If you're diving into the world of DeFi, especially on emerging platforms like Hyperliquid, the new HyperLend dashboard from Blockworks Analytics is a game-changer. Shared in a detailed thread by Jack Mandin from Blockworks Research, this tool breaks down everything from financials to user behaviors in HyperLend—a lending protocol built on HyperliquidX. Let's unpack what this means for meme token enthusiasts and blockchain practitioners looking to stay ahead.

What is HyperLend?

HyperLend serves as the banking infrastructure for HyperliquidX, a high-performance blockchain focused on perpetual futures and DeFi. It's live on mainnet and handles deposits, loans, and interest across various assets, including the native HYPE token. With $723M in deposits and $255M in loans, it's quickly becoming a hub for liquidity in the ecosystem. HYPE dominates here, making up over 28% of deposits and 65% of loans, alongside assets like kHYPE, PT-kHYPE-13NOV2025, USDT0, UBTC, and UETH.

Utilization Rates and Market Trends

Utilization tells us how much of the deposited assets are being borrowed— a key metric for platform health. Currently, HYPE and USDe lead with the highest utilization, while USDT0 and USDC have seen peaks in the past. Recently, UETH has joined the high-utilization club, but assets like UBTC and wstHYPE remain underutilized. This mix shows HyperLend's appeal for both stablecoins and volatile tokens, offering opportunities for yield farming in meme-driven markets.

Stablecoin rates have been volatile but are trending down, with borrow APY at around 8% and supply APY at 4%. That's higher than comparable rates on Aave v3, making HyperLend an attractive spot for lenders seeking better returns.

Revenue Streams and Treasury Growth

HyperLend has generated just under $1M in revenue, mostly from net interest income on loans (over 99%), with flash loan and liquidation fees adding smaller portions. This revenue bolsters the treasury, now valued at over $600K, all reinvested back into the markets. It's a self-sustaining model that's perfect for understanding how DeFi protocols like this can fuel growth in meme token ecosystems.

User Insights: Lenders and Borrowers

A deep dive into users reveals that big players dominate—over 70% of deposits come from addresses with more than $1M in assets. Interestingly, mid-tier depositors ($1M-$10M) hold the largest share at 45.4%. On the interaction front, over 90% of recent depositors are returning users, while new borrowers make up 10-20% of activity. This stickiness suggests strong community retention, crucial for meme tokens like HYPE that thrive on loyal holders.

Loan survival rates vary by asset: wstHYPE loans last longer (nearly 80% over a month), while USDT0 sees quicker turnovers (less than 40% lasting a month). These patterns highlight different use cases, from long-term holding to short-term leverage.

Why This Matters for Meme Tokens

In the fast-paced world of meme tokens, platforms like HyperLend provide the liquidity and lending tools needed to amplify trades and yields. Whether you're tracking HYPE's performance or exploring integrations with other assets, this dashboard offers real-time insights to inform your strategies. As Hyperliquid grows, expect more innovations that blend meme culture with robust DeFi mechanics.

For the full scoop, check out the original thread on X or dive into the dashboard on Blockworks Analytics—it's free for the next week. Stay tuned to Meme Insider for more updates on how these tools are shaping the blockchain landscape.