What makes Elyra different

Lending apps let you do two things with crypto you already hold. You can lend it and earn interest, or you can borrow against it without selling. Elyra does both. The difference is in how it keeps your money separate from everyone else's choices.

Most lending shares one pool

In a typical lending app, every asset goes into one shared pool. Your deposit sits next to every other asset the app lists, and borrowers can draw on all of it. That design gives deep liquidity, and one deposit can back many kinds of loans.

The cost is shared risk. If one listed asset crashes, or its price is wrong for a few minutes, the losses can reach every lender in the pool. You carry the risk of assets you never chose to touch.

Elyra keeps every market separate

Elyra uses isolated markets. Each market pairs exactly one collateral asset with one borrow asset, for example Collateral: WHYPE · Borrow: USDC. Every market has its own borrowing limits, its own interest rate, and its own rules for when a loan becomes unsafe.

Because each market stands alone, a problem in one market cannot reach your money in another. If a newer asset has a bad day, only the market that uses it takes the loss. When you supply, you know what your deposit backs.

Elyra groups its markets into three tiers:

• Core markets pair HYPE and USDC and allow the highest borrowing limits.
• Ecosystem markets let you borrow ELYRA against USDC or WHYPE, with lower borrowing limits.
• Frontier markets use ELYRA as collateral and have the lowest borrowing limits.

Pooled and isolated lending side by side

Neither design is wrong. They make different trade-offs.

• In a pooled app, your deposit backs every loan the app offers. In Elyra, it backs only the market you pick.
• In a pooled app, one weak asset can affect every lender. In Elyra, risk stays inside its own market.
• A pooled app often applies one set of rules across many assets. Elyra sets limits and rates for each pair.
• In a pooled app, you watch the whole list of assets. In Elyra, you watch only the markets you use.

We think isolation is the better fit for a young network, where new assets arrive often and some will be riskier than others. You decide how much risk to take, one market at a time.

Built for Elysium

Elyra is built for Elysium, the network Kinetiq built for the HYPE economy, and it is the first lending market there. HYPE is the gas token on Elysium, so Elyra supports it directly.

You can use HYPE straight from your wallet. Supply it, add it as collateral, or repay with it, and Elyra wraps it for you. A small amount of HYPE always stays in your wallet to pay for transactions.

Borrow without selling

If you want to keep an asset, selling it to raise cash works against you. On Elyra, you add that asset as collateral and borrow against it instead. You keep your exposure, and you get the funds you need.

The app shows your health factor before every action. A health factor above 1 means your loan is safe. If prices move and the health factor falls to 1 or below, part of the loan can be repaid using your collateral. Repay some of the loan or add collateral to stay safe.

Points for open positions

Every open position earns points for every hour it stays open, based on its dollar value. HYPE and WHYPE positions earn 2×, ELYRA earns 1.5×, and USDC earns 1×. Borrowers earn 2× on top of that, because borrowing is what makes the yield for lenders possible.

You also get 25 bonus points for your first supply, 25 for your first borrow, and a daily streak bonus of 5 points for up to 7 days.

Fees you can read in one line

Elyra charges no fee to deposit, withdraw, or borrow. The protocol earns only a share of the interest that borrowers pay. In Core markets, 10% of borrower interest goes to the protocol and 90% goes to suppliers. In Ecosystem and Frontier markets, 20% goes to the protocol and 80% goes to suppliers.

That share can never go above 25%. Elyra enforces the limit.

What comes next

Elyra runs on Elysium Testnet today, where every token is a free test token with no real value. Elysium mainnet launches on November 9. Elyra plans to follow with the same isolated markets once an independent security review is complete.

On testnet you can learn how Elyra works without real money. Try a supply, open a small loan, and watch how your health factor moves.

Launch the app to get started, or read the Elyra docs for markets, rates, fees, and risks.