> For the complete documentation index, see [llms.txt](https://docs.loopingcollective.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.loopingcollective.org/products/wrapped-hlp.md).
# Wrapped HLP
### What is WHLP?
Wrapped HyperLiquidity Provider (WHLP) is a tokenized version of HyperLiquidity Provider (HLP). By minting WHLP, users earn trading fees from Hyperliquid while retaining full liquidity and DeFi composability on HyperEVM.
Initially valued at 1.00 USD, WHLP appreciates in value over time as HLP yields accrues to the token.
**APY**: 2-18%\
**Performance Fee**: 10%\
**Accepted Assets**: USDT0 (or zap from any asset)\
**Management**: Paxos Labs\
**Frontend**: HyperLend, Looping Collective\
**Token Contract Address**: 0x1359b05241cA5076c9F59605214f4F84114c0dE8
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### HyperLend x WHLP
HyperLend serves as the primary launch partner for Wrapped HyperLiquidity Provider (WHLP). Through this collaboration, HyperLend will integrate WHLP deposit functionality directly into its user interface, enabling streamlined access to the WHLP vault. In subsequent phases, HyperLend will also offer lending markets denominated in WHLP, permitting users to leverage their positions or obtain liquidity against their tokenized HLP holdings. This partnership enhances WHLP’s accessibility and composability within the broader HyperEVM ecosystem.
### USDT0 x WHLP
USDT0 is a USDT-based stablecoin that uses LayerZero's Omnichain Fungible Token (OFT) standard. USDT0 functions as the official medium for both depositing into and redeeming from the WHLP vault.
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### What is HLP?
HLP, Hyperliquidity Provider, is a permissionless vault on Hyperliquid that:
* Passively market makes across all trading pairs
* Backstops liquidations on the platform
* Returns profits directly to liquidity providers
* Operates without charging depositor fees
* Represents community ownership of market-making profits typically captured by internal trading desks
**Note that HLP past performance is not a guarantee for future returns**
