Hypha
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Hypha is a permissionless staking protocol for Avalanche, serving subnet node operators and liquid stakers through the GGP token. The Avalanche chain review completed 2026-08-14 and approved the chain with limits, so the chain no longer blocks this file. The next gate decides it: TVL was about $3.6M at the 2026-08-14 survey, far under the $100M floor. Rejected on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush, whatever the protocol’s quality.
- TVL sustained above $100M for 30 days
The research file
Applicability to the surveyed record
Hypha confirms that the former GoGoPool liquid-staking system continues unchanged after the rebrand and that ggAVAX is now named stAVAX. Users deposit AVAX into a pool that matches capital to Avalanche node operators, receive an exchange-rate-accruing liquid staking receipt, and rely on operator GGP collateral and protocol contracts for validator performance and reward accounting.
Current observation and perimeter
The DefiLlama protocol API read on 2026-08-15 classified Hypha as Liquid Staking, reported only Avalanche, and showed approximately $3.67M TVL. Current Hypha documentation continues to publish staking, validator, reward, API, and contract information, while the rebrand FAQ confirms existing minipools, staking service, receipt functionality, and yield continue without user migration.
Control and exit applicability
ProtocolDAO, Oracle, MinipoolManager, MultisigManager, guardian multisig, proxy admin, and timelock contracts participate in system control, while node operators supply GGP collateral. A holder can redeem stAVAX for AVAX only when the liquid-staking pool holds enough free AVAX; otherwise the documented immediate route is sale through a DEX, exposing the holder to market depth and price.
Why the class rule decides
The shared v1 below-materiality dossier controls because this Avalanche-only LST remains far below $100M after the Hypha rebrand. Reopen after DefiLlama TVL stays above $100M for 30 consecutive days, then review contract and multisig control, upgrades and timelock, oracle and validator selection, operator collateral and loss allocation, audits and incidents, pool liquidity, DEX depth, stressed redemption, Avalanche limits, and named liquid-staking alternatives.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Hypha — rebrand and product-continuity FAQ · primary · accessed 2026-08-15
Supports: Hypha rebrand, GoGoPool continuity, stAVAX rename, minipool lifecycle, staking continuity - Hypha — staking token and GGP mechanics · primary · accessed 2026-08-15
Supports: stAVAX receipt, exchange-rate yield, node operator, GGP collateral, Protocol DAO - Hypha — GoGoPool staking litepaper · primary · accessed 2026-08-15
Supports: AVAX deposit, liquid-staking receipt, pool-liquidity redemption, DEX exit, node matching - Hypha — current contract addresses · primary · accessed 2026-08-15
Supports: ProtocolDAO, oracle, minipool manager, multisig, proxy admin, timelock - DefiLlama — Hypha survey record · secondary · accessed 2026-08-15
Supports: current TVL, Avalanche perimeter, Liquid Staking 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.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Avalanche | Approved · limits | crypto-backed | no party can freeze or seize C-Chain funds, but one vendor writes the only production client and Messari measured over a third of stake hosted on AWS. |