HyperEVM Expansion: Rumpel launched on Hyperliquid’s EVM-compatible HyperEVM on June 17, 2025, and quickly gained traction. Rumpel supports six HyperEVM protocols, and over 1,000 HyperEVM Rumpel wallets have been created.
Rumpel’s total value locked (TVL) increased 600% from June 2025 to $152.3M. This growth was driven by heavy demand for tokenized Ethena loyalty points and Rumpel’s wave of new users from HyperEVM.
Rumpel Straw Program Chapter 4 extended the rewards period to five months and introduced Onboarding Rewards to incentivize users to sign up and utilize the Auto-Sell feature.
Multiple TGE events for HyperEVM protocols are around the corner, and Rumpel’s 1000+ HyperEVM walletssuggest Rumpel users are ready to capitalize on the loyalty point market.
Primer
Airdrop farming has become a game of diminishing returns. According to Keyrock’s 2024 analysis, 88% of airdropped tokens lose value within months of launch. This trend perpetuates a behavior of immediate selloffs to realize gains instead of holding onto rewards in case they accrue value. Those who choose to believe in a token’s longevity are often punished.
Farmers often hold worthless allocations after months of capital commitment and opportunity costs. Traditional solutions compound these challenges through capital lockup requirements, prohibitive fee structures, and platforms designed for yield tokenization, not the point farming strategies driving today’s DeFi.
Rumpel emerged as a protocol for yield farmers seeking to navigate this hostile environment. By tokenizing offchain loyalty points into liquid ERC-20 assets, or pTokens, the protocol enables users to capture value from point accumulation immediately while retaining the option to maintain exposure to the potential success of underlying protocols. Rumpel turns point farming from a binary bet on airdrop outcomes into a diversified strategy with multiple value capture mechanisms. Institutional liquidity provision and automated tools support this strategy and remove the need for active management that burdens traditional yield farming.
Rumpel has continually expanded its ecosystem of supported point markets and its security. It implemented a custom Safe-based smart wallet with the Rumpel Guard and Module, which prevents misuse of pTokens and automates the proper claiming and vault deposit of airdropped tokens. Rumpel has undergone six independent audits and maintains a bug bounty program to safeguard user assets.
Rumpel’s recent growth confirms the demand for a liquid loyalty points market. Rumpel’s key metrics have inflected sharply since it was last covered by Messari. Since June 2025, the protocol’s total value locked (TVL) has increased by 603%, from $21.6 million to $152.0 million, and its weekly volume has risen by 855%, from $60k to $580k. Several strategic initiatives contributed to this rapid growth, but the most outstanding are Chapter 4 of Rumpel’s Straw program with revamped incentives, the HyperEVM integration, and the Ethena market.
Straw Program: Chapter 4
Incentives drive everything in crypto, and Chapter 4 of Rumpel’s Straw Program is no exception. Straw is Rumpel’s loyalty point that tracks a user's contribution to Rumpel’s growth. Chapter 4 (June 1, 2025, to Sept. 30, 2025) expanded both the duration and the scope of rewards compared to prior chapters. Key changes in Chapter 4 include a longer campaign period (five months, vs. three months in Chapter 3) and new ways to earn Straw. Rumpel maintained its typical continuous incentives and boosts, which reward liquidity depositors and providers, and brought back Discrete Rewards, not seen since Chapter 2. They also introduced a new category: Onboarding Rewards.
Continuous Incentives and Boosts
For Chapter 4, Rumpel maintained its regular ongoing rewards (Straw accrues daily based on assets deposited and liquidity provided) and various boosts that provide extra Straw for specific high-value actions, such as depositing earlier in the season or early to new markets. These continuous emissions are streamed every 24 hours to help incentivize steady participation and liquidity health.
Onboarding Rewards
With Onboarding Rewards, Rumpel introduced a novel one-time incentive category to encourage new users. Certain onboarding actions earn raffle tickets, which qualify users for 0.1% of all Chapter 4 Straw. Users can earn raffle tickets with the following first-time actions:
10 entries: Deploy a Rumpel wallet with the auto-sell feature enabled
1 entry: Mint and sell pToken
1 entry: Buy pToken
Discrete Rewards
Rumpel also allocated 5% of the total Straw for Chapter 4 to Discrete Rewards aimed at community growth. These are one-off rewards for users who participate in crowdsourced marketing campaigns. During the campaign period, users qualify for high-quality posts about Rumpel on X (formerly Twitter). This approach, not seen since Chapter 2, turns Rumpel’s own users into evangelists and rewards them for spreading the word. It’s effectively a marketing spend in the form of protocol-native points, aligning user incentives with the growth of the platform’s mindshare.
Chapter 4 of Straw drove a marked uptick in new user acquisition and community activity by broadening rewards to include onboarding and engagement.
HyperEVM Integration
Another major catalyst for Rumpel was its expansion to the HyperEVM network. The HYPE TGE distributed 310 million HYPE tokens on Nov. 29, 2024, or $12.4B at current prices. This concentration of new, inactive capital was then given DeFi opportunities with the launch of the HyperEVM alpha on Feb. 18, 2025. Today, the HyperEVM has $2.26B in TVL, with the majority of protocols running loyalty programs, including Upshift, Felix, Hyperbeat, Kinetiq, Sentiment, Project X, Liminal, and more.
On June 17, 2025, Rumpel launched on HyperEVM, enabling users to tokenize and trade their loyalty points for select protocols. Rumpel’s integration exposed them to an emerging market with high-potential protocols, perfect for their unique selling proposition as a market for loyalty points. HyperEVM wallets now comprise 56% of all Rumpel wallets, eclipsing Ethereum wallets. Rumpel now supports trading for five HyperEVM protocols: Upshift, Felix, Hyperbeat, Kinetiq, and Sentiment. Additionally, select HyperEVM Pendle YTs are now supported.
Upshift
Upshift is a yield vault platform backed by Dragonfly and 6thManVentures that was launched in April 2025 and has quickly grown to $370 million in TVL. Built on top of August Digital's infrastructure, Upshift democratizes institutional-grade DeFi yield opportunities curated by the team and managed by the protocol. Users can deposit BTC, ETH, or stablecoins into various pools to start earning points.
Felix
Felix is a combined Stablecoin Issuer and lending market with $366.2 million in TVL. It offers feUSD, a CDP (Collateralized Debt Position) based stablecoin, and USDHL, a treasury-backed yield-bearing stablecoin, as well as a vanilla lending market. Yield from USDHL treasuries is used to buy HYPE, which is streamed back to USDHL holders. Users can earn points on Felix by borrowing, lending, and minting.
Rumpel users can earn bonus yield by lending USDT0 or USDHL on Rumpel.
Hyperbeat
Hyperbeat is a liquid yield platform with $352.3 million in TVL. It offers a suite of automated yield strategies via its lending vaults, partnerships with Morpho, and liquid staking with beHYPE.
Rumpel users can earn points and boost their yield by lending stablecoins, BTC, ETH, HYPE, or Gold, supplying delta-neutral vaults, or helping bootstrap new protocols like Ventuals.
The Hyperbeat and Rumpel partnership offers users the highest number of opportunities compared to any other partnership, with 11 strategies to choose from.
Kinetiq
Kinetiq is the first liquid staking platform on Hyperliquid to leverage Hyperliquid’s CoreWriter upgrade. CoreWriter allows for write access from HyperEVM to HyperCore. Their highly anticipated launch was met with large demand, amassing $500.5 million in TVL in 48 hours. Kinetiq’s TVL is now $1.86 billion, with over 22000 kHYPE holders. Kinetiq uses CoreWriter to trustlessly liquid stake users’ HYPE in return for kHYPE. Users earn points through liquid staking and deploying kHYPE into DeFi.
Rumpel users can earn bonus yield by holding kHYPE or vkHYPE, which is tokenized kHYPE supplied to the Kinetiq Earn Vault.
Sentiment
Sentiment is a leveraged lending market with $30.5 million in TVL. Their onchain credit system allows users to open leverage positions based on margin. As a result, Sentiment pools are the highest-yielding pools available, up to 44%. The protocol allows third parties to run pools on the Sentiment platform, and users can cross-collateralize assets and positions across different venues and markets. Users earn points by deploying assets into pools on the Sentiment platform.
Rumpel users can earn bonus yield by depositing into the wstHYPE/wHYPE or HYPE Superpool.
Pendle
Pendle provides a market for tokenizing the future yield of assets with $6.7B in TVL. By splitting future yield into Principal Tokens (PT) and Yield Tokens (YT), users can lock in fixed returns or speculate on yield shifts. Pendle offers a market for fixed and floating rates of supported yield-bearing tokens, allowing users to earn a fixed yield, long-term yield, and provide liquidity to the Pendle pool for the underlying token.
Rumpel has added support for Pendle yield tokens (YT) on HyperEVM for Kinetiq’s kHYPE, and Hyperbeat’s hbHYPE and hbUSDT.
By integrating these protocols, Rumpel has effectively positioned itself as the primary market for HyperEVM loyalty points. With HyperEVM Rumpel wallets now comprising the majority share of Rumpel’s total wallets, the demand for a product like Rumpel on emerging protocols is clear.
Ethena kpSATS-4 support
Ethena’s stablecoin, USDe, is a synthetic dollar protocol backed by delta-neutral positions “using perpetual and deliverable futures contracts, as well as liquid stablecoins like USDC and USDT” with a market capitalization of $14.5 billion. With the U.S. trending towards a Zero Interest Rate Policy (ZIRP), Ethena, and its governance token, ENA, have drawn significant attention this year thanks to yields that operate independently of treasury bill interest rates.
Ethena has run a series of loyalty point seasons to distribute ENA to early users. The fourth season, which ended Sept. 24, 2025, is slated to distribute 3.5% of the ENA supply to participants. With ENA’s current price around $0.63, the airdrop is valued at roughly $330 million. As a result, demand for Rumpel’s pToken for Ethena season 4 points, kpSATS-4, ensued. Since August, kpSATS-4 volume has dominated the traded volume on Rumpel, consisting of 92% of all traded volume for the week of Sept. 14, 2025. As Ethena brings in the fifth season of its loyalty program, Rumpel announced it will support Ethena season five once more details are released by Ethena.
The Ethena case illustrates both the power and cyclical nature of Rumpel’s product. When a high-demand airdrop has a safe and secure premarket, partnering with Rumpel provides significant value. Ethena’s USDe has grown to over $14.2 billion in circulating supply, and its yield-bearing, delta-neutral stablecoin model attracted a wide user base, making the ENA airdrops quite lucrative. Rumpel allowed those users to monetize their loyalty points immediately and lock in profits, while also providing speculators with a trade. Farmers are in no rush to compete with selling pressure on the day of unlocks, and pToken buyers can frontrun that same pressure in their own right for a proxy expression of the underlying asset. This kind of price discovery for unlaunched tokens is exactly the role Rumpel aims to fill in the DeFi ecosystem.
Closing Summary
Rumpel’s model sits at the intersection of many moving parts, including DeFi incentive programs, speculative trading, and cross-protocol integrations. As a loyalty point market, sustaining its traction will require quality protocols and quality business development from Rumpel. With the success of the Ethena premarket and onboarding of some of HyperEVM’s most prestigious projects, Rumpel has likely achieved critical mass as the go-to market for tokenized loyalty points through Q4. They will need to keep a pulse on emerging protocols and maintain their positioning to keep up the momentum.
Rumpel serves as a liquidity bridge between speculative point accumulation and actual token rewards. By enabling price discovery for loyalty points over time, it reshapes how users perceive and approach airdrop incentives. With transparent valuations, users may alter their farming strategies. Instead of TGEs becoming terminal points for protocols, value can be established in advance to mitigate panic selling and encourage ongoing engagement, thanks to the transparency provided by Rumpel. If broadly adopted, this mechanism could amplify protocol growth, as participants are more willing to interact when the reward value is more transparent. The performance of protocol token prices in Rumpel-supported ecosystems after launch will test this hypothesis as loyalty rewards conclude.
As DeFi matures and more projects seek fair ways to distribute tokens, Rumpel’s approach could very well become a standard component of the launch playbook. If the airdrop model is broken, Rumpel is busy assembling a new model in its place. One where early users and investors meet in the middle, trading risk for reward in real time.
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Dillon is a Research Analyst on the Protocol Research team. He previously worked as an Automation/Mechatronics Engineer at Flex, Nike, and Target after graduating with a BSE in Mechanical Engineering from the University of Michigan - Ann Arbor. While he has maintained an interest in robotics, his interests lie in DeAI, privacy, prediction markets, and, more recently, quantum computing.
Dillon is a Research Analyst on the Protocol Research team. He previously worked as an Automation/Mechatronics Engineer at Flex, Nike, and Target after graduating with a BSE in Mechanical Engineering from the University of Michigan - Ann Arbor. While he has maintained an interest in robotics, his interests lie in DeAI, privacy, prediction markets, and, more recently, quantum computing.
