Coming Soon: HLP Portal

Today is a historical day, explorers!

We’re formally announcing the launch of our first product: the HLP Portal.

Before we continue, we’ll note that the fellow travelers in Discord channel got this info almost a week early! For more inside alpha, join here

What is HLP?

HLP is the liquidity token for the HMX perps exchange. It contains two tokens, USDC and GMX’s GLP token, which back all the synthetic assets available to trade on HMX. Because these assets are synthetic, HMX has lots of flexibility in what they offer; as a result, users can trade crypto, forex, and commodities.

HLP is also known for its high yield, as stakers earn from each of the following 4 sources:

• USDC (accounting for 65% of HMX’s trading fees)
• esHMX emissions
• Potential profits from serving as counterparty for HMX traders
• Yield from deposited GLP

Currently, the APY is sitting at a mighty 37.87%!

How will the HLP Portal work?

When users deposit HLP into the Portal, it will automatically stake the tokens in HMX’s HLP vault. Immediately after depositing, there will be an option to claim upfront yield on the position.

While your HLP is deposited, your claimable yield will be determined based on the amount of Portal Energy you have. Essentially, Portal Energy is the time value of your available upfront yield. In general, depositors will receive 1 Portal Energy per token staked per year of staking.

When you decide to claim your yield, the Portal Energy is converted to PSM tokens, which are deposited into your wallet.

Say you deposit 100 HLP — that means you have 100 Portal Energy that you can access over the following year. If you immediately withdraw 25 Portal Energy, you can withdraw all 100 HLP tokens after 3 months. However, if you withdraw 100 Portal Energy immediately, you’d need to wait a year before withdrawing all your funds.

For more information on Portals’ overall functionality, be sure to check out our Docs.

Overall, we’re thrilled to get this Portal up and running. Not only is it a major milestone for Possum Labs, but it’s also a way to bring upfront yield to our users via one of the best sources of real yield in the Arbitrum ecosystem. We look forward to the HLP Portal launch, as well as that of many future Portals to come!