What Happens When $57 Billion in Liquid Staking Tokens Get Safe Leverage: The Hyperdrive Thesis

Hyperdrive is building a leverage protocol that values collateral using contractual redemption prices instead of real-time market data. The design targets the structural flaw behind DeFi's biggest crashes, where forced liquidations trigger cascading sell pressure. With tokenized RWAs crossing $36 billion and liquid staking TVL at $57 billion, the timing is deliberate.