Hyperwave HLP
HWHLP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
HWHLP (Hyperwave HLP) serves as a liquid yield-bearing receipt token for Hyperliquid's HLP vault, deployed on HyperEVM. The protocol showed early development momentum following its June 2025 launch with multiple integrations (Pendle, Curve, Pyth), earning an Active Development score of 6.0. However, significant vulnerabilities and weaknesses span the remaining evaluated areas. There is an absence of public audits for Hyperwave's contracts, and while HWHLP itself has not suffered a direct exploit, the underlying Hyperliquid HLP vault experienced documented losses (such as the ~$4M margin manipulation in March 2025), contributing to a current negative APR (-5.93%). Governance is fully centralized under Hyperwave Labs Corporation via six multisigs with an anonymous team and no DAO voting. Market metrics reflect severe illiquidity, with 24-hour trading volume under $500, top-heavy whale concentration (top 3 holders controlling ~59%), and a 96% market cap contraction from ATH. Note that Community Support scored -1.0 due to a lack of discoverable channel and governance data, and its weight was proportionally redistributed.
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 Hyperwave HLP (HWHLP)
Hyperwave HLP (HWHLP, also referenced as hwHLP) is a liquid yield-bearing receipt token issued by Hyperwave Labs Corporation and incubated by Swell Labs. Deployed on HyperEVM and Ethereum Mainnet, the token provides tokenized exposure to Hyperliquid's Hyperliquidity Provider (HLP) vault. HWHLP operates via a mint and burn mechanism, where users deposit supported stable assets to be converted into USDC on the Hypercore spot orderbook and allocated into the HLP vault to capture market-making and trading fee revenues. The protocol integrates with decentralized finance infrastructure including Pendle, Curve, Kittenswap, LI.FI, and Pyth Network price feeds.
Governance and administration are managed directly by Hyperwave Labs Corporation through six operational multisig wallets, without a decentralized autonomous organization (DAO) or token-holder voting structure. The project's leadership and development team are not publicly identified. HWHLP has no fixed supply cap, as circulating supply fluctuates based on vault deposits and redemptions. The token exhibits concentrated ownership, with the top three holders controlling approximately 59% of the supply, alongside low secondary market liquidity and daily trading volumes frequently under $500.
Hyperwave's smart contracts lack publicly verifiable security audit reports. Because HWHLP directly absorbs the performance and liabilities of the underlying HLP vault, it is exposed to losses incurred by Hyperliquid. In March 2025, the underlying HLP vault suffered an estimated $4 million loss resulting from a margin-manipulation exploit, accompanied by a 38% contraction in HLP total value locked. Hyperliquid was also affected by a security hack in November 2025. In addition to a 96% market capitalization drawdown from its all-time high, these underlying vault losses contributed to HWHLP generating a negative annualized percentage rate (APR) of -5.93%.