Hyperwave is a liquidity protocol built on the HyperEVM, the Ethereum-compatible execution layer of the Hyperliquid blockchain. Launched in early 2025, it introduced one of the most innovative concepts in the ecosystem: liquid HLP (Hyperliquid LP) tokens. By tokenizing liquidity provider positions, Hyperwave makes them usable across multiple DeFi protocols, effectively bridging HyperCore’s orderbook liquidity with HyperEVM’s composability.
With Season 1 of its points campaign successfully completed and Season 2 now underway, Hyperwave is drawing attention from both DeFi veterans and airdrop hunters. Its unique design, strong partnerships, and ability to generate real yield make it one of the most strategic protocols to interact with on HyperEVM.
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What Is Hyperwave?
At its core, Hyperwave is a liquidity infrastructure protocol. On Hyperliquid, market-making is executed through HLP vaults, which supply liquidity to the on-chain orderbook. Hyperwave takes this a step further by issuing hwHLP, a tokenized representation of HLP deposits.
This innovation unlocks several advantages:
- Composability: hwHLP can be staked, lent, or used as collateral across DeFi.
- Transparency: Users can track their vault performance on-chain.
- Liquidity Farming: hwHLP positions accrue both trading fees and reward multipliers in other protocols.
Hyperwave effectively transforms passive liquidity into an active, composable yield-bearing asset.
How It Works
HLP Vaults and hwHLP Tokens
- Users deposit into HLP vaults.
- In return, they receive hwHLP tokens, which represent their share of the vault.
- hwHLP tokens can be freely moved and deployed in other DeFi strategies.
Yield Generation
- HLP vaults generate yield from trading fees on Hyperliquid’s perpetuals and spot markets.
- By wrapping HLP into hwHLP, Hyperwave allows users to compound yields through integrations with lending, borrowing, and staking protocols.
- Typical APYs range from 20–30%, depending on market conditions.
Cross-Protocol Integrations
Hyperwave is designed for composability across HyperEVM. hwHLP is already integrated with:
- HyperLend: Use hwHLP as collateral to borrow stablecoins.
- HypurrFi: Leverage hwHLP in recursive loops for boosted yield.
- Felix: Deploy hwHLP in yield strategies optimized for stable returns.
- Pendle: Tokenize future yield from hwHLP, enabling YT (Yield Token) trading.
This multi-protocol synergy is one of the reasons Hyperwave has grown so quickly in relevance.
Key Differentiators
- Pioneering Liquid HLP Model
- First protocol to tokenize Hyperliquid’s LP vaults.
- Brings new composability to an otherwise closed system.
- Real Yield, Not Emissions
- Yields come from trading activity, not unsustainable token emissions.
- This provides a reliable base APY of 5~20%.
- Strong Ecosystem Partnerships
- Integrated with leading DeFi protocols on HyperEVM.
- Supported by Pendle for yield tokenization, expanding farming opportunities.
- Seasonal Points System
- Clear, time-boxed campaigns with retroactive rewards.
- Season 1 already distributed allocations; Season 2 expands incentives further.
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How to Farm Hyperwave Season 2
The Season 2 points campaign began in September 2025 and will run for several weeks. Interacting with the protocol now is the primary way to qualify for the upcoming Hyperwave airdrop.
Ways to Earn Points
- Deposit into HLP Vaults
- Choose between vault HYPE.
- Receive hwHLP tokens in return.
- Earn base APY + Season 2 points.
- Use hwHLP in DeFi
- Stake hwHLP in partner protocols like HyperLend, HypurrFi, or Felix.
- Each integration may grant bonus multipliers on points.
- Pendle Yield Farming
- Tokenize hwHLP into YT (Yield Tokens).
- Trade or hold YT for additional upside.
Tips for Maximizing Rewards
- Hold hwHLP for the entire season – longer deposits usually earn more points.
- Leverage integrations – combining hwHLP with lending/borrowing compounds rewards.
- Monitor multipliers – certain pools may rotate with higher boosts.
Hyperwave has quickly established itself as a core protocol of the HyperEVM ecosystem. Its role in unlocking liquidity from HLP vaults, combined with strong integrations and a structured points program, makes it one of the most strategic protocols for both yield farmers and airdrop hunters.
Season 2 of its campaign is particularly attractive: the combination of real yield, multipliers from integrations, and potential token rewards makes interacting now a high-value play. Even small deposits into hwHLP can go a long way if used strategically across DeFi.
For those actively farming across HyperEVM, Hyperwave is almost a mandatory stop—both for its yields and its airdrop potential.
🔗Links
Hyperwave: Official Website
Hyperwave Documentation: Docs
Disclaimer
This is not financial advice. If you decide to interact with the mentioned protocols, you do so at your own risk. Airdrop Guild is not responsible for any potential losses resulting from participation. Always do your own research before engaging with blockchain-based projects.