Relend Network USDC (HyperEVM)
RUSDC-HYPER
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
RUSDC-HYPER represents Relend Network's rUSDC yield-bearing receipt token on HyperEVM. Crucially, the issuer has issued a definitive shutdown and deprecation notice, instructing all holders across HyperEVM, Starknet, and Swell L2 to bridge back to Ethereum mainnet and redeem their holdings for USDC. Due to this project shutdown and winding down of operations, Active Development lacked ongoing activity to evaluate and scored -1.0 (excluded from the weighted average with weights redistributed). Across remaining sections, the token exhibits structural weaknesses: Community Support (2.0/10) is minimal as a passive yield receipt with no governance presence; Market and Use Case (3.0/10) is heavily constrained by negligible HyperEVM liquidity and dominance by native USDC; Team and Governance (4.0/10) lacks named public leadership; and Security and Audit History (4.5/10) confirms audits remain officially 'in progress' without published third-party verification. While no exploits or malicious actions were recorded and redemption mechanics remain operational for winding down, the active project shutdown makes the token obsolete.
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 Relend Network USDC (HyperEVM) (RUSDC-HYPER)
Relend Network USDC (HyperEVM) (RUSDC-HYPER) is a deprecated token following an official shutdown notice from Relend Network, which instructed holders to bridge assets back to Ethereum mainnet and redeem them for USDC. Operating on HyperEVM—an EVM-compatible execution environment within the Hyperliquid network—the token was deployed as a yield-bearing receipt wrapper (rUSDC) representing USDC deposited into Relend's lending markets and Morpho vault infrastructure.
The token functioned with an elastic supply model where total circulation shifted alongside user deposits and withdrawals rather than adhering to a predetermined emission schedule. Its primary mechanism involved generating yield from lending integrations while maintaining a 1:1 redemption structure against underlying USDC. Because the token served as a passive receipt asset, it lacked a standalone decentralized governance framework, DAO voting mechanisms, or an active public community forum.
Throughout its deployment, the project faced several structural risks and transparency challenges. Relend Network operated without a publicly named team, and protocol smart contracts remained without published external security audit reports, with security evaluations officially marked as in progress by the issuer. Additionally, the protocol retained centralized authority over minting, burning, and vault management strategies. With the issuer's announcement of protocol termination, active development ceased as users were advised to complete redemptions.