what's hyperithm?
Hyperithm is a digital asset management firm headquartered in Tokyo and Seoul, specializing in quantitative trading, venture investments, and prime brokerage services for institutional investors and high-net-worth individuals. Founded in 2018, the company bridges traditional finance and digital assets through advanced algorithms, risk management, and computer science technologies. It operates as a regulated Virtual Asset Service Provider (VASP), offering automated trading strategies, market-neutral approaches, and full-suite crypto services including lending, borrowing, and custody. Hyperithm's offerings include tokenized yield funds like mHYPER, which enables users to earn yields on-chain via integrations with protocols such as Morpho, Euler, Pendle, and Plasma. The firm emphasizes disciplined risk management and transparency, with tools like an on-chain vault dashboard for portfolio tracking across DeFi ecosystems. As a Web3 evangelist, Hyperithm also invests in layer-1/layer-2 blockchains, dApps, gaming projects, and other innovative protocols to support the growth of decentralized finance.
MidasRWA deposited USDC incentives for USD(mHYPER) on Penpie, offering 38% APR for vlPNP voters.
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ethereum
Featured in Nomaticcap's "Yields of the Week" coverage alongside vaults from Accountable and Noon Capital.
MidasRWA deposits $1,000 USDC incentives for USD(mHYPER) on Penpie Voting Market offering 38% APR for vlPNP voters.
Midas mHYPER pool launches on Equilibria with a 250% vePENDLE boost and multiple protocol points for deposits of USDC, mHYPER, or Pendle LP tokens.
A new Pendle pool for Midas mHYPER launches on Ethereum with a maturity date of January 29.
Vaults V2 launches with hyperithm as a curator alongside Keyrock, Clearstar Labs, Gauntlet, Steakhouse Finance, Re7 Labs, and kpk.io.
A $20M withdrawal stress test on alUSD executes smoothly with the liquidity mechanisms working perfectly and no exposure to mHYPER or xUSD.
Pre-deposit vaults now hold 34% of mHYPER backing.
Yearn Finance publicly states all its products have zero exposure to mHyper, xUSD, deUSD, and yUSD in what it describes as an obligatory safety announcement.
mHYPER faces bankruptcy clawback risk and potential court-ordered loss socialization if Stream committed fraud, with the vault classified as a security under MiCA and German law.
Balancer v2 hack causes ~$1m in USDX losses, with mHYPER listed among assets having unclear exposure to xUSD (direct or indirect). Block Analitica states no exposure to the affected assets.
High Yield vault users warned to expect periods of illiquidity as market conditions resolve, while Prime vault liquidity remains available. Vaults confirmed to have no exposure to xUSD/yUSD/deUSD/mHYPER/mMEV.
Public allegations emerge calling the project a scam, accusing curators of gambling users' funds and operating an unregulated fund with no proof of reserves.
Protocol migrates to isolated vaults for safety.
Protocol removes all links to yUSD (YieldFi) and xUSD (Stream Finance) from mHYPER, addressing community concerns about recursive exposure.
Protocol shifts to direct liquidity allocation model, removing dependency on MidasRWA instant redemption pool, with mHYPER/USDC and PT-mHYPER pairs re-listed.
Partnership with MidasRWA and Axelar launches mXRP, the first fully composable XRP yield token on XRPL that bridges XRP yields to EVM DeFi. XRP TVL increases 15% in 24 hours following the launch.
Risk management firm Steakhouse Fi confirms they hold no exposure to mHYPER, xUSD, and yUSD as these tokens fail to meet their risk standards and are not accepted as collateral in any of their products.
In response to public criticism, team discloses >10m insurance fund and commits to publishing proof of reserves via third-party providers every 24 hours. Team announces winding down protocol-owned liquidity levered positions and capping them based on insurance fund size.
A crypto trader publicly recommends withdrawing funds from Morpho Labs and Euler Finance vaults with mHYPER and xUSD exposure, citing maximum opacity and poor risk/reward ratio.
A new mHYPER pool launches on Pendle Finance's Plasma network.
Farms curated by Hyperithm offer APRs up to 170% with millions in borrowable liquidity, now available through Invariant Group and Edge Capital Management.
Stream Finance comprises over 20% of TVL through a $59 million looped position against $50 million borrowed operating at a loss, while YieldFi accounts for over 10% of TVL through negative-yielding positions. The vault uses opaque team-controlled off-chain pricing systems within a circular lending structure involving YUSD and xUSD.
Pendle markets by Hyperithm go live on Plasma, offering up to 12X leverage on USDai, sUSDai PT, and syrupUSDT PT with 32.5K XPL in rewards for lenders.
BA Labs explicitly excludes mHYPER from its portfolio due to recursive collateral risk (collateralization by own tokens).
Public concerns raised about mHYPER's liquidity mechanism and ability to handle mass withdrawals from the liquid yield token.
USD (Midas mHYPER) pool launches on Plasma platform, offering 26% boosted APY with 250% vePENDLE boost and points distribution across six protocols (Hyperbeat, Ethena, Cap Labs, Almanak, USDai, Lighter).
Hyperithm allocates 35% ($70m) of Morpho vault liquidity to lending markets for its stablecoin mHYPER while providing 35m USDC to the same vault.
Hyperithm allocates 35% ($70m) of Morpho vault liquidity to mHYPER stablecoin lending markets while providing 35m USDC from mHYPER back to the same vault.
1,000 USDC in new incentives dropped on Equilibria for the USD (Midas mHYPER) pool to boost APYs through vlEQB holder voting and PENDLE emission amplification.
5,000 USDC in fresh incentives deployed for the USD (Midas mHYPER) pool on Equilibria platform through collaboration with MidasRWA. vlEQB holders can vote and receive their share of the incentives.
Achieves 195% TVL growth in August 2025, ranking among top 10 fastest-growing projects.
New USDe lending market launches on Wildcat for lending to Hyperithm, offering 20x Ethena points multiplier.
SuperUSDC integrates Hyperithm USDC as new yield source on Ethereum, enabling vault allocation through MorphoLabs.