hwHLP, issued by Hyperwave Labs Corporation, is a tokenized yield-bearing vault token providing economic exposure to Hyperliquid's Hyperliquidity Provider (HLP) vault through a non-custodial Boring Vault that deploys deposited capital into HLP market-making and liquidation strategies. [S1][S2][S3]

Each hwHLP token is a 1-to-1 representation of digital assets deposited into the corresponding vault, accepting USDe, USDT/USDT0, and USDHL, which strategists convert to U.S. dollar coin (USDC) for deposit into the HLP vault. [S2][S3] Yield accrues into the token's onchain exchange rate as the vault appreciates, rather than paying coupons. [S3] Holders bear a 10% performance fee on realized gains, implemented as a dynamically adjusting management fee at each repricing. [S2][S4]

The issuing entity is Hyperwave Labs Corporation, with a Panama nexus indicated by its arbitration venue. [S1] No prudential regulator licenses the Company, which states it is a developer and provider of software and is not a broker, fund management agency, fund manager, or financial institution; a MiCAR crypto-asset white paper has not been approved by any EU competent authority. [S1][S5] Tokens are hw-Liquidity Tokens redeemable for deposited assets, creating no fiduciary duties. [S1] Public-vault users must meet age, AML and KYC checks, avoid sanctions lists, and not reside in Restricted Jurisdictions; vaults are non-custodial, managed via six operational multisigs with publicly listed addresses. [S1][S6]

hwHLP is an ERC-20 token following the Boring Vault standard, deployed on HyperEVM and available on Ethereum Mainnet using identical contract addresses, with bridging via LayerZero. [S2][S7] Holders deposit eligible stablecoins to mint at the current exchange rate, while redemptions run through a batched queue settling on HyperEVM from roughly one minute to five days. [S3][S8] An onchain oracle publishes the exchange rate from vault state. [S3]

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    { id: "S2", url: "https://docs.hyperwavefi.xyz/public-vaults/hyperwave-hlp.md" },
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    { id: "S5", url: "https://docs.hyperwavefi.xyz/references/micar-whitepaper.md" },
    { id: "S6", url: "https://docs.hyperwavefi.xyz/public-vaults/hyperwave-hlp/transparency-and-decentralization.md" },
    { id: "S7", url: "https://docs.hyperwavefi.xyz/about/hyperwave.md" },
    { id: "S8", url: "https://docs.hyperwavefi.xyz/public-vaults/hyperwave-hlp/redemption-guide.md" },
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Tokenized funds

Hyperwave operates through smart contracts that automate trading strategies and liquidity management across multiple DeFi protocols and chains. The platform generates revenue through performance fees and protocol incentives, utilizing algorithmic strategies to optimize yield generation while providing users with transparent, non-custodial access to advanced DeFi trading capabilities.

The project offers sophisticated DeFi trading tools including automated market making, yield optimization strategies, and liquidity provision services. Hyperwave focuses on creating efficient capital allocation mechanisms through decentralized protocols that enable users to maximize returns while managing risk across various DeFi ecosystems.

Hyperwave is a decentralized finance (DeFi) protocol that provides advanced trading and liquidity management solutions on blockchain networks.

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Real-world asset (RWA) issuers

Hyperwave

Hyperwave HLP (hwHLP) is a tokenized fund share issued by Hyperwave.

Holders can mint and redeem directly with Hyperwave in USDT0, USDe, and USDhl.

hwHLP has been issued on HyperEVM as an ERC-20 token since June 2025.

Hyperwave HLPhwHLP

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