⚡️Pendle × HyperEVM: The Deep Water Zone of Interest Rate Derivatives, Is It Starting to Roll Out?

In the past week, if you overlooked the movements in the DeFi space, you might have missed an important action from @pendle_fi—on July 30, Pendle officially integrated with HyperEVM, launching four yield pools at once.

Within 72 hours of launch, the TVL surged to over $65 million, directly pushing HyperEVM into Pendle's "third-largest chain by TVL," second only to Ethereum and BNB Chain.

The signals released behind this are more important than they appear:

Pendle's expansion logic is not just about multi-chain deployment, but rather about efficiently capturing interest rate generation areas, starting a process of reverse selection—wherever the yields are real, structurally clear, and can be split and sold, that's where it will go.

And HyperEVM, due to this integration, is beginning to show its real potential as a "yield layer."

1⃣ Four Types of Assets Corresponding to the Current Complete Yield Structure in DeFi

The four pools launched by Pendle this time are: hbUSDT, kHYPE, beHYPE, and Ultra Hype. These four assets cover almost all mainstream participation strategies of DeFi users—

📍hbUSDT, anchored to dollar management, with a safety margin:

hbUSDT is @0xHyperBeat USDT, the main product of Hyperbeat Earn, with yield primarily coming from Hyperliquid's trading fees (over 60%), theoretically close to risk-free, with the remainder being LP market-making income.

Both YT and LP can earn points rewards from seven projects (Hyperbeat / Hyperswap / Ethena / Resolv, etc.), almost a collection of airdrop expectations.

📍beHYPE, limited-time high yield + points mapping:

Launched in collaboration with Hyperbeat and http://Ether.fi, it is a liquid staking asset, backed by a 6-week points release event (HEART + PENDLE). Its YT is essentially an on-chain version of "points options," requiring evaluation of exit timing before the points event ends.

📍kHYPE, high-leverage growth strategy:

PT-kHYPE can be used as collateral to borrow HYPE on HyperLend, then repurchase PT to build a circular position, allowing for up to 5x leverage, suitable for strategy players skilled in position control.

📍Ultra Hype, lightweight incentive pool:

Although small in scale, it boasts outstanding yields, with low participation thresholds and a rich combination of incentive points, suitable for small-scale premium operations.

Each of the four pools has its own points plan. I personally prefer stablecoin management, so I chose PT-hbUSDT. If you have better yield strategies, feel free to share in the comments!

2⃣ Why Did Pendle Choose to Support HyperEVM?

Pendle's integration with HyperEVM is actually a continuation of its structured expansion logic:

HyperEVM is one of the few chains with "real yield sources + high trading volume + on-chain structural incentives," perfectly meeting Pendle's three core conditions:

1) There are stable yield assets (hbUSDT, with real income from Hyperliquid trading fees)

2) There are structured assets (both kHYPE and beHYPE can earn points, be collateralized, and leveraged)

3) There is an internal intercommunication flywheel design (achieving ETH ↔️ Hyper asset cross-chain through LayerZero)

For HyperEVM, this is also of positive significance—

With Pendle, it's not just about attracting traffic; HyperEVM also gains a "rate operating system," integrating previously fragmented points, yields, collateral, and lending into a complete DeFi structure.

3⃣ A Change That Is Happening: Structural Protocols Begin to Dominate the Chain, the Chain Is Being Reclaimed by Financial Structures

Pendle × HyperEVM is not just a protocol deploying a new chain; it resembles a rehearsal of a new type of power structure.

In the traditional model, the chain is the stage, defining ecological boundaries, while protocols are the actors, making a living on the chain;

But Pendle is starting to guide "yield construction" towards a healthier, more sustainable direction— the yield logic of the chain itself and related assets are beginning to recombine around it, generating market-based interest rate spreads through structural disassembly.

From the perspective of participating roles, this change is reshaping power relations:

1) Project parties are no longer the incentive leaders but rather expected debt issuers;

2) Users are not just participants but speculative arbitrageurs of yield structures;

3) Protocols are not just strategy platforms but structural clearing centers for rates and expectations.

Pendle is more like a structural general contractor on the chain, using its interest rate mechanism to package the yields, liquidity, incentives, and expectations scattered across various projects into a valuable market.

This is the core significance of this wave—

Pendle is transitioning from a construction tool to an architectural power, becoming "the financial intermediary structure of the chain," providing a complete set of financial language to describe and trade all of this!

Still the same suggestion, start learning Pendle now; it will definitely give you a head start in the DeFi market. You can start with their Chinese teaching guide: https://pendle.notion.site/Pendle-1b2567a21d3780168a83dc0028731413

If you're interested, you can join Pendle's Chinese community, where there are many strategies regarding current financial management to reference: https://t.me/PendleFinance_CN

@tn_pendle

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