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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  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://hyperwavefi.xyz/terms" },
    { id: "S2", url: "https://docs.hyperwavefi.xyz/public-vaults/hyperwave-hlp.md" },
    { id: "S3", url: "https://docs.hyperwavefi.xyz/public-vaults/hyperwave-hlp/technical-details.md" },
    { id: "S4", url: "https://docs.hyperwavefi.xyz/public-vaults/hyperwave-hlp/fee-implementation.md" },
    { 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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# Asset senders (monthly) methodology

## 1. Overview

Asset senders (monthly) is defined as the number of unique addresses from which asset transfers are initiated over a rolling 30-day period. For each tracked asset, outgoing transfer transactions are analyzed across supported blockchains to identify the sending addresses. These addresses are deduplicated over a 30-day window to represent the monthly active sender base. This metric is utilized to evaluate user adoption, transactional activity, and the overall utility of tokenized assets.

## 2. Data sources

- **EVM chain events**: Token transfer events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions
- **Aptos, Sui, Cardano, and Stellar Classic data**: Token withdraw transactions
- **Stellar Soroban, Algorand, Near, Injective, and Ripple data**: Token transfer transactions
- **Polkadot Asset Hub events**: `Transferred` events from `assets` pallets
- **Asset metadata**: Token contract addresses and decimal precision

## 3. Step-by-step calculation

### Component A: Extract daily asset senders

- **Purpose**: Identify unique addresses initiating transfers on a daily basis
- **Logic**: On EVM-compatible chains, token transfer events are parsed to extract the sender address from the transaction, excluding the zero address. On Solana, token transfer instructions are parsed to identify the authority address. On Aptos, Sui, Cardano, and Stellar Classic, token withdraw transactions are parsed to extract the account address. On Stellar Soroban, Algorand, Near, and Injective, token transfer transactions are parsed to extract the sender address, excluding null addresses. On Ripple, token transfer transactions with negative values are parsed to identify the sending account address. On Polkadot Asset Hub, `Transferred` events from `assets` pallets are parsed to extract the sender address. For all chains, the extracted addresses are grouped by day and token address to produce a daily record of unique senders.
- **Key fields**: `timestamp` (block day), `token_address` (asset identifier), `sender_address` (initiating address)

### Component B: Aggregate rolling monthly senders

- **Purpose**: Calculate the unique sender count over a rolling 30-day window
- **Logic**: A daily datespine is generated to establish a continuous timeline. For each day in the timeline, a 30-day lookback window is constructed, encompassing the current day and the preceding 29 days. Daily sender addresses collected within this window are aggregated and deduplicated. The total number of unique, deduplicated addresses is then counted for each asset on each day.
- **Key fields**: `timestamp` (calculation day), `token_address` (asset identifier), `asset_senders` (unique monthly sender count)

### Component C: Final aggregation and zero-filling

- **Purpose**: Combine data across chains and fill missing activity days
- **Logic**: The deduplicated monthly sender counts are aggregated at both the individual chain level and the global asset level. For days where no transfer activity is recorded for a tracked asset, the metric is filled with zero values to maintain a continuous time series.
- **Key fields**: `timestamp` (reporting day), `chain_id` (blockchain identifier), `token_address` (asset identifier), `asset_senders` (final monthly unique sender count)

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

Unique asset senders over a rolling 30-day window.

Asset senders (monthly)

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