Parsec Weekly #112
Hyperbeat Vaults
Hyperbeat Vaults
A few weeks back I touched on Berachain and their pre-mainnet deposit campaign Boyco (read for yourself here). While HyperEVM has been on mainnet for a while, we’ve just seen something similar launch in the form of Hyperbeat’s Vaults:
These vaults allow depositors on Ethereum mainnet to deposit majors (ETH, BTC and Stable assets) which are then bridged to HyperEVM and deployed across “blue-chip HyperEVM DeFi and major asset issuers”, this comprises of a bunch of native and non-native projects, many of whom are pre-token including Hyperbeat themselves (see full list here). Through multiple ecosystem partnerships the idea is that these vaults act as automated yield optimizers allowing mainnet capital to get access to HyperEVM yields and the various points programs which are emerging.
Looking at the ETH vault we can see that a large portion of deposits can be attributed to 3 addresses:
0xd507eeef2152d54b8c00cba499340f7b7a59c948 deposited 250 cmETH - tx
0x7072c27c7c3ed631a005a9318a7a34c4e72384e5 deposited 170 wstETH - tx
0x971c83d7f22354dd381735b0b72bc707caf3539c deposited 500 cmETH - tx
We can see a similar trend across all of the vaults whereby the current TVL can be attributed to a handful (<4) of large deposits, these vaults are relatively new so it’s likely we’ll see more broad based participation as time passes.
These vaults currently represent roughly 10% of HyperEVM TVL and that number is growing. Perhaps more importantly, they represent the first significant inflow of non-HYPE-denominated capital. This has been achieved through the various interop partnerships underneath the hood to enable the bridging of these assets over to the HyperEVM.
The first significant non-HYPE inflows to HyperEVM is a watershed moment, we’re intrigued to see how the ecosystem will develop further from here.
You know where we’ll be monitoring the action, that’s right → purrsec.com
This is quite easy informative