What is HypurrFi?

HypurrFi is a leveraged lending marketplace on Hyperliquid that enables clean leverage loops while preserving spot exposure to native assets, including HYPE and stHYPE.

It is also the home of USDXL on Hyperliquid. USDXL is a hybrid-backed synthetic dollar where protocol revenue accumulates yield-bearing assets, primarily tokenized U.S. Treasury bills. This reserve serves as a backstop and yield stabilizer, strengthening USDXL’s liquidity, security, and long-term sustainability across Hyperliquid DeFi and beyond.

The Challenge

From day one, HypurrFi treated incentives as a core growth lever, launching Season 1 alongside its mainnet debut to bootstrap liquidity and user engagement.

However, during Season 1 the team faced significant technical friction with its incentives provider. Tracking inaccuracies and attribution delays postponed point distributions by several weeks, increasing operational overhead and reducing retention.

As the team prepared for Season 2, they set out to find a more reliable infrastructure partner. The priority was a transition that could:

• Ensure reward continuity: Migrate Season 1 historical data and referral states perfectly so no user progress is lost.
  
  
• Deliver an imperceptible migration: Switch the backend with zero impact on the user experience.
  
  
• Enable multi-protocol composability: Secure a robust stack capable of integrating across multiple DeFi protocols.
  
  

Without the right infrastructure, Season 2 would have introduced recurring operational overhead: manually validating metrics week after week, conducting audits that are difficult to verify, and managing growing technical complexity that slows the rollout of new mechanics and integrations.

The Solution

Ahead of Season 2, HypurrFi made the decision to transition to a new incentives provider and upgrade its rewards infrastructure. Rather than continuing to operate within structural constraints, the team chose a stack designed to support long-term reliability and multi-market expansion.

This shift established a stronger operational foundation, enabling HypurrFi to execute incentives as originally envisioned and iterate as new growth mechanics and integrations were introduced.

With Fuul, HypurrFi:

• Saved Season 2 via Continuity: Every Season 1 reward and referral state was migrated perfectly, preserving 100% of user progress and community trust.
  
  
• Unlocked "Net Position Tracking": A critical upgrade that rewards users based on their true capital contribution by accurately measuring real exposure across lending–borrowing loop strategies.
  
  
• Enabled Multi-Market Composability: Unified attribution for Hypurr Markets and Euler Markets under a single, reliable system of record.

• Automated Growth Mechanics: Fuul’s out-of-the-box toolkit enabled instant deployment of live leaderboards and streak boosts (1% per consecutive week), driving engagement without manual overhead.
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"We migrated and went live on Fuul in just 7 days. The team handled everything seamlessly, with no downtime, and a smooth experience that kept our users happy"
Andrew | CoFounder - HypurrFi

Results

This clearly shows how important it is to have the right infrastructure in place: when everything runs smoothly and users feel recognized for their activity, engagement rises naturally, leading to higher activity, TVL, and ultimately more revenue.

This clearly shows how important it is to have the right infrastructure in place: when everything runs smoothly and users feel recognized for their activity, engagement rises naturally, leading to higher activity, TVL, and ultimately more revenue.

• TVL increased by ~30% in ~2 weeks
  
  
• Revenue increased by ~26% in ~4 weeks
  
  
• Daily active users increased by ~43% in ~8 weeks
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Conclusion

By migrating to Fuul, HypurrFi moved beyond its early infrastructure constraints. The transition preserved reward continuity, safeguarded user trust, and introduced advanced mechanics such as net position tracking.

Today, Fuul provides the incentives infrastructure HypurrFi needs to scale TVL and revenue sustainably, without diverting engineering focus from core protocol innovation.