HyperSwap vs Solv Protocol

HyperSwap

HyperSwap is the first and most established native automated market maker (AMM) built on HyperEVM, Hyperliquid's EVM-compatible smart contract execution layer. Launched in early 2025 when HyperEVM went live, HyperSwap functions as the foundational liquidity hub of the HyperEVM ecosystem, providing the AMM infrastructure that powers swaps, LP incentives, and DeFi composability for the entire chain. Its token is traded under the ticker SWAP, with a token generation event (TGE) structured around a points accumulation campaign. HOW IT WORKS HyperSwap is architecturally a fork of Uniswap V2 and V3, adapted and deployed natively on HyperEVM. It runs two distinct pool types: a V2 implementation using the constant product (x*y=k) formula, where liquidity is spread uniformly across all price ranges, making it simple for passive LPs; and a V3 implementation that supports concentrated liquidity, allowing LPs to specify price ranges where their capital is actively deployed to earn a higher share of trading fees. Trades on HyperSwap execute directly against these liquidity pools via EVM smart contracts, with pricing determined algorithmically by pool ratios rather than an order book. Every swap incurs a fee that accrues to liquidity providers in proportion to their pool share. HyperSwap also runs an incentive layer via xHSPX (vote-escrowed SWAP), where users who lock SWAP tokens can direct liquidity mining emissions to specific pools, following a model pioneered by Curve Finance's veTokenomics. The protocol integrates with Thunderhead's liquid staking module, enabling users to stake HYPE directly through HyperSwap's interface in exchange for stHYPE, with HyperSwap-native incentives (HSPX) offered on top of staking yields. This creates a composable DeFi stack where users can simultaneously earn staking rewards, LP fees, and protocol emissions within one interface. KEY FEATURES - Dual AMM Architecture: V2 passive pools and V3 concentrated liquidity pools serve different LP risk profiles and strategies - Native HyperEVM Deployment: Built from the ground up on HyperEVM, providing chain-native speed and EVM compatibility without bridging or compatibility layers - veToken Incentive System: SWAP holders can lock tokens for xHSPX to direct liquidity emissions, aligning long-term liquidity with protocol governance - stHYPE Staking Integration: Partnership with Thunderhead allows users to stake HYPE and receive stHYPE through the HyperSwap interface, with additional HSPX point incentives - Points-Based Airdrop: A structured points program rewards swap volume and LP activity ahead of the SWAP token TGE TEAM AND BACKING HyperSwap was co-founded by CryptoPoulpe (known in French crypto communities as a prominent trader and KOL who was among the earliest public advocates for Hyperliquid in France) and Ryzed, an operator who left a traditional career to focus full-time on Hyperliquid development. The two met through crypto trading circles and were building HyperSwap while staying together in Bali during the HyperEVM beta phase, where they identified the need for a native AMM as the chain's first critical infrastructure gap. The broader HyperSwap team extends beyond the two founders. The project has reached a Strategic / Series A funding stage according to ecosystem trackers, implying institutional backing, though specific investors and round sizes have not been publicly confirmed. The team operates on Hyperliquid exclusively and has signaled no plans to deploy on other chains. TRACTION AND METRICS HyperSwap launched at the inception of HyperEVM in mid-February 2025 and quickly became the dominant on-chain AMM by liquidity. DefiLlama tracks HyperSwap's TVL, fees, and volume, confirming its status as one of the top protocols by TVL on HyperEVM. The protocol has active pools for major trading pairs including HYPE/USDC, HYPE/WETH, and HyperEVM token pairs launched through the ecosystem. HyperSwap's LP pools are consistently cited as primary liquidity sources by HyperEVM DEX aggregators including Gliquid, LiquidSwap, HyperBloom, and Laminar, confirming its position as the deepest native liquidity source on the chain. The SWAP token has an active secondary market, with the SWAP/WHYPE pair trading on HyperEVM. The points program has attracted significant user participation ahead of the TGE. HyperSwap is cited as one of the highest-traffic HyperEVM dApps, processing a substantial share of all HyperEVM swap volume. COMPETITIVE POSITION HyperSwap's primary competitors on HyperEVM are KittenSwap, Laminar, Hybra, ProjectX, and Valantis. KittenSwap is its most direct AMM rival, while Laminar competes as a liquidity engine with direct HyperCore order book access. HyperSwap's advantage is first-mover status and the deepest aggregate liquidity in the ecosystem, which creates a flywheel: more liquidity attracts more volume, generating more fees, which attracts more LPs. Against the broader DeFi AMM landscape, HyperSwap's Uniswap V2/V3 fork architecture is technically well-understood and battle-tested, reducing smart contract risk, but it does not offer architectural differentiation beyond the Hyperliquid chain context. The veToken model borrowed from Curve is proven but introduces complexity for retail users and creates governance competition dynamics. Its moat is therefore primarily chain-native advantage and liquidity network effects rather than protocol innovation. HYPERLIQUID INTEGRATION HyperSwap is a HyperEVM-native protocol that interfaces with Hyperliquid's chain at the execution layer. Users must transfer assets from HyperCore's spot or perp accounts to HyperEVM before interacting with HyperSwap. The protocol benefits from HyperEVM's sub-second block finality and low transaction costs, which make AMM swaps economically viable at smaller sizes than on chains like Ethereum mainnet. HyperSwap does not directly use HyperCore's order book or HIP-3 infrastructure, but its role as the primary HyperEVM liquidity layer means it is deeply integrated with the Hyperliquid ecosystem's overall composability. Every new token, protocol, or DeFi primitive launched on HyperEVM typically bootstraps initial liquidity through HyperSwap pools, cementing its position as DeFi infrastructure rather than a standalone application. RISKS AND CONSIDERATIONS HyperSwap's core risk is architectural commoditization — Uniswap V2/V3 forks are abundant across DeFi, and if a technically superior AMM (such as Gliquid's V4-based pools) attracts deeper liquidity, HyperSwap could lose its dominant position. The veToken system introduces centralization of governance power among large SWAP holders, which can direct emissions in ways that benefit insiders at the expense of protocol efficiency. Smart contract risk, while mitigated by using Uniswap's proven codebase, is present for HyperEVM-specific modifications and the Thunderhead integration module. The TGE timeline has not been officially disclosed, creating uncertainty for LP and airdrop participants who have allocated capital based on token reward expectations. If the TGE is delayed or the token economics are unfavorable, participation incentives may collapse rapidly. Finally, as a HyperEVM-only protocol, HyperSwap's success is entirely correlated with Hyperliquid ecosystem growth — a slowdown in HyperEVM adoption directly impacts the protocol's core metrics.

Solv Protocol

Solv Protocol is a decentralized yield layer for Bitcoin, offering SolvBTC, a yield-bearing BTC wrapper that generates returns from institutional-grade Bitcoin strategies including options selling, delta-neutral lending, and algorithmic market-making. By wrapping BTC into SolvBTC, holders earn Bitcoin-denominated yield without selling their BTC exposure, enabling idle Bitcoin to work productively within DeFi ecosystems including HyperEVM. The protocol was founded in 2020 and has grown to become one of the largest Bitcoin yield infrastructure providers in DeFi, with billions in assets under management deployed across Ethereum, Arbitrum, BNB Chain, Mantle, and other EVM-compatible chains. SolvBTC maintains a 1:1 BTC peg backed by on-chain reserves and institutional custodians, with Merkle proofs and audited smart contracts ensuring full transparency of underlying holdings. Solv yield strategies are powered by its Bitcoin Reserve ecosystem, which aggregates BTC collateral into a diversified set of revenue-generating strategies. These include options vaults selling covered calls and cash-secured puts on BTC, lending pools where BTC is deployed to institutional borrowers, and liquidity provision to market makers on centralized and decentralized venues. The result is a competitive annualized yield paid out in BTC, typically ranging from 5-15% APY depending on market conditions. For the Hyperliquid ecosystem, SolvBTC provides a critical piece of infrastructure enabling BTC holders to bring capital into HyperEVM DeFi without sacrificing Bitcoin exposure. As HyperEVM lending protocols, yield vaults, and trading infrastructure mature, SolvBTC serves as a productive yield-bearing BTC collateral asset deployable across Hyperliquid-native DeFi strategies. SolvBTC.BBN extends the yield stack further by incorporating Bitcoin staking through the Babylon protocol, adding additional yield from Bitcoin emerging role in the broader crypto ecosystem. Solv targets both retail BTC holders seeking passive yield without TradFi intermediaries, and institutional participants looking for on-chain, transparent BTC yield solutions with auditable strategies and non-custodial asset management.

Choose HyperSwap if you...

• ✓Want a decentralized exchanges solution on HyperEVM
• ✓Prefer a verified and vetted protocol
• ✓Need features like DEX and AMM
• ✓Need: First and largest native DEX on HyperEVM — ~$57M TVL

Choose Solv Protocol if you...

• ✓Want a rwa perps solution on Multi-Layer
• ✓Need: Bitcoin yield layer offering SolvBTC as productive BTC collateral on HyperEVM