Felix Protocol

CDP lending protocol on HyperEVM — mint feUSD stablecoin

HyperEVM

ACTIVELending & BorrowingFeaturedSince 2024

lendingCDPfeUSDstablecoinLiquity-fork

Launch App

Billion in TVL

$440

Million in TVL

40%

LTV cap on CDP positions

350%

In two months

TL;DR

Felix Protocol is the primary stablecoin issuance and money market platform on Hyperliquid's HyperEVM, functioning as both a collateralized debt position (CDP) engine and a variable-rate lending marketplace. Built natively on HyperEVM, Felix has established itself as one of the largest DeFi protocols in the Hyperliquid ecosystem, having crossed $1 billion in total value locked in September 2025 before settling to approximately $440 million TVL by October 2025.

Key Facts

CategoryLending & Borrowing

LayerHyperEVM

StatusActive

Founded2024

Websiteusefelix.xyz

VerifiedYes

Key Features

1HOW IT WORKS The feUSD CDP system is built on a fork of Liquity v2's codebase, modified with additional risk controls suited to Hyperliquid's asset landscape

2Vanilla Markets, the second pillar, are variable-rate lending pools built on Morpho's lending infrastructure

3The stablecoin distributes its 4%+ T-bill yield back to users as Hyperliquid incentives, split across HyperCore spot and HyperEVM liquidity pools and reweighted every two weeks

4- Morpho-powered Vanilla Markets: Variable-rate lending pools with dynamic interest rates and automatic on-chain liquidations

lendingCDPfeUSDstablecoinLiquity-fork

Ready to try Felix Protocol?

Lending & Borrowing on Hyperliquid (HYPEREVM)

Launch App