Felix USDhl
Moderate risk — solid T-bill backing and professional audit provide a good foundation, but yield token dependency and short track record warrant caution.
Top Risks
1
USDhl is backed by M0 wholesale dollars collateralized by short-term T-bills, creating dependency on M0 infrastructure for reserve integrity and redemption
2
Yield is distributed as WHYPE tokens rather than native stablecoin returns, exposing users to WHYPE price volatility and Hyperliquid ecosystem risk
3
Protocol launched April 2025 with less than 1 year of track record on a relatively new chain (Hyperliquid EVM), limiting battle-testing
4
Reward allocation reweighted every 2 weeks based on venue activity, creating potential for yield farming concentration in favored venues
Risk Breakdown
Frequently Asked Questions
Is Felix USDhl safe to use?
Felix USDhl receives a B risk grade (27/100) from Hindenrank, where lower scores indicate lower risk. Moderate risk — solid T-bill backing and professional audit provide a good foundation, but yield token dependency and short track record warrant caution. Felix USDhl is a fiat-backed stablecoin on Hyperliquid, fully collateralized by US Treasury bills through M0 infrastructure. Users earn yield in WHYPE tokens based on their trading and LP activity rather than simply holding the stablecoin. With $20M in TVL and launched in 2025, it is a newer protocol that benefits from professional auditing (Three Sigma) but has limited track record.
What are the main risks of using Felix USDhl?
The key risks identified for Felix USDhl are: (1) Yield paid in WHYPE tokens, not dollars: Your returns depend on the WHYPE token price, which can be volatile. If WHYPE drops in value, your effective yield could be much less than the advertised rate, even though USDhl itself stays pegged to $1. (2) New protocol on a new chain: Felix launched in April 2025 on Hyperliquid EVM, which is itself a relatively new blockchain. Both the protocol and the chain have limited battle-testing compared to established alternatives on Ethereum. (3) Dependent on M0 infrastructure: USDhl is backed by M0 wholesale dollars backed by T-bills. While this is conservative collateral, it adds a dependency on M0's operations, custody, and attestation systems working correctly.
What is Felix USDhl's risk score breakdown?
Felix USDhl scores 27/100 across eight risk dimensions: Mechanism Novelty: 3/15, Interaction Severity: 5/20, Oracle Surface: 2/10, Documentation Gaps: 4/10, Track Record: 5/15, Scale Exposure: 3/10, Regulatory Risk: 2/10, Vitality Risk: 3/10. The highest risk area is Documentation Gaps at 4/10.
How does Felix USDhl compare to other Yield protocols?
Among 112 rated Yield protocols on Hindenrank, Felix USDhl ranks #13 by safety (lowest risk score = safest). Its 27/100 risk score and B grade place it among the safer Yield protocols.
Has Felix USDhl ever been hacked or exploited?
Felix USDhl scores 5/15 on the Track Record risk dimension, indicating some history of security incidents or exploits. Higher scores reflect more severe or frequent incidents. Review the full risk report for details.
Last scanned 2026-02-18