Felix Protocol (N/A)

Felix is a DeFi platform on the Hyperliquid network designed to address key gaps in its ecosystem with dedicated on-chain financial services. It is a customized fork of the Liquity V2 protocol, adapted specifically for the Hyperliquid ecosystem and its needs.

The platform provides users with a diverse set of borrowing and lending products to access liquidity and earn yield on crypto assets. These include:

• Vanilla Markets: Felix delivers one of the first money markets on Hyperliquid, offering over 10 of the most popular assets for borrowing and lending;
   
• feUSD: A CDP-backed stablecoin that can be minted by depositing collateral to the platform and used across multiple Hyperliquid DeFi apps, or deposited into the Felix protocol Stability Pool Hyperliquid to earn a share of fees and feUSD borrow yield;
   
• CDP Market: The backing mechanism of the feUSD stablecoin, letting users deposit HYPE or UBTC and mint feUSD at an interest rate they set themselves. When feUSD depegs below $1, arbitrageurs redeem stablecoins from the lowest-APR positions to stabilize its price, creating a dynamic rate equilibrium for the market;
   
• Spot and Perp DEX: Felix Protocol Hyperevm also operates a DEX, enabling users to trade across 200+ crypto assets, equities, and U.S. stocks for both spot and perp trading, through the integration of Hyperliquid's HIP-3 and Ondo's RWA technologies. On June 8, 2026, the project announced the shutdown of its HIP-3 markets due to $USDH sunset.

Read more about Felix Protocol Hyperliquid products in its docs.

🪙 Felix token: As of March 2026, Felix has not disclosed any plans to launch a native token. However, starting from April 2025, the platform launched a points farming program and trading contests measuring user contributions to the development of the Felix Protocol crypto ecosystem.
 

Our team assumes that if a Felix token launch is announced, points will be the main criteria for users to qualify for a potential Felix airdrop. With this in mind, the CoinLaunch team conducted a complete overview of the Felix protocol DeFi  platform and outlined its key pros and cons:
 

✅ Felix Pros:

• Built within the strong and rapidly developing Hyperliquid ecosystem;
• Over $140M in TVL and nearly $2B in cumulative trading volume;
• More than $800K in revenue generated;
• Strong partner network, including Hyperliquid and Ondo.
   

❌ Felix Cons:

• The DeFi token narrative is currently weak;
• Felix Protocol was audited only once by Dedaub;
• DeFi app tokens often have limited real utility;
• No token launch officially confirmed yet;
• Below-average digital marketing performance;
• No disclosed information about backers;
• The team is active only on Twitter, making identity verification difficult.