RWA) on the same order book as BTC, 24/7, using your own wallet.

8. Chainsight: An oracle and data infrastructure protocol on Hyperliquid. It builds modular data flow pipelines to provide price feeds, volatility indices, and risk metrics with sub-3-second latency, powering new derivative types on HL.

9. rip.xyz: Tokenized vault strategies on HyperEVM. Its flagship product, rHYPURR, gives you liquidity and fractionalized exposure to a Hypurr NFT managed basket backed by WHYPE and priced at Net Asset Value (NAV) hourly, via ERC-4626 share tokens.

10. Markets: A Hyperliquid perpetual exchange built by the Kinetiq team. Trade perpetual contracts for stocks, forex, commodities, bonds, and crypto 24/7 with up to 50x leverage. All trades use USDH as margin and are priced by Kaiko's institutional-grade oracles.

Summary: Hyperliquid is evolving beyond perpetuals into a full-stack on-chain financial infrastructure. The protocols listed above are the native building blocks constructing real yield, liquidity, and innovative new products.

Domande pertinenti

QAccording to the article, what is Monetrix and how does it compare to Ethena?

AMonetrix is a native yield-maximization protocol on Hyperliquid. It is a single stablecoin powered by portfolio margin, integrating funding rates, HLP, maker rebates, and HIP-3 into a single on-chain composite yield. The article describes it as the Hyperliquid version of Ethena.

QWhat is the main function of the ROSETTA protocol on Hyperliquid?

AROSETTA is an automated stablecoin yield router on Hyperliquid. It allows users to deposit USDC, and the system automatically migrates funds each block between protocols like Felix, Hyperlend, Morpho, Aave, and HLP to whichever currently offers the highest yield, while accounting for Gas fees and slippage costs.

QHow does the alt.fun protocol on Hyperliquid link a token to a perpetual position?

AThe alt.fun protocol is a Launchpad on Hyperliquid. Each token it launches is paired with a leveraged perpetual position, allowing users to take 2x, 3x, or 5x long or short positions on any Hyperliquid market. The token's price is influenced by both its trading activity and the performance of this underlying perpetual position.

QWhich protocol on Hyperliquid allows trading of pre-IPO companies like OpenAI and SpaceX, and what is the maximum leverage it supports?

AThe protocol is called Ventuals. It offers Pre-IPO perpetual contracts on Hyperliquid, built on HIP-3. It allows users to take long or short positions on the valuation of private companies like OpenAI, SpaceX, and Stripe, with support for up to 10x leverage.

QWhat broader evolution does the article suggest is happening with Hyperliquid, based on the listed protocols?

AThe article suggests that Hyperliquid is evolving beyond just being a perpetual contracts exchange into a complete on-chain financial stack. The listed native protocols are described as the foundational components building real yield, liquidity, and new products on this stack.

Letture associate

Agent Race Ends, Super Workbench Takes Over

The era of fragmented AI agents is ending. Over the past month, China's tech giants—Tencent, Alibaba, and ByteDance—have simultaneously shifted strategy: instead of launching new, standalone AI agents, they are consolidating their various agent projects into unified "super workbenches." Tencent integrated its QClaw teams into WorkBuddy, a strategic product hailed as a potential third flagship after QQ and WeChat. Alibaba is merging its QoderWork, Wukong, and MuleRun agents into a new "Qianwen Office" platform under DingTalk's leadership. ByteDance rebranded its TRAE SOLO coding agent to TRAE Work, signaling a broader focus on workflow collaboration. This convergence marks a pivotal industry consensus. The initial exploration phase, where companies rapidly built numerous overlapping agents for different scenarios, proved costly and inefficient. With open-source tools eroding technical barriers, competition has shifted from agent creation to resource consolidation and cost control. Historically, platform wars are won not by creating more products, but by simplifying them—as seen with browsers unifying web access and super-apps consolidating services. Now, the "super workbench" aims to become the unified AI entry point for work. This reflects a deeper market realization: the primary audience for AI is no longer just programmers (a market in the tens of millions) but all knowledge workers (a market of billions). The real opportunity lies in augmenting everyday tasks—managing emails, documents, data, and meetings—across the entire workday. The core battleground is becoming control over the primary AI entry point that employees use daily. Tencent's WorkBuddy leverages WeChat and Tencent Docs; Alibaba's Qianwen Office taps into DingTalk's organizational data; ByteDance's TRAE Work integrates with Feishu's workflows. Whoever owns this "super workbench" gains strategic control over orchestrating enterprise data and APIs. This shift is redefining enterprise software. Traditional SaaS applications, valued for their user interfaces, will recede into the background. Their core functionalities will be exposed as standardized "Skills" or APIs for the super workbench's agents to invoke. Software value will shift from selling user seats to charging based on API calls and outcomes delivered. The evolution of agents is moving through clear stages: first as novel standalone products, then as consolidated primary work entry points, and finally as pervasive, invisible capabilities embedded into the digital fabric. The recent moves by major tech firms signal the transition from the first stage into the second, accelerating toward the third. In the end, the most successful agent technology may become invisible—like electricity or the HTTP protocol—a fundamental, unnamed infrastructure powering work itself.

marsbit1 min fa

Agent Race Ends, Super Workbench Takes Over

marsbit1 min fa

Michael Saylor: 110 Reasons to Oppose BIP-110

Michael Saylor presents 110 arguments against Bitcoin Improvement Proposal (BIP) 110, a soft fork aimed at restricting certain non-monetary data storage uses (like inscriptions) on the Bitcoin blockchain. He acknowledges the proponents' valid concerns—such as node costs, fee pressure, and preserving Bitcoin's monetary focus—but fundamentally disagrees with the proposed solution. Saylor argues that BIP 110 represents a dangerous precedent of using consensus rules to enforce value judgments on transaction validity, moving away from Bitcoin's core principles of neutrality and permissionless innovation. His key objections are organized into eleven categories: 1) It violates neutrality and hard consensus by banning currently valid transactions. 2) It fails to meet the high burden of proof required for a consensus change, lacking concrete data on the alleged crisis. 3) Its seven bundled technical restrictions are overly broad, targeting generic script functionalities and blocking future upgrade paths. 4) It sacrifices compatibility and future optionality by closing off designed upgrade hooks. 5) Its temporary rules add significant complexity (grandfathering, expiry states) without sufficient justification. 6) The economic and security impacts, particularly on miner revenue and fee markets, are uncertain and unmodeled. 7) Superior, market-based tools (fee markets, relay/mining policies) already exist to manage blockchain load. 8) It stifles innovation by creating a chilling effect for developers. 9) Its modified activation mechanism (55% threshold, forced signaling) is aggressive and risks network splits. 10) The precedent it sets—using consensus to suppress disliked but legal uses—is more dangerous than the problem it aims to solve. 11) A better path exists: improving measurements, refining resource-based policies, and allowing market forces to work. Saylor concludes that Bitcoin's strength lies in its neutral rules, open markets, and hard consensus. Changing these foundational elements to target specific use cases is an unnecessary and risky "iatrogenic" intervention. He advocates for guarding Bitcoin's neutrality rather than acting as its redeemer.

marsbit17 min fa

Michael Saylor: 110 Reasons to Oppose BIP-110

marsbit17 min fa

United Stables Crosses $1B As Chainlink Data Feeds Secure U Token Collateral

United Stables' U token has surpassed $1 billion in market capitalization, with Chainlink Data Feeds providing the critical pricing and collateral data infrastructure across its deployment chains. This milestone highlights that robust oracle infrastructure is essential for stablecoin credibility, as DeFi protocols require reliable data for integration. Chainlink's role is foundational, enabling automated collateral auditing and pricing verification, which helps make the U token safer for the broader market to evaluate and use. While this strengthens Chainlink's position in the stablecoin infrastructure narrative, it does not directly guarantee increased fees or value for LINK token holders. The growth of U indicates both widening competition in the stablecoin sector and the increasing dependence of scalable stablecoins on dependable external data services.

bitcoinist1 h fa

United Stables Crosses $1B As Chainlink Data Feeds Secure U Token Collateral

bitcoinist1 h fa

BonkDAO Treasury Drain Shows Solana Governance Risk Is Real

The BonkDAO treasury suffered an approximately $20 million drain due to a malicious governance proposal passed through the Realms platform on Solana. This incident highlights governance as a critical attack surface for DAOs, distinct from smart contract exploits. The attack leveraged the DAO's own voting mechanics to move funds, demonstrating that flawed governance design—such as weak proposal rules or voter weight calculations—can be exploited even when the underlying blockchain functions correctly. The event serves as a warning for Solana DAOs to rigorously review and strengthen their governance safeguards, including quorum thresholds, timelocks, and execution permissions. While damaging to community trust, especially for the prominent BONK meme ecosystem, the issue is not a failure of the Solana base layer but a widespread application-level risk common across blockchain ecosystems.

bitcoinist1 h fa

BonkDAO Treasury Drain Shows Solana Governance Risk Is Real

bitcoinist1 h fa

Midnight Token Falls After $13M Wanchain Bridge Exploit

Midnight's NIGHT token plummeted roughly 30% following a $13.2 million exploit on a Wanchain cross-chain bridge. The attacker drained 515 million NIGHT tokens by exploiting a signature reuse flaw in the bridge's infrastructure, not the core Cardano or Midnight networks. This incident highlights the persistent vulnerability of cross-chain bridges, which are critical for asset transfers but introduce complex security risks. While the underlying blockchains remained secure, the token's price suffered due to liquidity disruption and lost market confidence. The response from Wanchain, including pausing the affected bridge and providing clear communication on recovery efforts, will be crucial for stabilizing the situation. The event serves as a reminder for traders to factor in bridge-related risks when evaluating tokens reliant on cross-chain liquidity.

bitcoinist2 h fa

Midnight Token Falls After $13M Wanchain Bridge Exploit

bitcoinist2 h fa

Trading

Spot
活动图片