Felix feUSD (FEUSD) emerges as a technically robust infrastructure project within the Hyperliquid ecosystem, characterized by a sharp contrast between its strong fundamental engineering and its weak social presence. The protocol excels in critical structural areas: Security and Audit History (9/10) is exceptional, anchored by multiple professional audits (Dedaub, Coinspect) and a battle-tested Liquity V2 codebase. Tokenomics (8.2/10) are similarly strong, utilizing a proven CDP model with elastic supply and hard peg mechanisms that ensure capital efficiency. Active Development (8/10) is professional and consistent, evidenced by roadmap delivery and active bug bounties. However, the project's overall score is dragged down significantly by Community Support (2.5/10), which is virtually non-existent outside of yield-seeking 'mercenary capital,' lacking organic engagement or a social defense layer. Furthermore, Team and Governance (5/10) remains a neutral factor; while the semi-anonymous team (Anthias Labs) has delivered a working product, the lack of an active DAO and continued centralized control presents a governance lag. FEUSD is a high-quality utility tool for decentralized leverage, but currently lacks the community adoption to be considered a top-tier asset beyond its stablecoin function.