Hyperion

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

Hyperion is an Aptos liquidity and trading platform combining swap aggregation with concentrated-liquidity market making and vault strategies. The DefiLlama protocol API read on 2026-08-15 reported about $4.7M of DEX TVL, only on Aptos. Size does not decide the rejection: a Hyperion LP range exchanges one pooled asset for the other as price moves and can become entirely one-sided at a boundary. The shared v1 AMM-LP dossier therefore controls regardless of protocol quality.

Kill criteria: the events that revoke this verdict
• Ships an economically separate product without pooled multi-asset inventory or relative-price rebalancing that merits its own review

The research file

Mechanism applicability

Hyperion documents concentrated-liquidity positions in which LPs choose finite price ranges and earn fees while their range is active. As swaps move price through ticks, the pool exchanges the outbound asset for the inbound asset; at the upper or lower boundary the entire position consists of one asset. That is direct AMM inventory rebalancing, not order-book market making by the client.

Current observation

The DefiLlama protocol API read on 2026-08-15 reported approximately $4.7M of Hyperion DEX TVL, only on Aptos. Hyperion’s current overview still identifies CLMM market making and vault strategies as core products. The adapter amount is a bounded survey observation and does not independently reconcile pool reserves, position liquidity or exit depth.

Control and exit applicability

Hyperion permits LPs to create multiple positions with custom bands and allows permissionless creation of new Aptos pools. A holder can add or remove a selected share of liquidity, but removal returns the assets remaining after the range has traded; an inactive out-of-range position stops earning fees and may be entirely one asset. Range choice, pool parameters and any vault manager affect returns without removing divergence loss.

Why the class rule decides

The shared v1 AMM-LP dossier controls because the current Hyperion liquidity product pools multiple assets and changes their composition with relative price. Reopen only for an economically separate product that has neither pooled multi-asset inventory nor relative-price rebalancing. Any such product requires its own review of Aptos deployment, controls, contracts, audits and incidents, incentives, liquidity and stressed exits.

Sources

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

• Hyperion Docs — current platform overview · primary · accessed 2026-08-15
  Supports: Aptos, swap aggregation, CLMM market making, vault strategies, current product perimeter
• Hyperion Docs — concentrated liquidity · primary · accessed 2026-08-15
  Supports: custom price ranges, active liquidity, one-sided boundary, tick swaps, LP fees
• Hyperion Docs — adding and removing liquidity · primary · accessed 2026-08-15
  Supports: LP position, liquidity addition, partial withdrawal, full withdrawal, exit interface
• DefiLlama — Hyperion survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Aptos-only perimeter, DEX category, survey observation

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.