Hyperlend Fills Staking Caps in One Hour

Hyperlend, a friendly fork of the Aave lending protocol on Hyperliquid’s HyperEVM Layer 1 blockchain, launched its mainnet today and reached its staking caps within an hour.

The protocol attracted $4.4 million of HYPE and roughly $2 million of stHYPE within its opening hour. Addressing the demand, the team said, “We know some of you expected deeper liquidity right away, but our focus is on ensuring a secure and sustainable lending environment. We're being deliberately conservative based on current on-chain liquidity data.”

Hyperlend is the first lending platform on HyperEVM and was recognized as a friendly fork by Aave governance in February. The Aave DAO granted the protocol the license to use the Aave codebase, and in return, Hyperlend will share 10% of its protocol revenue with the Aave DAO and allocate 3.5% of its future token supply to the DAO treasury. 1% will also be airdropped to AAVE stakers.

Yields on Hyperlend are currently low, at .27% for HYPE suppliers and .07% for stHYPE suppliers, indicating most depositors are likely focused on earning Hyperlend points, which are distributed to lenders and borrowers daily.

Protocol pools are currently limited to HYPE and stHYPE, a liquid staking token for HYPE derived from the StakedHype protocol, which touts 2.5 million HYPE staked for $43 million in total value locked (TVL).

Activity on HyperEVM is still quite low, considering Hyperliquid’s market capitalization of $5.6 billion. The chain holds $407 million in TVL across 11 DeFi protocols, compared to competitors that launched around the same time, like Berachain, which boasts nearly $3 billion in TVL across 47 different dApps.