Next week.

Custody vs discretion is a real distinction but the reason vault trust is so contested is downstream of what happens at liquidation. A discretionary curator is scary bc when a market goes bad, exit depends on external liquidators, oracles, and someone unwinding into a fire sale.

9/ We're not waiting for DeFi 2.0. We're building the lending layer of it, live, on real RWAs. The primitives were early. We're on time.

1/ Multicoin just wrote the essay we’ve been living for two years: DeFi's primitives were built for cryptoassets, and RWAs need new ones. They're right. But there's a piece the essay underplays - and it's the one we're building. 🧵

You are going to see a ton of tokenization/RWA news over the next two weeks. Hyperdrive is the only protocol in DeFi that long ago anticipated the risks of the trad lending model while incorporating the unique characteristics of RWAs. We’re ready to show it to the world.

The proliferation of RWAs will be greatly accelerated once there are purpose-built money markets for them. Credit has been the greatest enabler to global trade and finance, it's time to extend it properly to RWAs. Hyperdrive.

RWAs are in a totally different asset class compared to crypto-assets. Much lesser volatility, more stable returns, and the majority of liquidity off-chain. Hyperdrive RWA markets is the only primitive that has been designed with these traits in mind.

DeFi lending was built around collateral value. RWA lending should be built around collateral value + cash flow. Luckily, we exist.

Btw, the interesting thing about RWA looping isn’t leverage. It’s the spread. If an asset produces durable real-world yield, onchain credit lets markets price the cost of financing that asset against its underlying cash flows. Very different from the borrowing you are used to

RWA lending isn’t just DeFi lending with a different collateral ticker. RWAs have yield, duration, redemption windows. They have different liquidity & liquidation dynamics. And when you start looping them, those differences COMPOUND. Fortunately, @Hyperdrive fixes this.

RWA Lending can be infinitely more efficient when • AMMs are not needed for liquidity and hence don't need to be incentivized • External liquidators are made redundant • Oracles are not needed Maximum value stays in the system, giving both borrowers and lenders better rates

On-chain lending protocols are built around market trading infrastructure. Hyperdrive RWA Markets are built around NAV + redemption infrastructure. No oracles, AMMs, external liquidators are required, increasing scalability and reducing value leak. Let's advance the industry.

RWAs break the lending model. A spot asset like BTC gets its price from the market. More buyers, price goes up. More sellers, price goes down. For that to work, the asset needs liquidity. DeFi lending was built on spot assets and the assumptions that come with them: a market price and liquidity. The market reads price from an oracle. The liquidity is what lets liquidators close unhealthy positions and lets leveragoors wind and unwind. NAV-based RWAs break both assumptions. The true price of a NAV-based RWA isn't what it trades for on a secondary market. It's the price the issuer will redeem it at. But to get one of these assets into a lending market, we fake it: bootstrap secondary liquidity on-chain, create a market for it to trade, and deploy a price oracle on top. Now liquidators have somewhere to sell. That works until it doesn't. What happens when that liquidity disappears? Liquidators have no way to close positions, and we all know what happens to price oracles on thin markets. You've bolted new risks onto an asset that didn't have them. Most RWA innovation in DeFi right now is about making RWAs look and behave like spot assets so they fit the existing model. Almost no one is coming at it from the other direction: how do we make DeFi work with RWAs as they actually are? That's the angle we took designing the @hyperdrivedefi RWA markets. Instead of faking a spot asset, we changed the lending market itself to recognise that the true price of a NAV-based asset is the issuer's redemption rate. Our markets run with no price oracle and no on-chain liquidity at all. Liquidations still work. Leveragoors can still wind and unwind.

Hyperdrive

RWAs greatly differ from crypto assets in terms of liquidity and volatility. But instead of something purpose-built, they have been retrofitted into the usual on-chain lending markets. It's time to adapt.

New on-chain credit infrastructure adapted for RWAs. More resilient, liquid, and scalable. Hyperdrive.

Real world assets with on-chain credit shouldn't be complicated. We're making it easier and better.

Incumbent money markets were well built for assets of their era. Now, the era of RWAs needs its own purpose-built money markets.

.@sphere_cm of @Hyperdrivedefi explores how DeFi infrastructure can evolve to better support real-world assets on Hyperliquid. 1:05 An LST that outlives its own team 1:57 $180B of RWAs locked out of DeFi 3:12 Can DeFi eliminate liquidation bots? 6:53 From HLP leverage to RWAs 8:54 Big RWA issuers are watching HL

The Hyperliquid Summit recordings are now live. On July 16, 2026, HL Global hosted the Hyperliquid community in NYC for the inaugural summit to discuss the state of Hyperliquid and what's to come. Panels, keynotes, interviews, and original research presentations spanned two stages. All 26 sessions are available below.