GrowiHF

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

GrowiHF is a quantitative trading vault that runs model-driven strategies to generate yield on deposits. Nearly all surveyed capital remains on Hyperliquid L1, a chain the registry has rejected, with a small additional Hibachi strategy record, so nothing it offers is reachable for client money regardless of how the strategies perform. The settlement venue fails chain-level vetting before the protocol itself is even examined. It held $9.51M at the August 15, 2026 survey. The verdict changes if the protocol deploys on an approved chain or the Hyperliquid L1 verdict changes.

Kill criteria: the events that revoke this verdict
• Deploys meaningful liquidity in a strategy whose trading and accounting settle entirely on an admitted venue
• The Hyperliquid L1 or Hibachi venue verdict changes

The research file

Mechanism and class applicability

Growi describes GrowiHF as an actively managed quantitative strategy trading long and short perpetual-futures positions across more than 50 cryptoassets. Hyperliquid describes user vaults as trader- or algorithm-managed strategies whose depositors share profit and loss. This establishes a discretionary derivatives-vault position, but the shared v1 rejected-chain dossier decides before strategy quality while nearly all capital remains on Hyperliquid L1.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 reported approximately $9.51M: about $9.22M on Hyperliquid L1 and $286,000 in a Growi Alpha Vault record on Hibachi. The prior Hyperliquid-only perimeter is stale, but the small Hibachi balance does not evidence a meaningful approved-chain deployment and neither venue is in the registry’s reviewed settlement-chain set.

Control, loss and exit applicability

Growi controls model selection and trading while vault value changes with open-position PnL, leverage, funding, fees, liquidation and venue operation. Hyperliquid user vaults impose a one-day post-deposit lock and may close positions to support withdrawal; Hibachi uses perpetuals collateralized through accounts funded from Base or Arbitrum and applies venue pricing, liquidation and key-management controls. Approved funding rails do not make the trading venue itself an approved settlement system.

Why the class rule decides

The shared v1 rejected-chain dossier controls because the evidenced strategies execute and account on Hyperliquid L1 and Hibachi, neither independently admitted to the settlement-chain set. Reopen only after a material Growi strategy settles entirely on an admitted venue or the relevant venue is reviewed and approved. Then perform an individual derivatives-vault review covering mandate, manager and trading authority, live positions and leverage, NAV, venue custody, audits and incidents, fees, loss history, lockups and stressed exit.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• GrowiHF — official strategy site · primary · accessed 2026-08-15
  Supports: GrowiHF identity, quantitative strategy, long and short futures, Hyperliquid execution, performance claims
• Hyperliquid Docs — user vaults · primary · accessed 2026-08-15
  Supports: managed vault primitive, depositor profit and loss, strategy authority, profit share, vault risk
• Hyperliquid Docs — vault depositor exits · primary · accessed 2026-08-15
  Supports: vault deposits, performance visibility, one-day user-vault lock, withdrawal flow
• Hibachi Docs — trading and funding perimeter · primary · accessed 2026-08-15
  Supports: Hibachi account funding, Base and Arbitrum rails, USDC and USDT collateral, key and account dependencies
• DefiLlama — GrowiHF survey record · secondary · accessed 2026-08-15
  Supports: current aggregate TVL, Hyperliquid L1 TVL, Hibachi TVL, vault methodology, survey perimeter

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.