White Paper Report


			..
	White paper for crypto-assets other than asset-referenced tokens or e-money tokens

	Digital Token Identifier:	VJ0L7N45M
	Offeror or person seeking admission to trading:	98450008DF795FA2D049 - Hyperlend Inc.
	Type of submission:	New

Table of content
General information
SUMMARY
Part A - Information about offeror or person seeking admission to trading
Part B - Information about issuer, if different from offeror or person seeking admission to trading
Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114
Part D - Information about other token project
Part E - Information about offer to public of other tokens or their admission to trading
Part F - Information about other tokens
Part G - Information on rights and obligations attached to other tokens
Part H – Information on underlying technology
Part I - Information on risks
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts




[Table 2] Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens

Template for white papers for crypto-assets other than asset-referenced tokens or e-money tokens [abstract]
General information
00 Table of content	boolean true	true
01 Date of notification	date	2026-04-13
02 Statement in accordance with Article 6(3) of Regulation (EU) 2023/1114	boolean true	This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.
03 Compliance statement in accordance with Article 6(6) of Regulation (EU) 2023/1114	boolean true	This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.
04 Statement in accordance with Article 6(5), points (a), (b), (c), of Regulation (EU) 2023/1114	boolean true	The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid
05 Statement in accordance with Article 6(5), point (d), of Regulation (EU) 2023/1114	boolean true	Not applicable
06 Statement in accordance with Article 6(5), points (e) and (f), of Regulation (EU) 2023/1114	boolean true	The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.
SUMMARY
07 Warning in accordance with Article 6(7), second subparagraph, of Regulation (EU) 2023/1114	boolean true	Warning This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto –asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law. This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.
08 Characteristics of the crypto-asset	textBlock	The HPL token is a fungible crypto-asset designed to support the functioning and governance of the HyperLend protocol, a decentralized, non-custodial lending and borrowing platform operating on blockchain infrastructure. HPL does not represent any ownership rights, equity interest, or claim against any legal entity, nor does it grant any right to receive profits, dividends, or other financial returns. The token is not linked to any underlying asset, basket of assets, or fiat currency, and its value is determined solely by market dynamics. HPL may be used within the HyperLend protocol for specific functionalities, including but not limited to participation in governance mechanisms, alignment of incentives among users, and access to certain protocol features such as staking-based programs. In particular, holders may choose to stake HPL to receive a corresponding staking representation, which can be used within the protocol to obtain benefits such as fee rebates. Staking does not grant ownership or control over the protocol or its underlying smart contracts. The rights associated with HPL are limited to its functional use within the protocol as described above. Holding HPL does not create any contractual relationship between the holder and any issuer or developer of the protocol. No guarantees are provided regarding the future utility, adoption, or value of the token. The characteristics, functionalities, and associated conditions of HPL may evolve over time as a result of updates to the HyperLend protocol, including changes implemented through governance processes or smart contract upgrades, where applicable. Such changes may affect the functionality of the token but will not result in the creation of rights to profits, assets, or claims against any entity.
09 Further information about utility tokens	textBlock	Not applicable
10 Key information about the offer to the public or admission to trading	textBlock	$HPL is being admitted to trading on crypto-asset trading platforms in accordance with Regulation (EU) 2023/1114 (MiCA). This admission aims to facilitate broader access and liquidity in a regulated framework. The names of the platforms for which admission is sought are Coinbase and Kraken.
Part A - Information about offeror or person seeking admission to trading
A.1 Name	text	Hyperlend Inc.
A.2 Legal form	text	Sociedad Anónima (S.A.)
A.3 Registered address
Registered addess	text	Province of Panama, District of Panama, Betania, Vía Ricardo J. Alfaro, PH The Century Tower, Office 317
Country	enumeration	Panama
Sub-division	text	Subdivision (ISO 3166-2): PA-8
A.4 Head office
Head office	text	Province of Panama, District of Panama, Betania, Vía Ricardo J. Alfaro, PH The Century Tower, Office 317
Country	enumeration	Panama
Sub-division	text	Subdivision (ISO 3166-2): PA-8
A.5 Registration date	date	2025-12-23
A.6 Legal entity identifier	LEI	98450008DF795FA2D049
A.7 Another identifier required pursuant to applicable national law	text
A.8 Contact telephone number	text	+35794 322473
A.9 E-mail address	text	contact@hyperlend.finance
A.10 Response time (days)	integer	10
A.11 Parent company	text	Hyperlend Foundation
A.12 Members of the management body
Member #1	id	1
Identity	text	Lorena Del Carmen Moreira
Business address	text	Country (ISO 3166-1 alpha-2): PA Subdivision (ISO 3166-2): PA-8 Province of Panama, District of Panama, Betania, Vía Ricardo J. Alfaro, PH The Century Tower, Office 317
Function	text	President
Member #2	id	2
Identity	text	Pedro Luis Zapata Vega
Business address	text	Country (ISO 3166-1 alpha-2): PA Subdivision (ISO 3166-2): PA-8 Province of Panama, District of Panama, Betania, Vía Ricardo J. Alfaro, PH The Century Tower, Office 317
Function	text	Secretary
Member #3	id	3
Identity	text	Cristine Victoria Santamaria Guerra
Business address	text	Country (ISO 3166-1 alpha-2): PA Subdivision (ISO 3166-2): PA-8 Province of Panama, District of Panama, Betania, Vía Ricardo J. Alfaro, PH The Century Tower, Office 317
Function	text	Treasurer
A.13 Business activity	textBlock	Hyperlend Inc. is responsible for the development and promotion of the Hyperlend lending protocol. The company's activities include: (i) designing and maintaining open-source software protocols; (ii) administering the $HPL token as the native utility and governance asset within the HyperLend protocol; (iii) facilitating network governance through the $HPL token; (iv) supporting ecosystem participants, including developers, by providing technical resources, grants, and educational programs. The company does not engage in commercial banking, securities brokerage, or investment management activities.
A.14 Parent company business activity	textBlock	Hyperlend Inc. is supported by the Hyperlend Foundation, a non-profit entity established to promote, support, and foster the development of the Hyperlend protocol in a manner consistent with the principles of decentralization and open-source innovation. The Hyperlend Foundation does not engage in commercial activities for profit. Its primary purpose is to support the long-term sustainability, research, and development of the Hyperlend protocol and its associated open-source technologies. In this context, the Foundation's activities are comparable to those commonly undertaken by non-profit organizations in the blockchain sector. The activities of the Hyperlend Foundation include, inter alia: (i) supporting the research, development, and maintenance of open-source software related to the HyperLend protocol; (ii) fostering ecosystem growth by supporting developers, contributors, and community participants through grants, funding programs, and other initiatives; (iii) promoting decentralization and the adoption of the Hyperlend protocol; (iv) facilitating community coordination and supporting governance processes within the ecosystem; and (v) engaging in educational and outreach activities aimed at increasing awareness and understanding of the HyperLend protocol.
A.15 Newly established	boolean	true
A.16 Financial condition for the past three years	textBlock	The entity was incorporated in December 2025 and is therefore recently established.
A.17 Financial condition since registration	textBlock	Since its registration, Hyperlend Inc. has maintained a financial position that enables it to support the activities related to the development and maintenance of the HyperLend protocol. The company's activities during this period have primarily consisted of organizational setup, coordination with development partners, and the preparation of the technological and operational infrastructure required for the functionalities of the HPL token.
Part B - Information about issuer, if different from offeror or person seeking admission to trading
B.1 Issuer different from offerror or person seeking admission to trading	boolean	false
B.2 Name	N/A		.
B.3 Legal form	N/A		.
B.4 Registered address
Registered addess	N/A		.
Country	N/A		.
Sub-division	N/A		.
B.5 Head office
Head office	N/A		.
Country	N/A		.
Sub-division	N/A		.
B.6 Registration date	N/A		.
B.7 Legal entity identifier	N/A		.
B.8 Another identifier required pursuant to applicable national law	N/A		.
B.9 Parent company	N/A		.
B.10 Members of the management body
Member #1	N/A		.
Identity	N/A		.
Business address	N/A		.
Function	N/A		.
B.11 Business activity	N/A		.
B.12 Parent company business activity	N/A		.
Part C - Information about the operator of the trading platform in cases where it draws up the crypto-asset white paper and information about other persons drawing the crypto-asset white paper pursuant to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114
C.1 Name	N/A		.
C.2 Legal form	N/A		.
C.3 Registered address
Registered address	N/A		.
Country	N/A		.
Sub-division	N/A		.
C.4 Head office
Head office	N/A		.
Country	N/A		.
Sub-division	N/A		.
C.5 Registration date	N/A		.
C.6 Legal entity identifier	N/A		.
C.7 Another identifier required pursuant to applicable national law	N/A		.
C.8 Parent company	N/A		.
C.9 Reason for crypto-asset white paper preparation	N/A		.
C.10 Members of the management body
Member #1	N/A		.
Identity	N/A		.
Business address	N/A		.
Function	N/A		.
C.11 Operator business activity	N/A		.
C.12 Parent company business activity	N/A		.
C.13 Other persons drawing up the crypto-asset white paper according to Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	N/A		.
C.14 Reason for drawing the white paper by persons referred to in Article 6(1), second subparagraph, of Regulation (EU) 2023/1114	N/A		.
Part D - Information about other token project
D.1 Crypto-asset project name	text	HyperLend
D.2 Crypto-asset name	text	HyperLend
D.3 Abbreviation	text	HPL
D.4 Crypto-asset project description	textBlock	HyperLend is a decentralized finance (DeFi) protocol that enables users to lend and borrow crypto-assets through non-custodial smart contracts deployed on blockchain infrastructure. The protocol is designed to facilitate efficient allocation of digital asset liquidity by allowing users to supply assets to liquidity pools and earn interest, or to borrow assets against collateral. The system operates without centralized intermediaries, with all core functionalities executed automatically through smart contracts. Interest rates are determined algorithmically based on supply and demand within each liquidity pool, and risk management mechanisms, such as collateral requirements and liquidation procedures, are embedded in the protocol. The HPL token is a fungible crypto-asset associated with the HyperLend ecosystem and is intended to support the functioning and development of the protocol. HPL does not confer any ownership rights, claims, or entitlements to profits or revenues. Its primary purpose is to enable participation in governance-related processes, align incentives among users, and provide access to certain protocol features, including staking-based mechanisms. Users may voluntarily stake HPL to obtain a corresponding representation within the protocol, which may be used to access specific functionalities such as rebate programs, subject to the conditions defined in the relevant smart contracts. The project is part of the broader decentralized finance ecosystem and is designed to be interoperable with other blockchain-based applications and infrastructure. The protocol relies on external data providers (oracles) for price feeds and incorporates standard security practices, including smart contract audits. HyperLend does not involve the custody of user assets by a central entity, and users interact directly with the protocol through their own digital wallets. The project is intended to provide an open and permissionless financial infrastructure for digital asset lending and borrowing.
D.5 Details of all natural or legal persons involved in implementation of crypto-asset project
Person #1	id	1
Type of person	enumeration	Development team
Name of person	text	Hyperlabs Inc.
Business address of person	text	Intershore Chambers, Road Town, Tortola, British Virgin Islands
Domicile of company	enumeration	Virgin Islands (British)
D.6 Utility token classification	boolean	false
D.7 Key features of goods or services for utility token projects	text	Not applicable
D.8 Plans for the token
Description of past milestones	textBlock	The development of the HyperLend project and the HPL token has progressed through a series of technical and ecosystem milestones. In its initial phase, the protocol was designed and developed as a decentralized, non-custodial lending and borrowing infrastructure, including the deployment of core smart contracts, integration with blockchain networks, and implementation of key functionalities such as liquidity pools, collateralized borrowing, algorithmic interest rate models, and liquidation mechanisms. During this phase, the project also established integrations with external oracle providers for price data and conducted security audits of its smart contracts. Subsequently, the HPL token was introduced as a functional component of the ecosystem, enabling participation in governance-related processes, staking mechanisms, and user incentive programs. The project has also implemented ecosystem initiatives, such as points-based programs and staking features, aimed at encouraging user participation and supporting protocol adoption.
Description of future milestones	textBlock	Looking forward, the project intends to continue the development and improvement of the HyperLend protocol. Planned future milestones may include, among others, further enhancements to protocol functionalities, expansion to additional blockchain networks, refinement of risk management parameters, and the potential introduction or evolution of governance mechanisms involving HPL token holders. Additional plans may also include the development of new features within the ecosystem, integrations with other decentralized applications or infrastructure, and ongoing security reviews and audits of smart contracts. All future developments are subject to technical, regulatory, and market conditions, and no assurance can be given that any specific milestone will be achieved within a particular timeframe or at all.
D.9 Resource allocation	text	As of the date of this white paper, financial and operational resources have already been allocated to support the development of the HyperLend project and its underlying technological infrastructure. In particular, approximately USD 600,000 has been allocated to date for the design, development, and implementation of the HyperLend ecosystem.
D.10 Planned use of collected funds or other tokens	text	Not applicable, as this white paper was drawn up for the admission to trading and not for collecting funds for the crypto-asset-project.
Part E - Information about offer to public of other tokens or their admission to trading
E.1 Public offering or admission to trading	enumeration	Admission to trading
E.2 Reasons for public offer or admission to trading	textBlock	Hyperlend Inc. is seeking the admission of HPL to trading on regulated platforms and has prepared this white paper in accordance with the disclosure requirements set forth under MiCAR. The primary objective of this initiative is to provide investors in the European Union and European Economic Area with access to the HPL native token within a transparent and MiCAR-compliant framework. Hyperlend Inc. aims to establish a clear and reliable regulatory basis for the token, fostering greater market confidence and investor protection.
E.3 Fundraising target
Target expressed in currency	monetary	0	EUR
Target expressed in units	decimal	0
Target expressed in digital token identifier	text	Not applicable
E.4 Minimum subscription goals
Goals expressed in currency	monetary	0	EUR
Goals expressed in units	decimal	0
Goals expressed in digital token identifier	text	Not applicable
E.5 Maximum subscription goals
Goasl expressed in currency	monetary	0	EUR
Goals expressed in units	decimal	0
Goals expressed in digital token identifier	text	Not applicable
E.6 Oversubscription acceptance	boolean	false
E.7 Oversubscription allocation	text	Not applicable
Issue price details
E.8 Issue price	decimal	0,5
E.9 Official currency determining issue price	enumeration	US Dollar
E.9 Any other tokens determining issue price	text	US Dollar
E.10 Subscription fee
Fee expressed in currency	monetary	0	EUR
Fee expressed in units	decimal	0
Fee expressed in digital token identifier	text	Not applicable
E.11 Offer price determination method	text	Not applicable
E.12 Total number of offered or traded other tokens	integer	1000000000
E.13 Targeted holders	enumeration	All types of investors
E.14 Holder restrictions	text	Not applicable
E.15 Reimbursement notice	boolean true
E.16 Refund mechanism	textBlock	Not applicable
E.17 Refund timeline	text	Not applicable
E.18 Offer phases	textBlock	Not applicable
E.19 Early purchase discount	textBlock	Not applicable
E.20 Time-limited offer	boolean	false
E.21 Subscription period beginning	date
E.22 Subscription period end	date
E.23 Safeguarding arrangements for offered funds or other tokens	textBlock	Not applicable
E.24 Payment methods for other token purchase	textBlock	Not applicable
E.25 Value transfer methods for reimbursement	textBlock	Not applicable
E.26 Right of withdrawal	textBlock	Not applicable
E.27 Transfer of purchased other tokens	textBlock	Not applicable
E.28 Transfer time schedule	text	Not applicable
E.29 Purchaser's technical requirements	textBlock	The technical requirements that a purchaser must meet to hold the acquired crypto-assets depend on the specific features and capabilities of the platform through which the crypto-asset is made available. These may vary depending on the custody model, wallet compatibility, and user access protocols implemented by the respective crypto-asset service provider.
Other token services provider characteristics
E.30 Other token service provider (CASP) name	text	Not applicable
E.31 CASP identifier	LEI	X0000000000000000000
E.32 Placement form	enumeration	Not applicable
Trading platforms characteristics
E.33 Trading platforms name	text	Coinbase, Kraken
E.34 Trading platforms market identifier code (MIC)	text	Market Identifier codes are unknown.
E.35 Trading platforms access	text	$HPL will be accessible on the following trading platforms: Coinbase, Kraken.
E.36 Involved costs	textBlock	Applicable fees depend on the pricing structure of the platform through which the crypto-asset is accessed. Additional costs may also arise when transferring the crypto-asset off the platform, such as network or "gas" fees associated with blockchain transactions.
E.37 Offer expenses	textBlock	Not applicable
E.38 Conflicts of interest	textBlock	No conflicts of interest have been identified as of today in relation to the admission to trading of $HPL tokens. MiCAR-compliant Crypto-Asset Service Providers are required to implement robust measures to identify, manage, and mitigate conflicts of interest. Potential holders are strongly encouraged to review the conflict of interest policy of their respective service provider before engaging in any transaction.
E.39 Applicable law	textBlock	Republic of Panama
E.40 Competent court	textBlock	The competent court shall be the courts of the Republic of Panama.
Part F - Information about other tokens
F.1 Crypto-asset type	text	$HPL is a crypto-asset other than an asset-referenced token (ART) and an electronic money token (EMT). It is a digital representation of value that can be stored and transferred using distributed ledger technology or similar technology, without embodying or conferring any rights to its holder. The asset does not aim to maintain a stable value by referencing an official currency, a basket of assets, or any other underlying rights. The value of the crypto-asset is entirely determined by market forces – specifically, the dynamics of supply and demand – and is not supported by any stabilization mechanism. It is neither pegged to a fiat currency nor backed by external assets, which differentiates it from EMTs and ARTs. Moreover, the crypto-asset does not qualify as a financial instrument, deposit, insurance policy, pension product, or any other regulated financial product under EU law. It does not confer any financial entitlements contractual claims on its holders, thereby placing it outside the regulatory scope governing traditional financial instruments.
F.2 Other token functionality	textBlock	The HPL token is a fungible crypto-asset designed to support the operation and use of the HyperLend protocol. Its functionalities are implemented through smart contracts deployed on blockchain infrastructure and are accessible to users interacting with the protocol. HPL enables participation in governance-related processes concerning the evolution of the HyperLend protocol, where applicable. It is also used as part of incentive-alignment mechanisms within the ecosystem, including staking-based functionalities. Users may voluntarily stake HPL to receive a corresponding representation, which can be used within the protocol to access specific features, such as rebate programs, in accordance with the conditions defined in the relevant smart contracts. The token may also serve as a mechanism to support ecosystem engagement and coordination among users of the protocol. HPL does not grant any rights to profits, revenues, or assets, and does not represent a claim against any issuer or third party.
F.3 Planned application of functionalities	textBlock	At the time of this white paper, the functionalities associated with the HPL token are already implemented and available for use within the HyperLend protocol. Any future evolution, modification, or extension of the functionalities of HPL may occur as part of the ongoing development of the HyperLend protocol, including through governance processes or technical updates. Such developments are not guaranteed and remain subject to technical, regulatory, and market conditions.
A description of the characteristics of the other token, including the data necessary for classification of the crypto-asset white paper in the register referred to in Article 109 of Regulation (EU) 2023/1114, as specified in accordance with paragraph 8 of that Article
F.4 Type of crypto-asset white paper	enumeration	Other crypto-asset token white paper
F.5 Type of submission	enumeration	New
F.6 Other token characteristics	textBlock	HPL is a fungible crypto-asset implemented on blockchain infrastructure and designed to operate within the HyperLend decentralized finance ecosystem. It is transferable, divisible, and can be stored and transacted using compatible digital wallets. The token does not represent any ownership rights, equity interest, or claim against any legal entity, nor does it provide any entitlement to profits, revenues, or other financial returns. HPL is not backed by any underlying assets, fiat currency, or basket of assets, and its value is determined solely by market supply and demand. HPL is designed to be used within the HyperLend protocol to support its functionality, including participation in governance-related processes, incentive alignment mechanisms, and access to certain protocol features such as staking-based functionalities. Users may voluntarily stake HPL to receive a corresponding representation within the protocol, which may enable access to specific ecosystem features, subject to the conditions defined in the relevant smart contracts. The token operates in a decentralized environment, with its functionalities executed through smart contracts without reliance on centralized intermediaries. Transactions involving HPL are recorded on the relevant blockchain networks and are subject to the technical characteristics and limitations of those networks. HPL does not impose any obligations on holders and does not establish any contractual relationship between the holder and any issuer or third party. The characteristics and functionalities of the token may evolve over time as a result of updates to the HyperLend protocol, including through governance processes or technical modifications.
F.7 Commercial name or trading name	text	HPL
F.8 Website of the issuer	text	https://hyperlend.finance/
F.9 Starting date of offer to the public or admission to trading	date	2026-05-13
F.10 Publication date	date	2026-05-12
F.11 Any other services provided by the issuer	textBlock	Not applicable
F.12 Language or languages of white paper	text	English
F.13 Digital token identifier code used to uniquely identify the crypto-asset or each of the several crypto assets to which the white paper relates, where available	text	VJ0L7N45M
F.14 Functionally fungible group digital token identifier, where available	text	Not applicable
F.15 Voluntary data flag	boolean	false
F.16 Personal data flag	boolean	true
F.17 LEI eligibility	boolean	true
F.18 Home member state	enumeration	Ireland
F.19 Host member states #1	enumerationSet	Austria
F.19 Host member states #2	enumerationSet	Belgium
F.19 Host member states #3	enumerationSet	Bulgaria
F.19 Host member states #4	enumerationSet	Croatia
F.19 Host member states #5	enumerationSet	Cyprus
F.19 Host member states #6	enumerationSet	Czechia
F.19 Host member states #7	enumerationSet	Denmark
F.19 Host member states #8	enumerationSet	Estonia
F.19 Host member states #9	enumerationSet	Finland
F.19 Host member states #10	enumerationSet	France
F.19 Host member states #11	enumerationSet	Germany
F.19 Host member states #12	enumerationSet	Greece
F.19 Host member states #13	enumerationSet	Hungary
F.19 Host member states #14	enumerationSet	Iceland
F.19 Host member states #15	enumerationSet	Italy
F.19 Host member states #16	enumerationSet	Latvia
F.19 Host member states #17	enumerationSet	Liechtenstein
F.19 Host member states #18	enumerationSet	Lithuania
F.19 Host member states #19	enumerationSet	Luxembourg
F.19 Host member states #20	enumerationSet	Malta
F.19 Host member states #21	enumerationSet	Netherlands
F.19 Host member states #22	enumerationSet	Norway
F.19 Host member states #23	enumerationSet	Poland
F.19 Host member states #24	enumerationSet	Portugal
F.19 Host member states #25	enumerationSet	Romania
F.19 Host member states #26	enumerationSet	Slovakia
F.19 Host member states #27	enumerationSet	Slovenia
F.19 Host member states #28	enumerationSet	Spain
F.19 Host member states #29	enumerationSet	Sweden
Part G - Information on rights and obligations attached to other tokens
G.1 Purchaser rights and obligations	textBlock	The acquisition, holding, or transfer of $HPL tokens does not confer on the purchaser any rights against any legal entity, including Hyperlend Inc., the Hyperlend Foundation, or any affiliated or related entity. In particular, the $HPL token does not grant any ownership rights, equity interests, voting rights in a corporate sense, rights to dividends or profits, or any other financial or governance rights vis-à-vis any legal person. Any functionalities associated with the $HPL token are limited to its role within the HyperLend protocol and are of a purely technical nature, such as participation in decentralized governance mechanisms or interaction with protocol-level functionalities, where implemented. Such functionalities do not constitute legal rights enforceable against any identifiable issuer or entity. The holding or use of $HPL tokens does not impose any obligation on the purchaser, including any obligation to make additional payments, provide capital contributions, or undertake any form of performance or service. Purchasers are not subject to any contractual or legal obligations solely by virtue of holding or using the token. Ownership and transfer of $HPL tokens are governed by the applicable rules of private law, including the relevant provisions of international private law, which may vary depending on the jurisdiction and the specific circumstances of each case.
G.2 Exercise of rights and obligations	textBlock	As the $HPL token does not confer any legal rights or impose any legal obligations on purchasers, there are no procedures or conditions applicable to the exercise of such rights or obligations. To the extent that the token enables participation in certain functionalities within the HyperLend ecosystem (such as decentralized governance mechanisms or interaction with smart contracts), such functionalities are exercised exclusively through technical means and are subject to the rules encoded in the relevant smart contracts and protocol architecture. Any such interactions are not enforceable as legal rights against any legal entity and are dependent on the proper functioning of the underlying technology and network.
G.3 Conditions for modifications of rights and obligations	textBlock	As the $HPL token does not confer legal rights or impose legal obligations, there are no legal rights or obligations subject to modification. However, the functionalities associated with the $HPL token in connection with the HyperLend protocol may evolve over time as a result of technical developments, protocol upgrades, or governance decisions implemented at the protocol level. Such changes may affect how the token can be used within the ecosystem but do not constitute modifications of legal rights or obligations. Any such changes are determined by the technical and governance processes of the HyperLend protocol and are not subject to contractual guarantees or enforceable claims by token holders.
G.4 Future public offers	textBlock	Not applicable
G.5 Issuer retained other token	integer	446617239
G.6 Utility token classification	boolean	false
G.7 Key features of goods or services utility tokens	text	Not applicable
G.8 Utility tokens redemption	text	Not applicable
G.9 Non-trading request	boolean	true
G.10 Other tokens purchase or sale modalities	text	Not applicable
G.11 Other tokens transfer restrictions	text	Not applicable
G.12 Supply adjustment protocols	boolean	false
G.13 Supply adjustment mechanisms	text	Not applicable
Other token schemes details
G.14 Token value protection schemes	boolean	false
G.15 Token value protection schemes description	textBlock	Not applicable
G.16 Compensation schemes	boolean	false
G.17 Compensation schemes description	textBlock	Not applicable
G.18 Applicable law	textBlock	Republic of Panama
G.19 Competent court	textBlock	The competent court shall be the courts of the Republic of Panama.
Part H – Information on underlying technology
H.1 Distributed ledger technology (DTL)	text	The HPL token operates on blockchain infrastructure associated with the Hyperliquid ecosystem, specifically leveraging the HyperCore network, which is a purpose-built Layer 1 distributed ledger technology. HyperCore is designed as a high-performance blockchain supporting fully on-chain financial applications. It maintains a distributed ledger where all transactions, including transfers of HPL and interactions with related protocols, are recorded in a transparent and immutable manner. The network integrates trading and financial primitives directly at the protocol level, enabling deterministic execution and one-block finality for transactions. The distributed ledger is maintained by a network of validators that collectively ensure the integrity, consistency, and availability of the system without reliance on a central authority.
H.2 Protocols and technical standards	text	HyperLend is implemented using smart contracts deployed within the Hyperliquid ecosystem, including the HyperEVM environment, which provides compatibility with widely adopted Ethereum standards. The protocol relies on established design patterns commonly used in decentralized finance applications, including tokenized representations of user positions (such as deposit and debt tokens), overcollateralized lending mechanisms, and algorithmic interest rate models. Smart contracts are designed to be interoperable with standard blockchain tooling and infrastructure, enabling integration with wallets, decentralized applications, and other ecosystem components. HyperLend also integrates with external oracle providers to obtain market data, which is used for collateral valuation, interest rate calculations, and liquidation processes.
H.3 Technology used	textBlock	The HyperLend protocol operates through non-custodial smart contracts that automate all core functionalities, including asset deposits, borrowing, interest accrual, and liquidations. The architecture is based on a pool-based model, where users supply digital assets to shared liquidity pools and borrowers access liquidity by providing collateral. Positions are represented programmatically through tokenized balances, and all interactions are executed directly on-chain. The protocol is designed to be permissionless, meaning that users can interact with it directly through compatible digital wallets without the need for account registration or reliance on intermediaries. Security practices include the use of audited smart contracts and ongoing monitoring of protocol performance and risks.
H.4 Consensus mechanism	text	The underlying HyperCore blockchain uses a custom consensus mechanism known as HyperBFT, which is inspired by Byzantine Fault Tolerant (BFT) protocols such as HotStuff. This consensus mechanism enables validators to agree on the state of the blockchain efficiently and securely, providing fast transaction finality and resistance to malicious actors. Transactions are finalized once included in a block, with no need for multiple confirmations, ensuring deterministic and irreversible execution. HyperBFT is designed to support high throughput and low latency, allowing the network to process a large number of transactions and financial operations in real time.
H.5 Incentive mechanisms and applicable fees	text	The underlying HyperCore blockchain incorporates incentive mechanisms intended to support the operation and security of the distributed ledger. Such mechanisms are associated with the native token of the network (commonly referred to as HYPE), which may be used to incentivize validators participating in the consensus process and to facilitate the validation of transactions, in accordance with the rules of the network. Transactions submitted to the network may be subject to fees, which can vary depending on network conditions and usage. These fees are generally borne by users initiating transactions and may contribute to the incentives provided to network participants.
H.6 Use of distributed ledger technology	boolean	false
H.7 DLT functionality description	textBlock	Not applicable
Other token audit details
H.8 Audit	boolean	true
H.9 Audit outcome	textBlock	The audit was successfully completed, with no critical vulnerabilities identified. The system is considered secure based on the scope and methodology of the review.
Part I - Information on risks
I.1 Offer-related risks	textBlock	Regulatory Risk. Although this white paper has been prepared with diligence and in accordance with applicable Regulations, future changes in EU or national regulations may affect the legal classification, tradability, or compliance status of HPL. Market Risk. HPL can be subject to significant price fluctuations based on supply-demand dynamics, market sentiment, and external macroeconomic factors. These may result in financial losses for token holders. Liquidity Risk. While admission to trading increases accessibility, liquidity is not guaranteed. Low trading volumes may result in high slippage or the inability to exit positions efficiently. Counterparty Risk. The exchanges or trading platforms where HPL tokens are listed may become insolvent or cease operations, potentially resulting in a loss of access to funds or HPL. Integration with third-party trading platforms involves dependencies on their internal policies and stability. Delisting, insolvency, or technical failures at such platforms could adversely impact tradability. Issuer Non-involvement in Trading. When HPL is traded on exchanges, the issuer does not act as a contractual party to these transactions. All legal relationships regarding these trading platforms are subject to their respective terms and conditions, with no responsibility assumed by the issuer for their operations and services.
I.2 Issuer-related risks	textBlock	Financial Sustainability Risk. Although the issuer operates under a sustainable economic framework, it may nevertheless face financial distress due to unforeseen circumstances, such as failure to achieve adoption targets, loss of key personnel, or adverse regulatory developments. Operational Dependency Risk. The issuer relies on various infrastructure providers – including cloud services, validators, and custodial partners – to support its operations. Any interruption, failure, or termination of these relationships could adversely affect the functioning of the protocol or associated services. Reputational Risk. Negative publicity stemming from operational incidents, security breaches, or perceived associations with illicit activities could harm the issuer's public image, potentially reducing confidence in and demand for HPL tokens. Internal Operations Risk. Weaknesses in the issuer's internal processes, human resources, or technology systems could impair the effective management of token operations. Failures in operational integrity may result in service disruptions, financial losses, or reputational harm. Legal and Regulatory Risk. Evolving legal frameworks, regulatory changes, or adverse legal proceedings may create uncertainty around the legality, usability, or valuation of HPL tokens, potentially restricting their circulation or acceptance. Competitive Market Risk. The HyperLend protocol operates in a highly dynamic and competitive market. Emerging innovative or better-capitalized competitors may offer alternative solutions that diminish user adoption or the market position of the HPL network.
I.3 Other tokens-related risks	textBlock	Nature of the HPL Token. The HPL token has no intrinsic value and does not grant holders any rights to dividends, profits, or corporate-style governance. Its valuation is entirely market-driven and depends on the functionalities within the HyperLend protocol, user adoption, and market perception. Volatility Risk. As with most crypto-assets, HPL is subject to substantial short- and long-term price fluctuations. Market sentiment, liquidity shifts, and macroeconomic trends can all cause significant volatility, potentially resulting in financial losses for holders. Liquidity Risk. Market depth and trading activity for HPL may vary over time. Limited order book participation could lead to price slippage or difficulty executing trades efficiently, particularly during periods of market stress. Technological Obsolescence Risk. The blockchain and crypto-asset sectors evolve rapidly. Innovations or competing protocols could surpass or replace the HyperLend protocol's functionality, reducing HPL's utility, adoption, or relevance. Speculative Nature Risk. The value of HPL is highly speculative and depends on market demand, protocol adoption, validator participation, and community engagement. There are no guarantees of future value, performance, or rewards associated with the token. Blockchain Dependency Risk. HPL operates on public blockchains such as HyperCore. Changes to their infrastructure, governance, consensus mechanisms, or transaction fees could affect HPL's usability, transferability, and cost efficiency. Security Risks. a) Smart Contract Vulnerabilities: Despite comprehensive audits, unforeseen bugs or vulnerabilities could compromise smart contract functionality, impacting token security, staking, or governance. b) Private Key Management: Token holders are solely responsible for safeguarding their wallets and private keys. Loss or compromise of credentials will irreversibly result in the loss of tokens. Fraud and Scam Risks. Holders face exposure to scams, phishing, impersonation, counterfeit tokens, and fake airdrops. Interacting with unverified platforms or unofficial channels significantly increases the risk of fraud or asset loss. Cybercrime and Theft Risks. Blockchain assets may be targeted by cyberattacks, including hacking, malware, or phishing. Breaches affecting wallets, exchanges, or smart contracts could lead to theft, loss of assets, or service disruption. Data Integrity Risk. Software bugs, human error, or malicious tampering could corrupt blockchain data, impacting transaction records, network reliability, and user confidence. Wallet and Storage Risk. Access to HPL requires compatible wallets. Incompatibility, network errors, or the shutdown of wallet providers may restrict users' ability to access, store, or transfer tokens. Regulatory and Compliance Risks. a) Evolving Legal Frameworks: Regulatory regimes governing digital assets are changing rapidly, potentially impacting HPL's classification, availability, or functionality. b) Jurisdictional Restrictions: Certain jurisdictions may limit or prohibit HPL trading or use, restricting accessibility for some users. c) Enforcement Actions: Regulators could take action if HPL were reclassified as an unregistered security or other regulated financial instrument. d) AML & CTF Risks: Transactions involving crypto-assets may be scrutinized for compliance with anti–money laundering and counter–terrorism financing laws, potentially affecting users' ability to trade or transfer HPL.
I.4 Project implementation-related risks	textBlock	Implementation and Execution Risks. Delays or failures in achieving key project milestones, deploying updates, or implementing technological upgrades may negatively affect the perception, functionality, and market value of the HPL token. Furthermore, intense market competition from other protocols offering similar or superior solutions could limit user adoption and hinder the HyperLend project's overall success. Resource Constraint Risk. The successful development of the HPL ecosystem depends on the availability of adequate financial and human resources. Budget limitations, difficulties in attracting or retaining qualified technical personnel, or reliance on external or volunteer contributors could impede progress and delay protocol improvements. Interoperability and Technical Failure Risk. The HPL token operates in connection to other blockchain networks, such as Hyper-EVM. Interoperability challenges, software bugs, or technical failures affecting one or more of these networks could disrupt transaction execution, cross-chain functionality, or other core operations, potentially undermining user confidence and protocol reliability. Competitive Risk. Hyperlend Inc. operates in a rapidly evolving market. The emergence of more advanced, better-capitalized, or innovative competitors could reduce network adoption and negatively impact HPL's market position and value.
I.5 Technology-related risks	textBlock	Blockchain Infrastructure Risk. The HPL token operates on public blockchain networks. Any downtime, congestion, network reorganization, or protocol-level vulnerability affecting these blockchains could impair transaction processing, accessibility, or reliability of the token and related protocol functions. Smart Contract Vulnerability Risk. Although the HPL smart contracts have undergone extensive security audits, there remains a possibility of undetected bugs or exploitation through novel attack vectors. Such vulnerabilities could compromise token integrity, staking mechanisms, or governance processes. Fault-Tolerance and Incentive Mechanism Risk. HPL's operational model relies partly on user participation and incentive structures. Misconfigurations, design flaws, or unexpected failures in these mechanisms could lead to inconsistent performance or temporary instability in protocol operations. Private Key Management Risk. Token holders are solely responsible for the secure management of their private keys and recovery credentials. Loss, theft, or compromise of wallet access will irreversibly result in the loss of HPL tokens, as blockchain transactions cannot be reversed. External Infrastructure Dependency Risk. The protocol depends on third-party infrastructure providers, including RPC services, decentralized storage solutions, and agent orchestration frameworks. Downtime, cyberattacks, or incompatibility issues within these components could impact data availability, performance, or verification processes across the network. Technological and Coordination Failure Risk. Participants should be aware that technological malfunctions, software errors, or coordination breakdowns among validators, developers, or governance participants could impair the availability, security, or functionality of both the HPL token and the HyperLend protocol. Maintenance and Upgrade Risk. Ongoing network maintenance, software updates, or protocol upgrades introduce a residual risk of unexpected bugs or compatibility issues.
I.6 Mitigation measures	textBlock	Governance and Oversight. a) Transparent Governance: All major protocol and token-related decisions are made through community governance, supported by public documentation and auditable voting records. b) Foundation Stewardship: The Hyperlend Foundation provides strategic guidance and ensures the project's adherence to sustainability and compliance standards. Technical Security. a) Independent Smart Contract Audits: All smart contracts are subjected to multiple third-party security audits prior to deployment and after major upgrades. Operational Resilience. a) Infrastructure Diversification: Multiple RPC providers, storage networks, and validator partners are employed to reduce reliance on any single provider. b) Incident Response Procedures: A structured monitoring and response framework enables rapid detection, containment, and resolution of potential security or operational incidents. c) Periodic Stress Testing: Protocol systems undergo regular performance and load testing to evaluate resilience under adverse conditions. Regulatory and Compliance Measures. a) Regulatory Monitoring: The issuer and foundation actively monitor evolving EU and international regulations, including MiCAR developments, to ensure continuous compliance. b) Legal Reviews: Ongoing external legal assessments help ensure that token operations remain consistent with applicable laws and regulatory classifications. Market and Financial Controls. a) Treasury Management Policies: Treasury operations follow internal governance controls to ensure transparent use of funds and responsible liquidity management. b) Diversification of Assets: The treasury maintains a balanced composition of HPL and stablecoins to maintain liquidity. Community and Transparency. a) Clear Documentation: documentation and informative materials are publicly accessible, enabling independent review. b) Continuous Communication: Regular updates through governance forums, community calls, and transparency reports ensure ongoing stakeholder engagement.
Part J - Information on the sustainability indicators in relation to adverse impact on the climate and other environment-related adverse impacts
J.1 Adverse impacts on climate and other environment-related adverse impacts	textBlock	ADVERSE IMPACTS ON CLIMATE AND OTHER ENVIRONMENT-RELATED ADVERSE IMPACTS
Mandatory information on principal adverse impacts on the climate and other environment-related adverse impacts of the consensus mechanism
General information about adverse impacts
S.1 Name	text	Hyperlend Inc.
S.2 Relevant legal entity identifier	text	98450008DF795FA2D049
S.3 Name of the crypto-asset	text	HyperLend
S.4 Consensus mechanism	text	The underlying HyperCore blockchain uses a custom consensus mechanism known as HyperBFT, which is inspired by Byzantine Fault Tolerant (BFT) protocols such as HotStuff. This consensus mechanism enables validators to agree on the state of the blockchain efficiently and securely, providing fast transaction finality and resistance to malicious actors. Transactions are finalized once included in a block, with no need for multiple confirmations, ensuring deterministic and irreversible execution. HyperBFT is designed to support high throughput and low latency, allowing the network to process a large number of transactions and financial operations in real time.
S.5 Incentive mechanisms and applicable fees	text	The underlying HyperCore blockchain incorporates incentive mechanisms intended to support the operation and security of the distributed ledger. Such mechanisms are associated with the native token of the network (commonly referred to as HYPE), which may be used to incentivize validators participating in the consensus process and to facilitate the validation of transactions, in accordance with the rules of the network. Transactions submitted to the network may be subject to fees, which can vary depending on network conditions and usage. These fees are generally borne by users initiating transactions and may contribute to the incentives provided to network participants.
S.6 Beginning of period to which disclosed information relates	date	2025-04-03
S.7 End of period to which disclosed information relates	date	2026-04-03
Mandatory key indicator
S.8 Energy consumption	energy (kWh)	67014,00000
Sources and methodologies
S.9 Energy consumption sources and methodologies	textBlock	The estimation of energy consumption is based on a bottom-up methodology. In this approach, network nodes are treated as the primary contributors to overall energy usage. The analysis relies on assumptions derived from empirical observations, including data collected from publicly available sources, open-source tools, and internally developed data collection systems. The identification of hardware used within the network is primarily determined by the technical requirements necessary to operate the relevant client software. Energy consumption levels of such hardware are based on measurements obtained from certified laboratory testing environments. Where available, the Functionally Fungible Group Digital Token Identifier (FFG DTI) is used to identify and include all relevant implementations of the crypto-asset within scope. These mappings are updated on a regular basis using data provided by the Digital Token Identifier Foundation. Information regarding the type of hardware deployed and the number of network participants is based on assumptions that are validated, to the extent possible, using empirical data. It is generally assumed that network participants act in an economically rational manner. In cases of uncertainty, a conservative approach is adopted, meaning that assumptions are made in a way that is more likely to overestimate rather than underestimate potential adverse impacts.
Supplementary information on principal adverse impacts on climate and other environment-related adverse impacts of consensus mechanism
Supplementary key indicators
S.10 Renewable energy consumption	percent	33,00%
S.11 Energy intensity	energy (kWh)	0,00008
S.12 Scope 1 DLT GHG emissions - controlled	GHG emissions (tCO2e)	0
S.13 Scope 2 DLT GHG emissions - purchased	GHG emissions (tCO2e)	22,3
S.14 GHG intensity	GHG emissions (tCO2e)	0,00004
Sources and methodologies
S.15 Key energy sources and methodologies	textBlock	The assessment of the share of renewable energy consumption is based on an analysis of the geographical distribution of network nodes. Node locations are identified, where possible, using publicly available information sources, open-source data collection tools, and internally developed crawling systems. In cases where precise geographic data on node distribution is not available, proxy or reference networks are used. These reference networks are selected on the basis of comparable characteristics, including similar consensus mechanisms and economic incentive structures. The resulting geographic distribution is then combined with publicly available datasets on electricity generation by source, including data provided by Our World in Data. This allows for an estimation of the proportion of energy derived from renewable sources. Energy intensity is calculated on a marginal basis, reflecting the additional energy consumption associated with processing one additional transaction. The analysis incorporates publicly available datasets, including those compiled by Ember and the Energy Institute, as processed and made available through Our World in Data, in particular datasets relating to the share of electricity generated from renewable sources.
S.16 Key GHG sources and methodologies	textBlock	Greenhouse gas (GHG) emissions are estimated based on the geographic distribution of network nodes. Where possible, node locations are identified using publicly available information sources, open-source data collection tools, and internally developed data-gathering systems. In situations where precise information on node distribution is not available, comparable reference networks are used as proxies. These reference networks are selected based on similarities in their consensus mechanisms and incentive structures. The resulting geographic data is combined with publicly available datasets on the carbon intensity of electricity generation, including those provided by Our World in Data. This enables an estimation of emissions associated with the energy consumption of the network. GHG emission intensity is calculated on a marginal basis, reflecting the additional emissions attributable to processing one additional transaction. The analysis relies on publicly available datasets, including those compiled by Ember and the Energy Institute and subsequently processed by Our World in Data, in particular datasets relating to the carbon intensity of electricity generation.
Optional information on principal adverse impacts on the climate and on other environment-related adverse impacts of the consensus mechanism
Optional indicators
S. 17 Energy mix	percent
S.18 Energy use reduction
Energy use reduction target (absolute value)	energy (kWh)
Energy use reduction target (percentage)	percent
S.19 Carbon intensity (kgCO2e/kWh)	decimal
S.20 Scope 3 DLT GHG emissions - value chain	GHG emissions (tCO2e)
S.21 GHG emissions reduction targets or commitments	textBlock
S.22 Generation of waste electrical and electronic equipment (WEEE)	mass (tonnes)
S.23 Non-recycled WEEE ratio	percent
S.24 Generation of hazardous waste	mass (tonnes)
S.25 Generation of waste (all types)	mass (tonnes)
S.26 Non-recycled waste ratio (all types)	percent
S.27 Waste intensity (all types)	mass (tonnes)
S.28 Waste reduction targets or commitments (all types)	textBlock
S.29 Impact of use of equipment on natural resources	textBlock
S.30 Natural resources use reduction targets or commitments	textBlock
S.31 Water use	volume (m3)
S.32 Non recycled water ratio	percent
Sources and methodologies
S.33 Other energy sources and methodologies	textBlock
S.34 Other GHG sources and methodologies	textBlock
S.35 Waste sources and methodologies	textBlock
S.36 Natural resources sources and methodologies	textBlock