This proposal outlines the allocation of 2,500,000 HPL tokens as protocol incentives for the 30-day Season 2 epoch beginning April 17, 2026. Incentives will be distributed pro-rata to suppliers and borrowers in each designated market, as defined below.
Season 2 successfully bootstrapped over $514M in total value locked and established HyperLend as the primary lending layer on Hyperliquid EVM. Season 2 shifts focus toward deeper HYPE ecosystem integration and stablecoin liquidity depth, which are core to supporting leveraged trading activity on-chain.
The proposed allocation increases weighting toward HYPE collateral markets and stablecoin supply, while maintaining competitive rates for BTC and ETH borrowers. All emissions are subject to a 7-day vest on claim to reduce mercenary capital effects.
| Market | Allocation | HPL / Day | % Share |
|---|---|---|---|
HYPE
Supply + Borrow
|
30% | 25,000 HPL | |
WBTC
Supply + Borrow
|
20% | 16,667 HPL | |
USDC
Supply
|
20% | 16,667 HPL | |
USDT
Supply
|
15% | 12,500 HPL | |
ETH
Supply + Borrow
|
10% | 8,333 HPL | |
USDH
Supply + Borrow
|
5% | 4,167 HPL | |
| Total | 100% | 83,334 HPL | 2,500,020 |