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Figure Heloc Hyperwave Launches hwHLP: Making Market-Making Income Liquid and Accessible
David Rich 
In a move that could reshape how users tap into the revenue streams of decentralized finance, Hyperwave has introduced hwHLP—the first liquid token designed to earn yield from the Hyperliquidity Provider vault, or HLP. It’s a milestone for Hyperwave, a project aiming to become the go-to DeFi super app on the HyperEVM.
Until now, market-making, liquidation profits, and trading fees were typically reserved for a select group of insiders or institutions. Hyperwave’s HLP flips that model on its head, giving everyday users a way to share in those rewards through a community-owned vault. Now, with the launch of hwHLP, those benefits become even more accessible and composable.
Instead of locking up funds in a static vault, users can now deposit stablecoins like USDe or USDT0 and receive hwHLP tokens in return—tokens that not only represent a user’s share of the HLP vault, but also accrue yield over time. These tokens can be freely used across the HyperEVM ecosystem, opening the door to new DeFi opportunities, from boosted staking to lending and collateralization.
The initiative is backed by several core players in the HyperEVM ecosystem, including Hypurrfi, Felix, and Kittenswap, and supported by infrastructure heavyweights like RedStone, LayerZero, and Pyth. Crucially, hwHLP and its underlying assets are designed to work across chains without the need for wrapping, thanks to multi-chain capabilities via LayerZero and USDT0.
So how does it work in practice?
Users deposit stablecoins and instantly receive hwHLP in their wallets. From that moment, the tokens begin to earn a share of HLP’s revenue. But it doesn’t stop there—holders can plug hwHLP into other protocols to amplify their returns. For example, protocols like Hyperswap and Kittenswap already offer yield-boosting incentives for hwHLP users. In the near future, even more integrations are expected to support looping strategies, lending products, and advanced DeFi tools.
And to kick things off, Hyperwave is waiving all fees for the first 90 days. Even after that period, the project promises to keep fees well below industry averages.
Daniel Dizon, founder of both Swell and the Hyperwave DAO, sees this as just the beginning. “Hyperwave was built to help Hyperliquid become the home of global finance,” he explained. “Our goal is to unlock real utility and liquidity for everyone, not just whales or insiders. hwHLP is a step toward that future—one where DeFi tools are open, scalable, and actually rewarding to everyday users.”
More than just a new token, hwHLP represents a broader shift in how DeFi communities think about yield, liquidity, and access. By turning what was once locked and static into something liquid and usable, Hyperwave is laying the groundwork for more advanced financial tools to thrive on-chain.
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