Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$3.76KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $3.76K | -- | -- | -- |
| Sep 2026 | $17.41K | -- | -- | -- |
| Aug 2026 | $34.12K | -- | -- | -- |
| Jul 2026 | $27.11K | -- | -- | -- |
| Jun 2026 | $19.06K | -- | -- | -- |
| May 2026 | $37.3K | -- | -- | -- |
Comparison
Team
Follow Updates
Follow Lists
People
About Felix
Felix is a synthetic dollar protocol built on Hyperliquid, functioning as a comprehensive DeFi suite. Its core business includes: 1) The feUSD stablecoin, minted by over-collateralizing assets like HYPE, UBTC, kHYPE and wstHYPE through a CDP model forked from Liquity V2, with a hard peg mechanism that allows feUSD to be redeemed for $1 of collateral at any time. 2) Vanilla Markets, a Morpho-powered lending market where users can deposit assets to earn yield or borrow. 3) FLX Dex, a perpetual futures trading platform deployed via HIP-3, offering markets like oil, gold and silver. 4) USDhl, a fiat-backed stablecoin issued through a partnership with M0, backed by U.S. Treasury bills. 5) Tokenized U.S. stocks and ETFs via Ondo Finance integration.
Its core competitiveness lies in the battle-tested Liquity V2 codebase, the hard peg mechanism that ensures feUSD's stability, and its positioning as the most comprehensive DeFi hub within the Hyperliquid ecosystem, with TVL exceeding $1 billion. It addresses the market pain point of stablecoin de-pegging risks and the lack of an integrated lending, stablecoin and trading platform on Hyperliquid.
In the past six months, a significant negative development occurred: in June 2026, Felix announced the shutdown of its HIP-3 DEX and all spot markets, completing the wind-down by June 20. The reason was that Trade.XYZ captured over 97% of HIP-3 market share with USDC-denominated markets, while Felix's USDH-based markets suffered from liquidity fragmentation. The team admitted that maintaining the HIP-3 deployment was no longer competitively viable and decided to focus on its core lending and stock tokenization businesses. This move made Felix the first HIP-3 deployer to exit the market.
Felix Protocol launched on Hyperliquid's testnet in March 2025 as a Liquity V2 fork, then went live on mainnet in early April. Within a week, it added BTC as collateral and raised HYPE minting caps, quickly surpassing $100M TVL — establishing itself as a core lending primitive on HyperEVM.
The protocol then expanded beyond its original CDP design: in May it launched Vanilla Markets, a Morpho-powered lending layer, and later deployed FLX Dex using Hyperliquid's HIP-3 builder system to offer 14 perpetual markets spanning equities, commodities, and crypto. This evolution transformed Felix from a single stablecoin protocol into a full financial suite.
A more strategic milestone came in 2026 when Felix introduced tokenized U.S. stocks and ETFs via Ondo Global Markets, giving on-chain traders access to 250+ equities with sub-10bps execution costs. This bridged traditional finance and DeFi, with future plans to accept these assets as lending collateral — merging its existing credit infrastructure with real-world assets.
Over the past six months (2026-03-04 to 2026-09-04), Felix has made significant strides. In March, it partnered with Ondo Finance to launch on-chain trading of tokenized US equities, offering over 250 stocks with institutional-grade liquidity and 24/5 trading. By June, it introduced spot trading for SpaceX (SPCX), marking the first tokenized pre-IPO equity on the platform. In July, cumulative spot equity trades surpassed 10,000, with over 440 assets supported. In August, Felix launched fully on-chain Dollar-Cost Averaging (DCA) orders for spot equities, enabling automated recurring purchases. Additionally, it relaunched USDH borrowing incentives with up to 77% loan-to-value ratios on kHYPE, HYPE, and UBTC collateral, shifting focus to borrower-side benefits.
Looking ahead, Felix plans to expand its equity offerings to international markets including South Korea, Japan, and India, broaden US equity coverage, and integrate stocks and ETFs as collateral within its lending markets. The roadmap emphasizes building an on-chain brokerage experience with limit orders and deeper liquidity, while continuing to iterate on its core lending and trading products. The team remains committed to enhancing the protocol's utility and accessibility for global users.
Charlie (Founder, Twitter: @0xBroze)
Michael Hao (CTO, Co-founder; former Founding Software Engineer at Berachain, Co-founder at Beliefbet, background in Commerce and Computer Science from University of Toronto)