Monetrix

Monetrix is a yield-bearing stablecoin protocol built natively on the Hyperliquid network (specifically HyperEVM). Developed by the Hybra team, the protocol issues USDM, a stablecoin pegged 1:1 to USDC, alongside sUSDM, an auto-compounding staked variant. Unlike traditional yield-bearing stablecoins that rely on opaque, off-chain centralized exchange custody, Monetrix utilizes on-chain, delta-neutral strategies to capture Hyperliquid-native yield sources such as funding rates, HLP returns, and maker rebates. The protocol was audited through a Code4rena contest in April 2026, though funding details have not been publicly disclosed. While official incentives are currently structured via a Season 0 points campaign alongside its mainnet launch, there is no confirmed governance token or official token allocation announced at this stage.

How to Participate in the Monetrix Airdrop

1. Mint USDM with USDC: Access the Monetrix application, connect your Hyperliquid wallet, and deposit USDC to receive USDM at a 1:1 ratio. If you participated in the previous Genesis Vault phase, claim your deposited USDC as USDM on the Genesis page first. Users without funds on HyperEVM can source USDC from centralized exchanges like Binance and utilize a bridge like Rhino to transfer assets.
2. Stake USDM into sUSDM: Move your USDM into the staking contract to obtain sUSDM. This asset accumulates yield via exchange rate appreciation and qualifies for a 5x multiplier in the Season 0 points program. Please verify the token approval amount; authorize only the specific amount required for the transaction.
3. Provide Liquidity on Hybra: To further increase your point generation, deposit liquidity into supported Hybra pools. You can choose the USDC/USDM stablecoin pair for lower price risk to secure a 10x multiplier, or pair Hyperliquid's native token in the HYPE/USDM pool to achieve a 15x multiplier. Please verify the token approval amount; authorize only the specific amount required for the transaction.
4. Utilize the Referral System: Generate your unique referral link within the application. New users joining via your link receive a 10% points boost, while you earn an additional 10% bonus based on the total Season 0 points they accumulate.
5. Maintain Activity and Track Points: Maintain your capital positions over time to ensure consistent accumulation. Point allocations are updated weekly directly inside the user interface, which serves as the primary record of participation.

Potential Reward

There is no confirmed token or airdrop mechanism.

Airdrop Requirements

• On-Chain Interactions: Users must actively mint USDM using USDC on the Hyperliquid chain.
• Capital Deployment: Points eligibility relies on holding USDM, staking sUSDM, or allocating liquidity to designated pairs on the Hybra platform.
• Campaign Participation: Engagement is tracked via the live Season 0 points program, where points are updated weekly based on activity multipliers.

Latest Monetrix Airdrop Updates

The Monetrix protocol capacity is being raised to $5M on June 22 at 1PM UTC.

Risk

Participating in Monetrix involves specific smart contract and operational risks. Yields are generated via complex, delta-neutral strategies interacting with Hyperliquid-native sources, meaning users face underlying protocol risks on HyperEVM and Hybra. Liquidity providers in the HYPE/USDM pool face potential impermanent loss due to asset volatility. Furthermore, capital efficiency is impacted by liquidity constraints, as USDM redemptions back to USDC are processed through a withdrawal queue rather than executing instantly, and exiting Genesis positions prematurely can negatively impact accumulated points.

FAQ

Is the Monetrix airdrop confirmed?

No, Monetrix has not officially confirmed a governance token, a token generation event, or an airdrop. The current Season 0 points program tracks protocol activity, but any eventual conversion into a retroactive reward or token distribution remains speculative.

How are the Season 0 points calculated?

Points are distributed weekly inside the app based on your protocol activity and specific multipliers. Holding idle USDM grants a 2x multiplier, staking into sUSDM gives a 5x multiplier, while providing liquidity on Hybra yields 10x for the USDC/USDM pair and 15x for the HYPE/USDM pair.

Can I withdraw my deposited capital at any time?

While you can initiate redemptions from USDM back to USDC, the process relies on a withdrawal queue rather than settling instantaneously. Additionally, pulling funds out of Genesis positions early can result in a reduction of the points you have earned.

[Data sources: official website, project social links]