Felix | Decentralized Borrowing Protocol Built on Hyperliquid L1
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Felix Protocol is a decentralized borrowing protocol running on Hyperliquid L1. By using crypto assets as collateral to mint the stablecoin $feUSD, you can leverage it across a variety of DeFi strategies. This article covers an overview of Felix, its key features, and how to participate in the points program.
👉 Visit the Felix official site
Project Overview
| Item | Details |
|---|---|
| Chain | Hyperliquid L1 (HyperEVM) |
| Category | DeFi / Decentralized Borrowing Protocol |
| Stage | Mainnet (since April 2025) |
| Funding | Seed round (Hash3, Tioga Capital Partners / June 2025 / amount undisclosed) |
| TVL | Over $1B (achieved September 2025) |
Felix Protocol is a decentralized borrowing protocol running on Hyperliquid L1, a high-performance blockchain. Hyperliquid L1 employs the HyperBFT consensus algorithm, combining an on-chain order book (HyperCore) with a general-purpose smart contract environment (HyperEVM) in a next-generation L1 blockchain.
Felix is built on the proven DeFi protocol "Liquity V2" with significantly enhanced security, allowing users to mint the USD-pegged stablecoin $feUSD using crypto assets such as $BTC, $ETH, $SOL, and $HYPE as collateral. It features a multi-layered security framework including mint caps, audits by specialized firms (Dedaub and Coinspect), and continuous risk monitoring in partnership with Anthias Labs. In September 2025, TVL (total value locked) surpassed $1B, cementing Felix as a rapidly growing core DeFi protocol within the Hyperliquid ecosystem. The project has also completed a seed round of funding from Hash3 and Tioga Capital Partners (June 2025, amount undisclosed), providing a solid development foundation.
What Makes It Great (Features & Strengths)
- Ultra-high performance of Hyperliquid L1: HyperBFT consensus delivers fast, low-cost transactions for a CEX-like experience
- Robust architecture based on Liquity V2: Audited by Dedaub and Coinspect, with additional proprietary security features including mint caps and emergency stop functionality
- Proven TVL milestone of $1B: Achieved TVL of $1B in September 2025, growing into one of the largest DeFi protocols on Hyperliquid
- Diverse yield opportunities: Flexible DeFi strategies including stable pool yields, leverage strategies, and DEX liquidity provision
- Tokenized equities via Ondo partnership: Partnered with Ondo Global Markets to plan the launch of tokenized equities (spot equities) on HyperEVM
Airdrop & How to Participate
Felix runs a points program with future token airdrops anticipated. Season 1 launched in April 2025, transitioning to the Season 2 points program in January 2026. Polymarket prediction markets also suggest the possibility of a TGE (token generation event) by end of 2026, making early participation and point accumulation important.
- Connect your wallet at the Felix official site (usefelix.xyz)
- Borrow $feUSD using $BTC, $ETH, $SOL, $HYPE, or other assets as collateral
- Supply the borrowed $feUSD to the stable pool to earn points and yield
- Provide liquidity for $feUSD pairs on HyperSwap and other platforms to earn bonus points
- Share your referral link to earn even more points
Roadmap
- Testnet beta: Deployment complete
- Mainnet launch: Launched in April 2025
- TVL $1B milestone: Surpassed in September 2025
- Season 2 points launch: Began in January 2026
- $HUSD initiative: Plans to launch a fiat-collateralized stablecoin
Ecosystem & Partnerships
- Ondo Global Markets: Partnership to launch tokenized equities (spot equities) on HyperEVM, driving expansion into asset classes beyond traditional DeFi
- KittenSwap / HyperSwap: $feUSD liquidity integration with DEXes on Hyperliquid. Complementary relationship with HyperLend and other ecosystem protocols. LP provision also eligible for points
- Anthias Labs: Partnership with a DeFi risk management firm for continuous risk monitoring
- Dedaub / Coinspect: Security audit partners. Smart contracts planned for open-sourcing after all audits are complete
Resources & Links
Summary
- Decentralized borrowing protocol on Hyperliquid L1 — mint the stablecoin $feUSD using crypto assets as collateral
- TVL surpassed $1B with Season 2 points underway — high expectations for future token airdrops
- Tokenized equities planned via Ondo Global Markets partnership — rapidly expanding its range of services
Disclaimer
- ・This article is created for informational purposes only and should not be used to solicit the sale, purchase, or underwriting of cryptocurrencies, securities, or other financial products, nor should it be considered an invitation to engage in such transactions, or constitute financial or investment advice.
- ・The information and opinions in this article are obtained from sources that we believe to be reliable, but we do not guarantee their accuracy, completeness, suitability, timeliness, or truthfulness.
- ・We, the authors, and all related parties are not responsible for any damage or loss caused by or related to the information published in this article. Cryptocurrencies involve hacking and other risks, so please conduct thorough research before using them.
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