Hyperliquid Ecosystem
Coins in the Hyperliquid Ecosystem category. 9 coins listed. Updated weekly.
Hyperliquid Ecosystem refers to the collection of decentralized applications, protocols, and tools built on top of Hyperliquid. Explore the listed coins and compare what they do and how they are categorized.
These groupings help you discover related projects; they are not endorsements. Category tags come from CoinGecko and may overlap. Sharing a category does not mean tokens have identical functions or confer the same rights.
USDC began as Circle and Coinbase’s shared Centre standard. A US$3.3 billion SVB exposure tested its bank-dependent redemption path in 2023; Circle later took sole control of issuance while reserve assurance, company audit and holder redemption remained distinct promises.
Hyperliquid grew from Jeff and iliensinc’s self-funded trading team into a Layer 1 whose exchange lives in chain state. HYPE’s 2024 user distribution aligned traders with that system, while HLP and the JELLY vote revealed who absorbs losses and when validators can rewrite a market’s ending.
PENGU made a mass-market penguin brand tradable, but its holders did not inherit the company's toys, revenue or character IP.
Derive grew from Lyra's options AMM into a three-part derivatives system: an OP Stack rollup, onchain margin protocol, and company-operated orderbook. DRV replaced LYRA at 1:1 and becomes governance weight only through stDRV; it is not equity or a withdrawal claim. A centralized matcher, permissioned sequencer deployment, external oracle data, bridges and upgrade paths remain distinct control surfaces.
WOULD is the Solana meme mint J1Wpmugrooj1yMyQKrdZ2vwRXG5rhfx3vTnYE39gpump, launched through Pump in 2024. Mint and freeze keys are gone and principal LP is reported burned, while operators, legal rights and same-name markets require separate scrutiny.
Felix feUSD is an overcollateralized debt token minted from collateral-specific Troves on HyperEVM and linked to HyperCore spot. Its dollar target rests on redemptions, liquidations and Stability Pools, while AdminController roles can change critical branch infrastructure.
Kinetiq (KNTQ) is the fixed-supply governance and value-routing token of a Hyperliquid staking business; it is distinct from kHYPE, the receipt that actually represents delegated HYPE.
SPYx is a Jersey-law tracker certificate whose tokens follow SPDR S&P 500 ETF Trust, one legal layer removed from SPY and two from the S&P 500 companies. Collateral, rebase mechanics and creditor remedies matter as much as the familiar index name.
PURR was Hyperliquid’s first native spot launch: no sale, no planned utility, 500 million tokens for eligible points holders, 100 million for HIP-2 liquidity and 400 million burned.