
The Credit Layer of Hyperliquid, Powering Institutional Credit with @aviyafinance
Hyperliquid
Joined June 2024
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Introducing Aviya - Institutional Credit on Hyperliquid.
Aviya is a private, compliance gated credit venue built on Hyperliquid, designed to extend structured credit access to institutional participants.
The platform facilitates bilateral, fixed-rate financing, initially against HYPE collateral, with a roadmap to expand into additional asset classes over time.
As capital allocators increasingly engage with on-chain markets, access to predictable, structured credit becomes a requirement. Aviya is designed to meet this demand by offering a more controlled alternative to fully permissionless lending systems, while still leveraging the efficiency and settlement advantages of Hyperliquid’s infrastructure.
We view Aviya as a core component in the development of HyperLend as the credit layer of the Hyperliquid ecosystem, enabling capital formation, leverage, and structured financing across both native and future tokenized assets such as equities, commodities, fixed-income instruments and even the likes tokenised pre-IPO companies.
Over time, Aviya will serve as a gateway for institutional credit into emerging on-chain markets, including real-world and tokenized financial assets.
We are also pleased to deepen our collaboration with @HyperionDeFi, working together on institutional business development and capital formation.
Aviya represents a continued step toward integrating credit natively into the broader Hyperliquid financial system.
gLend.
Q3 was another successful quarter for HyperLend, with a 3rd quarter in a row of protocol revenue increasing quarter on quarter.
Demand for HYPE denominated loans continues to grow and Hyperliquid's credit layer will continue to grow with it.
gLend.
HyperLend is entering Elysium.
Today HyperLend has submitted a proposal to the Aave DAO to deploy a further friendly fork of Aave V3 on the @Enter_Elysium L2.
HyperLend's share of fees from this proposed deployment will be used entirely to buyback HPL tokens from the market.
@Kinetiq_xyz have been one of our closest partners from Day 1 and Elysium is a logical choice as the protocols first deployment outside of HyperEVM.
gLend in Elysium.
Read the full Forum Proposal Here: governance.aave.com/t/temp-c…
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Markets have gone up and markets have gone down and HyperLend users have consistently earned over 5.3% APY on over $51 Million in USDC in the last month.
gLend.
Due to the events that took place on Binance overnight the HyperLend team has run extensive checks and confirmed that there has been no harmful activity on the platform, meaning the protocol has not needed to freeze any markets.
All funds deposited in HyperLend are intact and the protocol has functioned as intended throughout the day.
Our security team is alert and monitoring for any further developments. Any actions made at a protocol level will be communicated from the @hyperlendx and team members accounts if made.
There are multiple fake HyperLend accounts currently active on X, with a network of scam accounts advertising them.
The only official HyperLend X accounts are @hyperlendx and @aviyafinance. Always double check account details before clicking any links.
Stay safe and gLend.
Introducing HPL as Rate Insurance
As HYPE went on a run over the past month we witnessed all sorts of user behaviour on HyperLend. Whales rebalanced, users took profits and some people of course just stacked more HYPE. One day as I was watching all of these movements happen I was looking at our internal HPL Staking dashboard and I realised just how much our users were saving through volatility due to their HPL Stakes. I was trying to put a name to this pattern over the past week in Singapore and as I was chatting to people there I realised that HPL staking aligns very closely with a model we see in the Institutional world.
Introducing- HPL Staking as Rate Insurance
Think about it like this, HPL staking is paid out as a rebate of borrow cost. This means that to benefit from it you have to be an active borrower on HyperLend, paying out Interest on your position consistently over time. As a borrower your key exposure is interest rates, if you borrow stables they set your hurdle rate that you need to beat as you deploy the stables elsewhere, if you're looping they determine how profitable your spot leverage can be. Rates stay low, great, rates go up, less great.
HPL staking is an intentionally simple model. Users make an upfront purchase, just like paying an insurance premium, and from then on they receive rebates. When rates spike HPL rebates spike proportionately, ensuring that when market conditions change, or large users rebalance you as the user will always be paying a significant amount less interest than a user who does not stake HPL. To make things even better, when rates are low HPL continues to pay out a rebate, offsetting costs and pretty comfortably paying for the cost of the position in most well managed uses.
TradFi uses Insurance to offset risk in all sorts of positions, so why wouldn't you use that tool when borrowing against your hard earned positions?
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The HyperLend Strategic Fund has made the decision to burn the HPL fees it has received to date for deploying HPL markets on Hyperliquid. By burning the HPL the HSF has accrued so far the Fund continues to work towards its goal of accruing maximum value to all aspects of the HyperLend protocol.
gLend.
The HyperLend team is heading to Singapore.
Come and hear about the future of Hyperliquid's credit layer at our booth at the @Hyperliquid event, or see our CEO @0xNessus speak at the @blockworksDAS and @HLglobal_ events.
gLend.
Introducing @aviyafinance x @Anchorage
Aviya has signed an agreement with @Anchorage as the venue’s exclusive qualified custodian. Institutional borrowers can now access credit against all forms of HYPE with the confidence that their collateral is custodied with the first federally chartered crypto bank.
Anchorage Digital, home to the first federally regulated crypto bank in the U.S., provides proven infrastructure through which billions of dollars flow, with Atlas, their institutional settlement layer securing over $12.5 Billion in collateral to date. Through this agreement, institutions who borrow through Aviya will be able to manage their loans through Atlas, utilising its precise architecture 24/7 to pledge, release and reallocate with certainty.
With $21 billion in HYPE circulating and another $36+ billion worth staked, institutional loans backed by HYPE are an incredibly important unlock for billions of dollars waiting to be activated. Atlas’ seamless integration with Aviya’s HyperLend powered lending infrastructure allows institutions to unlock all forms of HYPE, with fixed rate facilities available for approved clientele.
.@aviyafinance has a new look.
Powered by HyperLend, Aviya brings a secure, compliant venue to the Hyperliquid ecosystem, facilitating permissioned credit facilities for approved institutions. Initially offering fixed rate loans to borrowers, Aviya represents the next step of HyperLend’s vision of unlocking all HYPE, no matter the allocators requirements.
With pilot loans rolled out smoothly, Aviya’s landing page is now live. Visit the site and learn more at aviya.xyz
gLend.
It’s never been easier to bring your assets home to HyperLend.
Powered by @AcrossProtocol, HyperLend’s Bridge functionality now allows you to Bridge and Supply any asset into HyperLend from any chain Across supports in one simple transaction.
Choose your Deposit asset, choose where it Earns. Sit back and enjoy the yield.
gLend from anywhere with HyperLend x Across
LTV Update: E-Mode HYPE Looping
Following careful consideration from our Risk Team, HyperLend has updated it's HYPE Looping LTVs as follows:
HYPE LSTs / HYPE (Excluding kHYPE)
LTV: 77.7% -> 82.7%
Liquidation Threshold (LT): 87% -> 90%
kHYPE / HYPE
LTV: 81.5% -> 87%
Liquidation Threshold (LT): 87% -> 90%
Further information is available in the HyperLend Discord which can be accessed through the link in the next tweet.
LTV Update: HYPE
Following careful consideration from our Risk Team, HyperLend has updated it's HYPE market LTV as follows:
LTV: 60% -> 65.2%
Liquidation Threshold (LT): 75.2% -> 81.47%
Further information is available in the HyperLend Discord which can be accessed through the link in the next tweet.
Announcing the HyperLend Strategic Fund and Aviya Funding
HyperLend is excited to announce the creation of the HyperLend Strategic Fund (HSF), a vehicle dedicated to the growth of the HyperLend ecosystem. The HSF will manage HyperLend’s protocol treasury, including holding HPL tokens, and will receive all future revenue earned by the protocol.
The HyperLend Foundation has authorized a draw of up to 600,000 USDC from the HSF to fund the build-out of @aviyafinance, HyperLend's institutional arm. Aviya is a private, compliance-gated venue offering fixed-rate secured credit to institutional participants on Hyperliquid, built on HyperLend infrastructure.
The draw funds engineering, security, audits, infrastructure, legal, integrations, and operations. It is released in three tranches of 200,000 USDC each and reported on-chain as each is drawn. The Foundation's economic position in Aviya is not yet finalized; it will be set as part of Aviya's formation and disclosed when confirmed.
As Aviya facilities come online, the interest institutional borrowers pay feeds the reserve factor that funds HPL rebates. These institutions will therefore have a direct incentive to stake HPL, lowering their net borrow cost over the life of their facility. The intent is for demand for institutional credit to translate into demand for HPL over time.
The foundation's view is that the institutional momentum of Hyperliquid is stronger than ever, making this the correct moment to deploy fund assets to support Aviya’s development. In conjunction with the continued activation of Aviya’s strategic partnership with @HyperionDeFi, we expect Aviya to establish itself as the premier institutional credit venue in the Hyperliquid ecosystem.
The HSF reports treasury operations as they happen; authorization and tranche records are on-chain.
This notice is not an offer, solicitation, or investment advice.
- HyperLend Foundation
Due to the USR recovery process ending in late August, HyperLend will be shutting down our USR market on the 10th of August.
There is less than $2000 USR debt on HyperLend and there are no loans backed by it, which means there is low risk to the protocol. With this in mind the protocol will forcefully liquidate all borrowers with over 100 USR borrowed (2 users, see wallets in second tweet) if they do not repay before the August 10th deadline. The total Debt of other users is under $10 in total and will be repaid by the HyperLend treasury.
Depending on your jurisdiction liquidations may incur taxable events. Liquidations will be executed at 0.5 USD (recovery value, which is higher than market price) so we advise both users to repay their positions before the deadline.
USR Suppliers do not need to take immediate actions in response to these liquidations. While utilization of the market is at 100%, you can swap to USR using the Escape Hatch function on our app. This function can be found under the Withdraw tab on HyperLend, with a direct link in the tweet below. USR Suppliers will be able to withdraw from the market after the liquidations take place.
Deadline: 10th August 2026
USR price used during liquidation: 0.5 USD
Addresses that will be liquidated: 0x95388a9c868c8a68fe81dee7c2a9b556ec6fa5a8 and 0xfe904ae4a2dfcca42c50607a254ec33d6926cf29
Escape Hatch Function (Under Withdraw): app.hyperlend.finance/market…
Buy USR on Ethereum mainnet: swap.defillama.com/?chain=et…
Bridge to HyperEVM: stargate.finance/?srcChain=e…
Repay on HyperLend: app.hyperlend.finance/market…
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Across DeFi, lending deposits fell 25% in Q2, a third straight quarter of contraction. HyperLend's deposits climbed 34.6% to $672.7M
HyperLend closed Q2 2026 with a stronger posture and positioning, with double digits growth in several metrics while the rest of the market is bearish.
gLend @Blockworks
As part of our pursuit of continually refining and upgrading protocol security measures HyperLend is today introducing our newly created Veto Council.
The Veto Council is a protective board made up of close partners, investors and key Hyperliquid community members.
The Council functions as a backstop, with the ability to cancel queued protocol multisig transactions if any of the Core Team became compromised.
We continue to strive to exceed industry security standards.
gLend.
It's been 3 months since we launched the Stake & Save program, so its time for our first ever HPL Staking quarterly review.
Over the first 3 months of the Stake & Save program borrowers have been paid out over $40,000 in borrow rebates, which equates to approximately 18% of protocol revenue over this time. Annualised, this averages out to approximately 11.6% APR across all HPL staked on HyperLend.
Our most successful Saver is earning ~4480% APR on their staked HPL, having purchased their staked tokens early in the program and kept up a significant borrow position almost in perpetuity over the quarter.
HPL is designed to accrue value through and for borrowers on HyperLend. As borrow demand grows on HyperLend, HPL is designed to grow with it, a feature we’ve already seen in practice on days where rates have spiked due to market activity.
We’re very happy with the way the market has adopted HPL staking on Core Markets and we’re excited to roll out further borrowing opportunities that benefit from the mechanic over the rest of the year.
gLend and happy saving.







