HIP-3, USDH, and Felix | Charlie
Episode publishedPodcast: 0xResearch0xResearch
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The HyperVM, in in my mind, it's the goal of it was always to basically serve as an optimizer for the trading experience on the HyperLiquid exchange. To this point, it's been it's that's still the main purpose it it serves. Like, I hate I wanna borrow against my hype on Felix. I go trade on hypercore. That's still the primary use, but it's not as close as it could be per se.
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Nothing set on Xerox Research is the recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Ryan, and our guests may hold positions in the company's funds or projects discussed. What's up, guys? Welcome back to another episode of Xerox Research. Today, I'm joined by Charlie from Felix and Shonda from the research team. Charlie, maybe before we get started, do you wanna give a short introduction of yourself and then of Felix, and then we can get g
Yeah. Appreciate you having me on. I'm Charlie from the team of Felix. We're building money market infra and more on Hyperliquid. We just started building Felix back in July. We went live in April, and, yeah, we crossed a million in deposits two days ago. So, yeah, we've been scaling out that. But, yeah, that's a bit of our our story.
Very good. I have I wanna do some basic questions first because I'm not as familiar with Felix as Sean does, and I think it's good to get. What what does the back end for Felix look like? Like, it's CDP. Right? And then you issue a stable coin based on the collateral that is deposited, or is there something else happening?
Yeah. So Felix is sort of a we're basically off for a platform. We have two protocols currently live. The first is Felix CDP, like you mentioned, which is built on liquidity v two. That went live in April. And so like you said, CDP deposit proof collateral assets, can mint the net of stable FUSD against that collateral. There's about 65,000,000 FUSD in circulation, and, yeah, the main collateral assets there are Hype, K Hype, and UBTC. Then there's also Felix Vanilla, which is now significantly larger than Felix CDP, but that's built on Morpho. So that's a basically, we're building out the CDP
Yeah. Do you think the CDP TAM is much smaller than the, like, vanilla product there?
I think the the scalability of the CDP is certainly a bit more difficult. It's difficult to nail because everything basically on the CDP side comes down to secondary liquidity for that c b CDP stablecoin, FUSD, And that is when we launched, there was no other stablecoin on Hyperbium, and then obviously USDC, because there's no native stablecoins, so there's no USDC across. And so it's a bit difficult to find, like, a suitable stable to pair with. I think when USDT 0 went live later on, things made made more sense. But by that time we had been all live, we were already focused on scaling that.
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