Overview
- The Hyper Foundation announced Sunday that it will commit about $10 million in targeted grants to help builders move away from USDH or wind down USDH-dependent services.
- Eligible recipients include HIP-1 spot deployers, HIP-3 perpetual deployers, HyperEVM protocols, dedicated USDH:USDC bridge operators, and Native Markets.
- Grants are split into migration and wind-down categories with formulas that pay HIP-1 and HIP-3 teams by deployment cost and HyperEVM protocols by the amount of USDH total value locked they lose.
- Users holding USDH are being directed to feeless one-to-one USDC swap routes on Across for HyperEVM and the HyperCore spot order book for traders because USDH markets on HyperCore have completed settlements.
- As part of the unwind, half of prior USDH reserve yield will be routed into HYPE buybacks through the Assistance Fund while large moves such as Hyperion DeFi’s withdrawal of roughly 800,000 HYPE remain a near-term market risk.