Felix feUSD
FEUSD
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
FEUSD is the decentralized CDP stablecoin of the Felix protocol deployed on Hyperliquid/HyperEVM. The project benefits from solid active development (score 7.0/10) with inherited Liquity V2 codebase audits, ongoing SDK and contract maintenance, and active bug bounty and security monitoring infrastructure (Immunefi, Hypernative, Anthias). However, the protocol faces significant structural risks across multiple dimensions: it suffered a severe ~29% depeg to $0.7059 in October 2025 before recovering, displays irreconcilable supply metrics across data aggregators, maintains an entirely anonymous team without documented DAO governance, and exhibits negligible organic community engagement or secondary trading volume. The overall weighted score reflects these governance, community, and tokenomic weaknesses alongside its technical foundation.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Felix feUSD (FEUSD)
Felix feUSD (FEUSD) is a decentralized, overcollateralized stablecoin pegged to the US dollar within the Felix protocol, deployed on the Hyperliquid and HyperEVM ecosystem. Operating on a collateralized debt position (CDP) model adapted from a fork of Liquity V2, the protocol allows users to deposit collateral assets to mint and borrow feUSD natively within the network.
Felix's technical infrastructure includes codebase adaptations supported by inherited smart contract audits and ongoing reviews for protocol-specific modifications. Operational risk controls include an active Immunefi bug bounty program, smart contract and mempool exploit monitoring via Hypernative, and liquidity and peg health tracking through Anthias.
The stablecoin has recorded material stability events, most notably an approximate 29% depeg on October 10, 2025, when the price fell to an all-time low of roughly $0.7059 before recovering to its $1.00 peg. In addition to historical price volatility, the protocol exhibits structural concerns, including irreconcilable circulating and total supply figures across major tracking platforms, negligible relative secondary trading volume, an entirely anonymous development team, and a lack of verifiable documentation regarding its decentralized governance structure.