HyperSwap V2

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

HyperSwap V2 is an automated market maker on Hyperliquid L1 offering token swaps, liquidity pools, and token launches. A liquidity provider holds both sides of each pair, and when prices diverge the pool sells the appreciating asset for the depreciating one, so the provider exits worth less than holding outright. HyperSwap documents equal-value two-token deposits, a constant-product curve, LP shares and fee income, exactly matching the v1 AMM-LP dossier. The August 15, 2026 survey reported about $4.24M on Hyperliquid L1. The chain’s status is an additional barrier, while the LP payoff decides the class.

Kill criteria: the events that revoke this verdict
• Ships a product line without impermanent-loss exposure that merits its own review

The research file

Mechanism applicability

HyperSwap V2 is a full-range constant-product AMM. Its documentation says each pool holds two assets, providers deposit equal values of both, receive fungible LP tokens, and earn a share of swap fees as reserve ratios change with trading. Those facts satisfy both applicability requirements of the shared v1 amm-lp dossier.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 classified HyperSwap V2 as a DEX, measured tokens locked in its liquidity pools, and reported approximately $4.24M entirely on Hyperliquid L1. Current HyperSwap documentation continues to provide V2 add-liquidity, swap and router instructions, so the product is live rather than archived.

Control and exit applicability

Standard V2 LPs burn their LP tokens and receive the pool’s then-current amounts of both assets, subject to minimum-amount and deadline controls; those parameters limit execution but cannot restore the hold-only asset mix. HyperSwap also offers an optional burn-and-delegate path that permanently locks V2 liquidity and leaves only transferable fee-collection rights, an irreversible exit constraint that must not be confused with ordinary LP redemption.

Why the class rule decides

V2 fee income compensates the client for continuously taking the opposite side of relative-price flow. The shared v1 amm-lp dossier therefore controls before token-launch quality or Hyperliquid L1 chain review. Reopen only for a distinct HyperSwap product with no paired or synthetic inventory exposure and no irreversible principal lock, with proposed-size exit and settlement on an approved chain independently verified.

Sources

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

• HyperSwap — liquidity-pool mechanism · primary · accessed 2026-08-15
  Supports: two-token pools, equal-value deposits, Uniswap V2 model, LP fees, reserve pricing
• HyperSwap — constant-factor AMM and LP exit · primary · accessed 2026-08-15
  Supports: constant product, LP tokens, swap fees, reserve changes, withdrawal
• HyperSwap — V2 router functions · primary · accessed 2026-08-15
  Supports: add liquidity, remove liquidity, two-asset amounts, slippage minima, deadline
• HyperSwap — permanent burn-and-delegate option · primary · accessed 2026-08-15
  Supports: V2 LP token, permanent lock, fee rights NFT, no principal withdrawal
• DefiLlama — HyperSwap V2 survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Hyperliquid L1 perimeter, DEX category, pool-balance methodology

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.