0xResearch HIP-3, USDH, and Felix | Charlie
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Sep 17, 2025 Dive into the evolving world of stablecoins with insights into USDH competition and liquidity challenges on Hyperliquid. Explore conservative blockchain investment strategies amid fluctuating interest rates and smart contract risks. Learn about the Felix platform’s promising developments and its potential integration with Pendle, aiming for increased total value locked. Plus, unpack the implications of HIP3 and discover how innovations in trading could reshape the DeFi ecosystem. The future is bright for Felix and its loyal users!
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Felix’s Early Launch And Dual Products
- Charlie describes Felix launching in April after starting development the prior July and recently passing $1M in deposits.
- He explains Felix runs two products: a CDP (FUSD) on Liquidity V2 and a Morpho-based vanilla market deployment.
CDP Growth Hinges On Secondary Liquidity
- Charlie highlights the core scaling constraint for a CDP: secondary liquidity for the native stable (FUSD).
- He built USDHL internally as a short-term solution to native stable liquidity gaps on Hyperliquid.
Why Felix Built USDHL
- Charlie recounts building USDHL before USDT Zero existed to provide a Hyperliquid-native fiat-backed stable.
- USDHL peaked at ~14M supply but lacks a clear path to multi-billion scale without external deployers.