gmHYPER
mHYPER has secured a $25M allocation in Stable’s pre-deposit campaign last Friday. The campaign was highly competitive, and approximately 10% of mHYPER’s total AUM has been deployed into the deposit contract.
As a transparent and liquid actively managed vault, mHYPER is designed to support daily redemptions and frequent reward distributions. These features introduce structural incompatibility with most pre-deposit campaigns, which typically require fixed lockup periods with profits realized only at campaign completion or upon a project’s TGE.
To enable participation in such campaigns while maintaining mHYPER’s liquidity design, the vault leveraged Wildcat Markets as an infrastructure solution.
Structure overview:
-Hyperithm, the strategist behind mHYPER, borrows capital from the vault via a private Wildcat Market (https://app.wildcat.finance/borrower/market/0x2a1ffdd430ed6b7fcf4f8b9549154e6345bbebfb) at a fixed 20% APY throughout the campaign period.
-Hyperithm deposits the borrowed capital into the pre-deposit campaign on behalf of mHYPER.
-Upon the project’s TGE, Hyperithm will realize returns at its discretion. If the final ROI exceeds 20% APY, the excess yield will be distributed to mHYPER depositors via Merkl. If the realized ROI is below 20% APY, Hyperithm will absorb the shortfall, effectively underwriting the downside risk.
This structure preserves mHYPER’s transparency and redemption capability while enabling access to competitive pre-deposit opportunities through an aligned, risk-managed design.
mHYPER has secured a $25M allocation in Stable’s pre-deposit campaign last Friday. The campaign was highly competitive, and approximately 10% of mHYPER’s total AUM has been deployed into the deposit contract.
As a transparent and liquid actively managed vault, mHYPER is designed to support daily redemptions and frequent reward distributions. These features introduce structural incompatibility with most pre-deposit campaigns, which typically require fixed lockup periods with profits realized only at campaign completion or upon a project’s TGE.
To enable participation in such campaigns while maintaining mHYPER’s liquidity design, the vault leveraged Wildcat Markets as an infrastructure solution.
Structure overview:
-Hyperithm, the strategist behind mHYPER, borrows capital from the vault via a private Wildcat Market (https://app.wildcat.finance/borrower/market/0x2a1ffdd430ed6b7fcf4f8b9549154e6345bbebfb) at a fixed 20% APY throughout the campaign period.
-Hyperithm deposits the borrowed capital into the pre-deposit campaign on behalf of mHYPER.
-Upon the project’s TGE, Hyperithm will realize returns at its discretion. If the final ROI exceeds 20% APY, the excess yield will be distributed to mHYPER depositors via Merkl. If the realized ROI is below 20% APY, Hyperithm will absorb the shortfall, effectively underwriting the downside risk.
This structure preserves mHYPER’s transparency and redemption capability while enabling access to competitive pre-deposit opportunities through an aligned, risk-managed design.
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gmHYPER
Over the past week, several community members have raised concerns regarding mHYPER’s potential recursive exposure across partner protocols, particularly in relation to xUSD (Stream Finance) and yUSD (YieldFi). We appreciate the feedback and would like to provide full transparency on the situation and the steps already taken.
As major liquidity participants across the ecosystem, Stream Finance and YieldFi are large LPs in mHYPER. In parallel, mHYPER allocates liquidity to Hyperithm Vaults on Euler and Morpho, which supply to lending markets involving yUSD and xUSD. The Hyperithm Lending Vault also lends to mHYPER/USDC markets. This structure created unintended recursive lending relationships, where risks could theoretically propagate across multiple protocols.
To eliminate this recursive exposure and strengthen inter-protocol isolation, the following actions have been implemented:
- Exposure to yUSD has been fully removed.
- Exposure to xUSD has been fully removed.
- Dedicated non-recursive lending vaults on Morpho and Euler are being deployed to park idle liquidity from mHYPER into isolated markets that are not linked to yUSD, xUSD, or mHYPER. the vaults will be set up by the end of the week, and full liquidity migration from mHYPER is expected to complete by next week.
With the above measures, all recursive lending components within mHYPER’s portfolio have been fully removed.
In addition, Hyperithm currently holds approximately $10M worth of unleveraged mHYPER positions as GP commitment, and intends to maintain this position for as long as mHYPER remains in operation.
The holding addresses are as follows:
0x7C1d52A3459f2Eee78DA551b8C3D13FdF61fbc93
0xEa036F911b312BC0E98131016D243C745d14D816
Over the past week, several community members have raised concerns regarding mHYPER’s potential recursive exposure across partner protocols, particularly in relation to xUSD (Stream Finance) and yUSD (YieldFi). We appreciate the feedback and would like to provide full transparency on the situation and the steps already taken.
As major liquidity participants across the ecosystem, Stream Finance and YieldFi are large LPs in mHYPER. In parallel, mHYPER allocates liquidity to Hyperithm Vaults on Euler and Morpho, which supply to lending markets involving yUSD and xUSD. The Hyperithm Lending Vault also lends to mHYPER/USDC markets. This structure created unintended recursive lending relationships, where risks could theoretically propagate across multiple protocols.
To eliminate this recursive exposure and strengthen inter-protocol isolation, the following actions have been implemented:
- Exposure to yUSD has been fully removed.
- Exposure to xUSD has been fully removed.
- Dedicated non-recursive lending vaults on Morpho and Euler are being deployed to park idle liquidity from mHYPER into isolated markets that are not linked to yUSD, xUSD, or mHYPER. the vaults will be set up by the end of the week, and full liquidity migration from mHYPER is expected to complete by next week.
With the above measures, all recursive lending components within mHYPER’s portfolio have been fully removed.
In addition, Hyperithm currently holds approximately $10M worth of unleveraged mHYPER positions as GP commitment, and intends to maintain this position for as long as mHYPER remains in operation.
The holding addresses are as follows:
0x7C1d52A3459f2Eee78DA551b8C3D13FdF61fbc93
0xEa036F911b312BC0E98131016D243C745d14D816
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gmHYPER
Over the past two weeks, mHYPER’s borrowing cost on Morpho has exceeded its underlying yield, resulting in temporary negative carry. During this period, the vault has processed over $70M in redemptions.
It is worth noting that mHYPER calculates yield conservatively, and the value of the vault’s points exposure is not included in the NAV calculation.
As always, LPs are free to unwind or redeem their positions at any time to manage exposure and avoid potential yield compression. The standard redemption cycle takes two days, while instant redemption remains available at a fixed cost.
We are available to facilitate on-demand instant redemption liquidity for larger withdrawals. Please reach out to us if you intend to redeem with size.
Over the past two weeks, mHYPER’s borrowing cost on Morpho has exceeded its underlying yield, resulting in temporary negative carry. During this period, the vault has processed over $70M in redemptions.
It is worth noting that mHYPER calculates yield conservatively, and the value of the vault’s points exposure is not included in the NAV calculation.
As always, LPs are free to unwind or redeem their positions at any time to manage exposure and avoid potential yield compression. The standard redemption cycle takes two days, while instant redemption remains available at a fixed cost.
We are available to facilitate on-demand instant redemption liquidity for larger withdrawals. Please reach out to us if you intend to redeem with size.
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mHYPER Announcements
gmHYPER mHYPER has secured a $25M allocation in Stable’s pre-deposit campaign last Friday. The campaign was highly competitive, and approximately 10% of mHYPER’s total AUM has been deployed into the deposit contract. As a transparent and liquid actively…
As a note, mHYPER charges a fixed 20% performance fee on all profits generated, including any additional profits distributed if the final ROI of the campaign exceeds 20% APY. No incremental fee will be applied under any circumstance.
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mHYPER and all Hyperithm-operated lending vaults are unaffected by the recent exploit on Balancer.
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mHYPER and Hyperithm-operated lending vaults have zero exposure to xUSD, with the exception of the Hyperithm USDT0 Lending Vault on Euler (Plasma), which currently allocates $2.6M to the following xUSD/USDT0 market and cannot be withdrawn due to limited liquidity:
https://app.euler.finance/vault/0xF675FBe777E992f5D5D84AdF41161dC0f20104a6?network=plasma
We are actively engaging with all relevant parties to establish an exit plan and ensure that any liquidations occur smoothly and with minimal loss for lenders.
Summary of xUSD exposure:
mHYPER:
- 0 exposure
Morpho:
- (Mainnet) HyperUSDC – 0 exposure
- (Arbitrum) HyperUSDC – 0 exposure
- (HyperEVM) HyperUSDT – 0 exposure
Euler:
- (Mainnet) Hyperithm Euler USDC – 0 exposure
- (Plasma) Hyperithm Euler USDT – 2.6M exposure
https://app.euler.finance/vault/0xF675FBe777E992f5D5D84AdF41161dC0f20104a6?network=plasma
We are actively engaging with all relevant parties to establish an exit plan and ensure that any liquidations occur smoothly and with minimal loss for lenders.
Summary of xUSD exposure:
mHYPER:
- 0 exposure
Morpho:
- (Mainnet) HyperUSDC – 0 exposure
- (Arbitrum) HyperUSDC – 0 exposure
- (HyperEVM) HyperUSDT – 0 exposure
Euler:
- (Mainnet) Hyperithm Euler USDC – 0 exposure
- (Plasma) Hyperithm Euler USDT – 2.6M exposure
app.euler.finance
Vault | Euler Finance
The Lending Super App
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Stream Finance has announced the insolvency of its protocol. This statement aims to address Stream Finance’s position with mHYPER and provide clarity to holders.
Stream Finance is a yield-aggregating platform that allocates capital across various on-chain and off-chain strategies to generate returns for its LPs. As part of its yield-farming strategy, Stream Finance built a leveraged position in mHYPER over the past weeks. As of today, Stream Finance holds approximately $75M worth of leveraged mHYPER positions.
Hyperithm and the Midas team are working closely with Stream Finance to support a gradual and orderly unwinding of these positions and to ensure that any potential liquidations occur smoothly.
When a leveraged mHYPER position exceeds its LLTV on lending markets such as Morpho or Euler, any participant can take over and unwind the position through the instant redemption feature on Midas. mHYPER currently maintains over $75M in liquidity buffer to facilitate instant redemption, ensuring that liquidations are always executable and profitable for liquidators.
mHYPER holders remain unaffected, and the vault continues to operate as normal.
Stream Finance is a yield-aggregating platform that allocates capital across various on-chain and off-chain strategies to generate returns for its LPs. As part of its yield-farming strategy, Stream Finance built a leveraged position in mHYPER over the past weeks. As of today, Stream Finance holds approximately $75M worth of leveraged mHYPER positions.
Hyperithm and the Midas team are working closely with Stream Finance to support a gradual and orderly unwinding of these positions and to ensure that any potential liquidations occur smoothly.
When a leveraged mHYPER position exceeds its LLTV on lending markets such as Morpho or Euler, any participant can take over and unwind the position through the instant redemption feature on Midas. mHYPER currently maintains over $75M in liquidity buffer to facilitate instant redemption, ensuring that liquidations are always executable and profitable for liquidators.
mHYPER holders remain unaffected, and the vault continues to operate as normal.
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Stream Finance has fully unwound its $75M leveraged position in mHYPER.
The protocol no longer has any exposure to mHYPER or any mHYPER-related markets on Morpho.
mHYPER has processed over $150M in redemptions in the past 48 hours.
Both the mHYPER Vault on Midas and the Hyperithm USDC Vault on Morpho remain healthy, with no bad debt risk and no impact on liquidity or operations.
The protocol no longer has any exposure to mHYPER or any mHYPER-related markets on Morpho.
mHYPER has processed over $150M in redemptions in the past 48 hours.
Both the mHYPER Vault on Midas and the Hyperithm USDC Vault on Morpho remain healthy, with no bad debt risk and no impact on liquidity or operations.
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Notice on Euler IRM Curve Adjustment
The interest rate curves for the Hyperithm mHYPER USDC Lending Vault and the Hyperithm mHYPER mHYPER Lending Vault on Euler Mainnet have been adjusted.
This adjustment was made for two primary reasons:
1.To facilitate the closure of the PT-mHYPER/mHYPER market while preventing any negative impact on the mHYPER/USDC market.
2.To protect the interests of mHYPER holders, who are currently unable to withdraw their mHYPER from the affected Lending Vaults due to the above situation.
In addition, the PT-mHYPER/mHYPER looping mechanism carries the risk of abusing and diluting mHYPER's reward points and airdrops, and therefore no new loans are currently being allowed for this market.
For users who wish to continue simple PT-mHYPER/USDC looping, we kindly recommend using the Morpho market instead.
Once all outstanding debts in the PT-mHYPER/mHYPER market are repaid, the interest rate curves will return to their normal range.
Thank you for your understanding.
The interest rate curves for the Hyperithm mHYPER USDC Lending Vault and the Hyperithm mHYPER mHYPER Lending Vault on Euler Mainnet have been adjusted.
This adjustment was made for two primary reasons:
1.To facilitate the closure of the PT-mHYPER/mHYPER market while preventing any negative impact on the mHYPER/USDC market.
2.To protect the interests of mHYPER holders, who are currently unable to withdraw their mHYPER from the affected Lending Vaults due to the above situation.
In addition, the PT-mHYPER/mHYPER looping mechanism carries the risk of abusing and diluting mHYPER's reward points and airdrops, and therefore no new loans are currently being allowed for this market.
For users who wish to continue simple PT-mHYPER/USDC looping, we kindly recommend using the Morpho market instead.
Once all outstanding debts in the PT-mHYPER/mHYPER market are repaid, the interest rate curves will return to their normal range.
Thank you for your understanding.
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mHYPER Announcements
Notice on Euler IRM Curve Adjustment The interest rate curves for the Hyperithm mHYPER USDC Lending Vault and the Hyperithm mHYPER mHYPER Lending Vault on Euler Mainnet have been adjusted. This adjustment was made for two primary reasons: 1.To facilitate…
A large portion of the pt-mHYPER/mHYPER positions has been unwound, so the USDC market has now returned to its normal interest rate curve.
The mHYPER interest rate curve remains unchanged for now.
The mHYPER interest rate curve remains unchanged for now.
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IRM Curve Update Notice
TL;DR Borrowing rates for Hyperithm USDT0 EVK Vault on Plasma may increase on November 14 at 09:00 AM UTC.
The temporarily adjusted interest rate model (IRM) for the Plasma Hyperithm USDT0 EVK Vault will soon return to its normal range. https://app.euler.finance/vault/0x0a660B3Cbd7DF118501E7Bb0f2D6eC5E5e583Bf8?network=plasma
Under the updated curve, the Borrow APR would increase to 10% at 90% utilization and to 40% at 100% utilization. This change will take effect on November 14 at 09:00 AM UTC.
TL;DR Borrowing rates for Hyperithm USDT0 EVK Vault on Plasma may increase on November 14 at 09:00 AM UTC.
The temporarily adjusted interest rate model (IRM) for the Plasma Hyperithm USDT0 EVK Vault will soon return to its normal range. https://app.euler.finance/vault/0x0a660B3Cbd7DF118501E7Bb0f2D6eC5E5e583Bf8?network=plasma
Under the updated curve, the Borrow APR would increase to 10% at 90% utilization and to 40% at 100% utilization. This change will take effect on November 14 at 09:00 AM UTC.
app.euler.finance
Vault | Euler Finance
The Lending Super App
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Announcement on mHYPER Airdrop Profit Distribution
mHYPER maintains several yield-farming positions that accrue points from underlying protocols. While realized yield from these strategies is distributed via rebasing twice per week, rewards from points exposures (airdrop tokens) are distributed separately after the respective protocol’s TGE.
Once airdrop tokens are received, they will be converted to USD at the strategist’s discretion. The distribution method depends on the relative size of the airdrop:
1. Airdrops valued below 0.1% of mHYPER AUM
– Distributed via rebasing and reflected directly in NAV.
2. Airdrops valued above 0.1% of mHYPER AUM
– Distributed via Merkl to eligible mHYPER holders.
– Rewards are claimable in mHYPER and allocated proportionally based on each holder’s time-weighted contribution to vault AUM.
– Merkl snapshots will be taken every 2 hours during the eligibility period.
Eligibility rules:
– Eligibility period: begins when mHYPER enters a points-earning position and ends when the position is exited or when the protocol’s TGE occurs (whichever comes latter).
– Expired YT holders: Holders of expired mHYPER YT remain eligible for future airdrops if their YT holding period fell within the eligibility period.
– Collateralized mHYPER: Using mHYPER as collateral on Morpho or Euler does not affect airdrop eligibility.
All airdrop profits, regardless of distribution method, are subject to the standard 20% performance fee.
mHYPER’s current points exposure includes Stable, Lighter, Cap, USDAI, Theo, Almanak, Ethena S5, Hyperbeat, and Felix (small).
mHYPER aims to maximize value capture across these positions and may realize points profits prior to TGE via points-trading platforms or OTC when appropriate. Portions of Hyperbeat points (via Rumpel) and Lighter points (via OTC) have already been realized, with proceeds distributed via rebasing.
Stable remains one of mHYPER’s largest points exposures. Holders who maintain mHYPER positions from October 24th (the date mHYPER entered the pre-deposit campaign) until the end of Stable’s Phase 1 Pre-deposit Campaign lockup (dates TBD) will be eligible to receive Stable airdrop rewards, allocated based on time-weighted contribution to vault AUM during the period.
* YT-mHYPER-20NOV2025 holders will also be eligible under the same rules.
mHYPER maintains several yield-farming positions that accrue points from underlying protocols. While realized yield from these strategies is distributed via rebasing twice per week, rewards from points exposures (airdrop tokens) are distributed separately after the respective protocol’s TGE.
Once airdrop tokens are received, they will be converted to USD at the strategist’s discretion. The distribution method depends on the relative size of the airdrop:
1. Airdrops valued below 0.1% of mHYPER AUM
– Distributed via rebasing and reflected directly in NAV.
2. Airdrops valued above 0.1% of mHYPER AUM
– Distributed via Merkl to eligible mHYPER holders.
– Rewards are claimable in mHYPER and allocated proportionally based on each holder’s time-weighted contribution to vault AUM.
– Merkl snapshots will be taken every 2 hours during the eligibility period.
Eligibility rules:
– Eligibility period: begins when mHYPER enters a points-earning position and ends when the position is exited or when the protocol’s TGE occurs (whichever comes latter).
– Expired YT holders: Holders of expired mHYPER YT remain eligible for future airdrops if their YT holding period fell within the eligibility period.
– Collateralized mHYPER: Using mHYPER as collateral on Morpho or Euler does not affect airdrop eligibility.
All airdrop profits, regardless of distribution method, are subject to the standard 20% performance fee.
mHYPER’s current points exposure includes Stable, Lighter, Cap, USDAI, Theo, Almanak, Ethena S5, Hyperbeat, and Felix (small).
mHYPER aims to maximize value capture across these positions and may realize points profits prior to TGE via points-trading platforms or OTC when appropriate. Portions of Hyperbeat points (via Rumpel) and Lighter points (via OTC) have already been realized, with proceeds distributed via rebasing.
Stable remains one of mHYPER’s largest points exposures. Holders who maintain mHYPER positions from October 24th (the date mHYPER entered the pre-deposit campaign) until the end of Stable’s Phase 1 Pre-deposit Campaign lockup (dates TBD) will be eligible to receive Stable airdrop rewards, allocated based on time-weighted contribution to vault AUM during the period.
* YT-mHYPER-20NOV2025 holders will also be eligible under the same rules.
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PT-mHYPER-29JAN2026/USDC Morpho Market on Ethereum Mainnet is now live with $3M in liquidity available for borrowing.
https://app.morpho.org/ethereum/market/0xfa5b0b24e68c993c1df02bcd6c1c774a9d3e4b311967d94ad1f2d0fee8f82a86/pt-mhyper-29jan2026-usdc
https://app.morpho.org/ethereum/market/0xfa5b0b24e68c993c1df02bcd6c1c774a9d3e4b311967d94ad1f2d0fee8f82a86/pt-mhyper-29jan2026-usdc
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Hyperithm's BTC and ETH based strategy vaults, mHyperBTC and mHyperETH, are now officially live. 🚀
Deposit BTC or ETH and earn yields!
Check out the current yields via the links below. 👇
🔗 https://midas.app/mhyperbtc
🔗 https://midas.app/mhypereth
Looking for more? We’re also running Morpho Vaults.
🔗https://app.morpho.org/ethereum/vault/0xCdbe4A5B5bAd2BC04492052Df2F881B5727d034d/hyperithm-cbbtc-degen
🔗https://app.morpho.org/ethereum/vault/0x6D6D386C4855d9b604D7E14c70526407F6272394/hyperithm-eth-degen
You can borrow mHyperBTC and mHyperETH in the following markets!
🔗https://app.morpho.org/ethereum/market/0xf2e2a93732723b3b6718425bdbb9438730d733b12803c55d98200de4e82179e1/mhyperbtc-cbbtc
🔗https://app.morpho.org/ethereum/market/0xe7b31a8f3e15de84e9cc2799c1be7ed0e2eb2ddfc5d9e9eebc9ae850a59d0e11/mhypereth-weth
Deposit BTC or ETH and earn yields!
Check out the current yields via the links below. 👇
🔗 https://midas.app/mhyperbtc
🔗 https://midas.app/mhypereth
Looking for more? We’re also running Morpho Vaults.
🔗https://app.morpho.org/ethereum/vault/0xCdbe4A5B5bAd2BC04492052Df2F881B5727d034d/hyperithm-cbbtc-degen
🔗https://app.morpho.org/ethereum/vault/0x6D6D386C4855d9b604D7E14c70526407F6272394/hyperithm-eth-degen
You can borrow mHyperBTC and mHyperETH in the following markets!
🔗https://app.morpho.org/ethereum/market/0xf2e2a93732723b3b6718425bdbb9438730d733b12803c55d98200de4e82179e1/mhyperbtc-cbbtc
🔗https://app.morpho.org/ethereum/market/0xe7b31a8f3e15de84e9cc2799c1be7ed0e2eb2ddfc5d9e9eebc9ae850a59d0e11/mhypereth-weth
midas.app
Internet Native Investing | Midas
Institutional-grade assets built for the open web.
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Update on mHYPER Lighter Airdrop Distribution
gmHYPER
We are providing a status update to keep our community informed on the mHYPER Lighter Airdrop distribution process.
-Timeline: Distribution is scheduled to commence shortly.
-Eligibility Period: September 2 - December 27, 2025
-Progress Update: All processes are progressing smoothly and remain on track.
-Next Steps: A follow-up announcement will be posted immediately once the distribution begins.
Thank you for your continued support and patience.
gmHYPER
We are providing a status update to keep our community informed on the mHYPER Lighter Airdrop distribution process.
-Timeline: Distribution is scheduled to commence shortly.
-Eligibility Period: September 2 - December 27, 2025
-Progress Update: All processes are progressing smoothly and remain on track.
-Next Steps: A follow-up announcement will be posted immediately once the distribution begins.
Thank you for your continued support and patience.
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mHyperBTC is NOW LIVE on Pendle!
Maximize your mHyperBTC yield with our new pendle market. We’ve added massive incentives for LP/YT Holders.
High APYs are waiting. Don't miss out on the early rewards!
Check out the mHyperBTC market on pendle via the links below :
https://app.pendle.finance/trade/pools/0xc60b85cef3ccfa46d9ead992c6f2c3ba319f71ed/zap/in?chain=ethereum
Maximize your mHyperBTC yield with our new pendle market. We’ve added massive incentives for LP/YT Holders.
High APYs are waiting. Don't miss out on the early rewards!
Check out the mHyperBTC market on pendle via the links below :
https://app.pendle.finance/trade/pools/0xc60b85cef3ccfa46d9ead992c6f2c3ba319f71ed/zap/in?chain=ethereum
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mHYPER Announcements
Update on mHYPER Lighter Airdrop Distribution gmHYPER We are providing a status update to keep our community informed on the mHYPER Lighter Airdrop distribution process. -Timeline: Distribution is scheduled to commence shortly. -Eligibility Period: September…
mHYPER Lighter Airdrop is now claimable on Merkl
mHYPER interactions via Morpho, Pendle, Euler, and Contango are also eligible for the distribution.
• Reward Token: mHYPER (Plasma chain)
• Eligibility period: 2 Sep - 27 Dec 2025
• Applies to mHYPER on Ethereum and Plasma
• Rewards accumulated through strategy exposure to Lighter
Check eligibility : https://app.merkl.xyz/users
mHYPER interactions via Morpho, Pendle, Euler, and Contango are also eligible for the distribution.
• Reward Token: mHYPER (Plasma chain)
• Eligibility period: 2 Sep - 27 Dec 2025
• Applies to mHYPER on Ethereum and Plasma
• Rewards accumulated through strategy exposure to Lighter
Check eligibility : https://app.merkl.xyz/users
app.merkl.xyz
Connect your wallet to track & claim your DeFi rewards
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mHYPER Announcements
gmHYPER mHYPER has secured a $25M allocation in Stable’s pre-deposit campaign last Friday. The campaign was highly competitive, and approximately 10% of mHYPER’s total AUM has been deployed into the deposit contract. As a transparent and liquid actively…
Update on Stable Pre-Deposit Token Distribution Allocation
Following Stable's Phase 1 pre-deposit campaign, mHYPER was initially excluded from the token distribution due to concerns around perceived indirect exposure to third-party participants in the ecosystem, namely Stream Finance.
After further review and direct coordination, a resolution has been reached. The Stable team worked with Hyperithm to reach an outcome that ensures fair treatment for mHYPER participants while addressing broader ecosystem considerations.
Based on the pre-deposit structure previously outlined, current proceeds from the Stable pre-deposit position do not trigger any additional distribution at this time.
Hyperithm appreciates the Stable team's engagement and commitment to protecting their community while working toward a pragmatic resolution.
Following Stable's Phase 1 pre-deposit campaign, mHYPER was initially excluded from the token distribution due to concerns around perceived indirect exposure to third-party participants in the ecosystem, namely Stream Finance.
After further review and direct coordination, a resolution has been reached. The Stable team worked with Hyperithm to reach an outcome that ensures fair treatment for mHYPER participants while addressing broader ecosystem considerations.
Based on the pre-deposit structure previously outlined, current proceeds from the Stable pre-deposit position do not trigger any additional distribution at this time.
Hyperithm appreciates the Stable team's engagement and commitment to protecting their community while working toward a pragmatic resolution.
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mHYPER Community Notice
mHYPER will begin supplying liquidity to the Hyperithm Degen Vault, Hyperithm's flagship lending vault. The allocation will be capped at 10% of mHYPER total AUM. This deployment aims to improve capital efficiency and maximize yield generation while maintaining a robust risk management framework.
Addressing Recursive Lending
As part of mHYPER's DeFi integration, mHYPER holders can borrow USDC against their vault share token via the mHYPER/USDC market on Morpho. This market is one of the whitelisted markets supplied by the Hyperithm Degen Vault.
With mHYPER supplying liquidity to the Degen Vault, part of the liquidity is rehypothecated, forming a structure broadly defined as recursive lending.
This notice outlines the structure's characteristics, benefits, and inherent risks.
Recursive Lending in DeFi
Recursive lending is a commonly used structure in DeFi. The primary risk is not recursion itself, but exposure ratios and leverage management.
Risk is amplified during market downturns, where sharp asset price declines can reduce collateral value and trigger liquidation cascades, potentially leading to bad debt if poorly configured.
When properly managed, controlled recursive lending can enhance capital efficiency and yield on otherwise idle liquidity. With conservative exposure ratios, appropriate LTV settings, reliable oracle infrastructure, and robust liquidation mechanisms, recursive structures can increase yield without compromising liquidity or collateral integrity.
Similar structures have been widely adopted by established DeFi protocols. Major asset issuers have historically deposited stablecoins reserve into lending markets such as Aave, enabling users to borrow against their issued assets. These structures are aggressively expanded during bullish markets and unwound as demand compresses in bearish environments.
mHYPER Risk Management Framework
Hyperithm will apply a conservative risk framework prioritizing mHYPER and Degen Vault's liquidity and collateral integrity while optimizing yield.
Key parameters include:
• Allocation Cap
Liquidity supplied from mHYPER to the Degen Vault is capped at 10% of mHYPER AUM.
• LLTV Adjustment
The LLTV of the mHYPER/USDC market on Morpho will be reduced from 86% to 77%.
The market has been battle-tested through periods of market stress, supported by reliable oracle feeds and independent liquidation bots. While 86% remains within acceptable risk parameters, the adjustment provides additional margin of safety against extreme tail-risk events.
mHYPER will begin supplying liquidity to the Hyperithm Degen Vault, Hyperithm's flagship lending vault. The allocation will be capped at 10% of mHYPER total AUM. This deployment aims to improve capital efficiency and maximize yield generation while maintaining a robust risk management framework.
Addressing Recursive Lending
As part of mHYPER's DeFi integration, mHYPER holders can borrow USDC against their vault share token via the mHYPER/USDC market on Morpho. This market is one of the whitelisted markets supplied by the Hyperithm Degen Vault.
With mHYPER supplying liquidity to the Degen Vault, part of the liquidity is rehypothecated, forming a structure broadly defined as recursive lending.
This notice outlines the structure's characteristics, benefits, and inherent risks.
Recursive Lending in DeFi
Recursive lending is a commonly used structure in DeFi. The primary risk is not recursion itself, but exposure ratios and leverage management.
Risk is amplified during market downturns, where sharp asset price declines can reduce collateral value and trigger liquidation cascades, potentially leading to bad debt if poorly configured.
When properly managed, controlled recursive lending can enhance capital efficiency and yield on otherwise idle liquidity. With conservative exposure ratios, appropriate LTV settings, reliable oracle infrastructure, and robust liquidation mechanisms, recursive structures can increase yield without compromising liquidity or collateral integrity.
Similar structures have been widely adopted by established DeFi protocols. Major asset issuers have historically deposited stablecoins reserve into lending markets such as Aave, enabling users to borrow against their issued assets. These structures are aggressively expanded during bullish markets and unwound as demand compresses in bearish environments.
mHYPER Risk Management Framework
Hyperithm will apply a conservative risk framework prioritizing mHYPER and Degen Vault's liquidity and collateral integrity while optimizing yield.
Key parameters include:
• Allocation Cap
Liquidity supplied from mHYPER to the Degen Vault is capped at 10% of mHYPER AUM.
• LLTV Adjustment
The LLTV of the mHYPER/USDC market on Morpho will be reduced from 86% to 77%.
The market has been battle-tested through periods of market stress, supported by reliable oracle feeds and independent liquidation bots. While 86% remains within acceptable risk parameters, the adjustment provides additional margin of safety against extreme tail-risk events.
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