Lenders deposit assets into HyperLend and earn interest paid by borrowers (supply-side fees); the protocol keeps a share of that interest as revenue, set per reserve by the reserve factor.

HyperLend is a non-custodial lending protocol on HyperEVM. Core Pools are an Aave v3.2 friendly fork (pooled lending); Isolated Pools are a FraxLend v3 fork (isolated pair markets).

HPL tokenholders own and govern HyperLend, the credit and liquidity layer for the Hyperliquid ecosystem.

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# HyperLend Treasury (net) Methodology

## 1. Overview

Treasury (net) is measured as the total value of the onchain treasury of HyperLend, excluding its own HPL governance token. This metric is used to assess the reserve of stablecoins and other independent assets held by the protocol to fund ongoing operations, development, and ecosystem growth. By excluding the protocol's own governance token, a more conservative and liquid representation of the protocol's financial runway is provided.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers and net token flows for the HyperLend `Collector` contract, covering HyperEVM
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Token flow extraction

- **Purpose**: Capture daily net token flows for the treasury address
- **Logic**: Daily token flows are extracted for the HyperLend `Collector` address (`0xa9a7e0e91689c49bf9f2a15a768caebba6a5eec5`) on HyperEVM. The protocol's own HPL governance token (`0xbd6dab50f03a305a80037294fa8d1a9dc0cac91b`) is filtered out to isolate treasury holdings in independent assets.
- **Key fields**: `account_address`, `token_address`, `value`

### Component B: Cumulative balance tracking

- **Purpose**: Calculate the running balance of each non-HPL asset in the treasury
- **Logic**: Daily net flows are aggregated cumulatively over time to compute the running balance for each asset. To ensure continuous daily tracking, balances are propagated forward for days without active transfers.
- **Key fields**: `timestamp`, `token_address`, `balance`

### Component C: USD conversion and normalization

- **Purpose**: Normalize asset balances and convert them to USD
- **Logic**: Asset balances are normalized by decimal precision using asset metadata. The normalized balances are then multiplied by end-of-day asset prices to determine the daily USD value of the net treasury.
- **Key fields**: `balance`, `price_usd`, `amount`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value of a project's treasury excluding its native token.

HyperLendHPL

Treasury (net)

Treasury (net)

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