Backed Finance vs Wormhole

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.

Wormhole

Wormhole is one of the most widely used and battle-tested cross-chain messaging protocols in DeFi, enabling asset transfers and arbitrary message passing between 30+ blockchains including Hyperliquid, Ethereum, Solana, Arbitrum, Optimism, BNB Chain, Polygon, Aptos, Sui, and more. Since its launch in 2021, Wormhole has processed hundreds of billions in cross-chain value, establishing itself as a cornerstone of multi-chain DeFi infrastructure. Wormhole architecture is built around a decentralized Guardian network, a set of 19 reputable validators including Jump Crypto, Certus One, and other institutional node operators, who attest to cross-chain messages using threshold signatures. This design provides high security and liveness: as long as a supermajority of Guardians are honest and online, messages are processed reliably and without centralized points of failure. For Hyperliquid users, Wormhole provides critical bridging infrastructure to move assets from major ecosystems into HyperEVM. Its Native Token Transfers framework enables protocols to deploy tokens with native cross-chain transferability without wrapped equivalents or liquidity pool dependencies, ensuring canonical token supply integrity across chains. For Hyperliquid-native projects expanding multi-chain, this dramatically simplifies token architecture and eliminates liquidity fragmentation. Wormhole integration with Circle Cross-Chain Transfer Protocol enables native USDC bridging, moving the actual USDC asset rather than a wrapped representation, which is increasingly preferred by institutional users managing large stablecoin positions into HyperEVM liquidity pools. The Wormhole Gateway built on Cosmos acts as a routing hub for cross-chain liquidity, optimizing flows between IBC ecosystems and EVM chains including HyperEVM, enabling deeper integration between the Cosmos DeFi stack and Hyperliquid trading infrastructure. Developers building on HyperEVM can leverage Wormhole SDK and developer tooling to integrate cross-chain functionality with minimal overhead, querying Guardian attestations, relaying messages, and managing multi-chain token registries through well-documented APIs. Wormhole is designed for protocol builders requiring robust cross-chain infrastructure, retail users bridging assets into Hyperliquid ecosystem, and institutional participants needing high-reliability multi-chain message passing with a proven security and uptime track record.

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 Wormhole if you...

• ✓Want a bridges & cross-chain solution on Multi-Layer
• ✓Need: Leading cross-chain messaging protocol bridging assets to Hyperliquid