Backed Finance vs Silo Finance
Hyperliquid ecosystem comparison · RWA Perps
Best for TradersQuick Take
Backed Finance Swiss-regulated tokenized stocks and bonds for on-chain RWA exposure on HyperEVM on Multi-Layer, while Silo Finance Isolated lending markets ensuring risk containment for any token on HyperEVM on Multi-Layer. They serve different niches in the Hyperliquid ecosystem.
Based on public data for Backed Finance and Silo Finance. Key differentiators: layer deployment, fee structure, liquidity depth, and community adoption. Last reviewed: Mar 2026.
Backed Finance
Multi-LayerSwiss-regulated tokenized stocks and bonds for on-chain RWA exposure on HyperEVM
backedassets.fi
Silo Finance
Multi-LayerIsolated lending markets ensuring risk containment for any token on HyperEVM
silo.financeOverview
Backed Finance
Backed Finance is a Swiss-regulated issuer of on-chain tokens backed 1:1 by real-world financial assets including US Treasury bonds, equity ETFs, and individual company stocks. Backed's bTokens are fully transferable ERC-20 tokens that track the price of their underlying TradFi asset, enabling DeFi protocols on HyperEVM to offer exposure to traditional financial markets within their yield strategies and collateral frameworks. For Hyperliquid's RWA perps vision, Backed provides the underlying tokenized assets that power perpetual trading on real-world equities and bonds directly on-chain. Backed's regulatory compliance in Switzerland ensures that institutional participants can interact with these tokens in a legally compliant manner, bridging the gap between TradFi and the Hyperliquid DeFi ecosystem. Its transparent reserve model and regular audits provide confidence for protocols that wish to use tokenized stocks as collateral or reference assets for derivatives.
Visit websiteSilo Finance
Silo Finance is an isolated lending market protocol where each asset gets its own lending silo, ensuring that a compromise in one market cannot cascade to others. By pairing each asset with a bridge asset (ETH or stablecoins), Silo achieves risk isolation while maintaining capital efficiency for borrowers. This architecture is particularly valuable on HyperEVM where newer Hyperliquid spot tokens carry varying risk profiles. Silo v2 introduces permissionless market creation with configurable interest rate models and liquidation mechanisms, enabling any project to deploy a lending market for their token on Hyperliquid. The protocol's battle-tested security model and isolation-first design make it attractive for long-tail asset markets that larger monolithic protocols cannot safely support. Silo's architecture allows the Hyperliquid ecosystem to support lending for any HIP-1 token without threatening the security of other markets.
Visit websiteFeature Comparison
| Feature | ||
|---|---|---|
| Layer | Multi-Layer | Multi-Layer |
| Category | RWA Perps | Lending & Borrowing |
| Status | Active | Active |
| Launch Year | — | — |
| Website | backedassets.fi | silo.finance |
| — | — | |
| GitHub | Not public | Not public |
| Verified | Unverified | Unverified |
| Tags | — | — |
Score Comparison
Feature Matrix
| Feature | ||
|---|---|---|
| Open Source | ✗ | ✗ |
| Verified | ✗ | ✗ |
| Has Website | ✓ | ✓ |
| Has Twitter | ✗ | ✗ |
| Has GitHub | ✗ | ✗ |
| Active Status | ✓ | ✓ |
Key Differences
Category Focus
Backed Finance is focused on rwa perps, while Silo Finance targets lending & borrowing. They serve different user needs within the Hyperliquid ecosystem.
When to Use Each
Choose Backed Finance if you...
- ✓Want a rwa perps solution on Multi-Layer
- ✓Need: Swiss-regulated tokenized stocks and bonds for on-chain RWA exposure on HyperEVM
Choose Silo Finance if you...
- ✓Want a lending & borrowing solution on Multi-Layer
- ✓Need: Isolated lending markets ensuring risk containment for any token on HyperEVM
Ecosystem Integration
Backed Finance
Backed Finance operates on Multi-Layer (spans multiple hyperliquid layers). Spanning multiple layers lets it combine the strengths of each, though integration complexity is higher.
Silo Finance
Silo Finance operates on Multi-Layer (spans multiple hyperliquid layers). Spanning multiple layers lets it combine the strengths of each, though integration complexity is higher.
Both protocols share the same layer, maximizing composability potential.
Community Verdict
Which do you prefer?
Share your experience with Backed Finance or Silo Finance to help others in the Hyperliquid community make better decisions.
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