Wrapped HLP
WHLP
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
WHLP (Wrapped HLP) is an operational USD-denominated receipt token developed by Looping Collective on HyperEVM that wraps Hyperliquid's HLP vault shares. From a tokenomics standpoint (5.5/10), the asset functions as an appreciating receipt token without inflationary emissions or hidden team allocations. However, the project faces notable structural weaknesses across multiple dimensions. Active development (5.0/10) lacks public GitHub repositories, changelogs, or roadmaps despite live functional integration. Market and use case metrics (3.0/10) reflect micro-cap status (~$1.5M TVL/market cap) with extremely illiquid trading volumes. Community support (3.0/10) remains narrow and incentive-driven. Furthermore, team and governance (2.5/10) is heavily centralized and opaque, operated by an anonymous team without formal governance or on-chain controls. In terms of security (4.0/10), while WHLP has no recorded exploits, hacks, or depeg events, there is no verifiable third-party smart contract audit or bug bounty program. With no qualifying red-flag events or data gaps, the overall score represents the exact weighted average across all categories.
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 Wrapped HLP (WHLP)
WHLP (Wrapped HLP) is a USD-denominated receipt token developed by Looping Collective on HyperEVM. The token serves as a wrapper for Hyperliquid's HLP liquidity-provider vault shares, converting non-liquid vault positions into a tradable and transferable digital asset. WHLP was established with an initial baseline value of 1.00 USD per token and is structured to accrue value over time through an appreciating exchange rate driven by underlying HLP vault rewards rather than inflationary token emissions.
The token utilizes an elastic, deposit-driven supply mechanism that mints and burns in direct proportion to user deposits and withdrawals, without separate team allocations or token unlock schedules. WHLP facilitates multi-asset deposits—including USDT0, USDHL, and USDe—and is designed for utility within decentralized finance applications as collateral and transferable yield-bearing receipt tokens, with additional yield and points incentives managed through Looping Collective.
From an operational and security perspective, WHLP remains a micro-cap asset with a total value locked of approximately $1.5 million and limited trading liquidity. The underlying project is maintained by an anonymous team with no documented public governance structure, DAO, or on-chain voting framework. Additionally, there are no verifiable third-party smart contract audits, public code repositories, or formal bug bounty programs for the wrapper contract. Token holders are subject to dual counterparty and smart contract exposure from both the Looping Collective wrapper implementation and Hyperliquid's underlying HLP vault, though no security exploits, depeg events, or regulatory actions have been recorded.