🧵 An ALPHA related to @HyperliquidX on @pendle_fi Once again, the Pendle community members have been swept up... After Pendle recently launched on HyperLiquid, the points activities across the entire HyperEVM have been exceptionally hot 🔥 Various funds are frantically chasing after points projects on different Hype chains This article shares & calculates an opportunity

1/3 Who is it? HyperWave is a protocol that brings HLP yields to other chains. The hwHLP it launched can be understood as the Hyperliquid version of JLP. Moreover, hwHLP can circulate on Ethereum, which means that the largest DeFi tools ( @pendle_fi @eulerfinance ) will be available to maximize yields.

2/3 Key Calculations 1. The HyperWave first quarter points program has been clearly defined, ending on August 28, with season 1 distributing a total supply of 10% of tokens (7% to hwHLP). 2. Assuming an extremely conservative valuation (FDV) of 50M USD, with a TVL of 40M USD at the end of season 1, the APR on the points side could reach approximately 22%. (See the chart for various scenario calculations.) 3. Additionally, the underlying asset HLP itself has averaged a yield of about 13% over the past month. Even if we conservatively estimate a decline to 10% moving forward, it is still quite substantial.

3/3 No nonsense, key Alpha information: Total yield is about 32% 🚀 As of the time of this post, the Implied APY in the Pendle market is only 13.95%. This means the current market has not fully captured the high potential yield space behind hwHLP.