Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$0Buyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $0 | -- | -- | -- |
| Sep 2026 | $148.5K | -- | -- | -- |
| Aug 2026 | $2.11K | -- | -- | -- |
| Jul 2026 | $4.19K | -- | -- | -- |
| Jun 2026 | $61.94K | -- | -- | -- |
| May 2026 | $22.07K | -- | -- | -- |
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About D2 Finance
D2 Finance is an on-chain multi-strategy hedge fund specializing in derivatives strategies, executed through tokenized vaults. Its core competitiveness lies in combining traditional finance (TradFi) and decentralized finance (DeFi) expertise to deliver institutional-grade risk control. It adopts a standardized ERC4626 vault structure for real-time NAV transparency, with smart contract-embedded access controls and a deterministic order management system to ensure secure strategy execution, backed by industry-leading audits and multi-signature authorization.
Regarding market pain points, traditional DeFi yield sources are often opaque, and risk control is insufficient, especially for institutional investors. D2 Finance addresses these issues by making yield sources transparent, strengthening risk management, and adopting a compliant dual-entity structure.
Recent six-month development: According to DefiLlama data, as of September 2026, TVL is approximately $27.97 million, mainly distributed across Hyperliquid L1 (48.1%), Arbitrum (11.87%), and other chains. In the last 30 days, fee revenue was about $10,565, protocol revenue around $2,113, and annualized fees approximately $1.46 million. Its strategies include volatility arbitrage, relative value, dynamic hedging, and more. However, in April 2026, DeFi yield strategies experienced a crash, raising concerns about yield source transparency and risk control.
December 2023: ETH++ vault listed on Camelot secondary market, becoming D2 Finance's first tradable vault; concurrently, Alpha Strategies (HYPE++) launched, beginning a record of 31 consecutive positive months.
2023-2026: Cumulative on-chain volume surpassed $500M, flagship strategy delivered 175% net audited returns, obtained BVI license, and completed Paladin and Cyfrin audits.
2026: Alpha Strategies mandate expanded to TradFi, integrating FalconX, Amber Group, Anchorage, and IBKR execution rails; first TradFi strategy Texas Hedge closed its first epoch at +6.4%.
Upcoming: A standard fund structure with off-chain subscriptions for institutional allocators is under development, with $20-30M in inbound demand.
Key D2 Finance developments (Mar–Sep 2026):
• Alpha Strategies (HYPE++) posted 31 consecutive positive months, +205% cumulative return since Dec 2023 (Sharpe 2.6). In July 2026, the mandate expanded to TradFi after completing ISDA/CSA, prime brokerage onboarding, and qualified custody. Partners include FalconX, Amber Group, Anchorage, plus an IBKR execution sleeve and a WisdomTree distribution workstream.
• Launched the first tokenized equity yield product: the Magnificent Seven suite—8 vaults (7 single names + equal-weight index basket) paying a fixed high-single-digit coupon.
• Announced a Q3/Q4 standard fund structure with off-chain subscriptions, backed by $20–30M of inbound demand.
• D2 Premium enables HYPE++ receipt tokens to be posted as collateral for bilateral structured trades.
Future focus: migrating existing algorithms to TradFi instruments, expanding compliant fund wrappers, while keeping on-chain execution on Hyperliquid/Derive and integrating dispersion trades via the D2 Central Book.