Hyperdrive Crypto Protocol (N/A)

Hyperdrive is a DeFi hub on Hyperliquid L1 that combines major Web3 financial tools within a single app. These mainly include:

• Lending market: Hyperdrive supports over five major stablecoins on Hyperliquid, including the network’s native $HUSD stablecoin, as well as its utility token $HYPE, enabling lending and borrowing on the platform.
   
• Liquid staking protocol: Hyperdrive features its own $HYPE liquid staking token, $HYPED, with a 0% management fee for stakers. This allows users to access all the benefits of $HYPE liquid staking while earning the maximum available $HYPE staking APR.

Learn more about Hyperdrive’s features in its docs.

Hyperdrive major incidents 🔍

The platform was initially built as a cross-chain DeFi protocol focused on the BSC ecosystem under the name Ambit Finance, offering sustainable stablecoin yields generated from borrowing demand and yield-creation strategies. In 2022, the project received private funding from YZi Labs (formerly Binance Labs) and launched its native $AMBIT token. However, it promised, but ultimately failed to deliver, the Ambit Finance airdrop.

On September 27, 2025, the platform experienced a $700K exploit due to a vulnerability in one of its smart contracts. Shortly after the incident, the team returned users’ funds, although the project’s reputation was likely damaged as a result.

🪙 Hyperdrive token: The project is running an active points farming campaign, hinting at a potential token release and a Hyperdrive airdrop for the most active users of the platform.

According to a recent reply from the team on Twitter, the airdrop will also include users from Ambit Finance to compensate BSC users for the previously promised airdrop.
 

Taking this information into account, the CoinLaunch team analyzed the Hyperdrive crypto project and prepared the following list of pros and cons:

✅ Hyperdrive pros
 

• The Hyperliquid ecosystem is in relatively good shape, despite TVL retracing from its September 2025 peak, which could still support the project’s growth;
• The product aligns well with the current “on-chain” yield narratives in the market;
• Multiple security audits have been conducted, although they did not prevent a platform exploit;
• Above-average SMM score;
• A solid network of funds invested in the project, including Delphi Ventures, Arrington Capital, and others;
• The platform claims ongoing support from YZi (Binance) Labs, despite its transition away from the Binance ecosystem;
• A strong network of partners, even excluding Binance Labs, such as Ethena and Hyperliquid.

❌ Hyperdrive cons
 

• No publicly available information on tokenomics yet;
• Despite multiple security audits, the Hyperdrive exploit on Hyperliquid on September 27, 2025 still occurred;
• Weak Marketing Infrastructure and Growth Marketing scores;
• Poor SEO, PR, and Influencer Marketing performance;
• Unclear airdrop status and communication, considering the feedback from Ambit Finance crypto platform users;
• The team is anonymous, although it remains active on Twitter.