Stability providers deposit feUSD into vaults dedicated to each collateral type. When a borrow position is liquidated, the vault's feUSD is burned to cover the bad debt, and providers receive seized collateral plus bonuses and protocol fees.

All CDP positions must maintain collateral above 100% of the borrowed value. If a position falls below the required ratio, it becomes eligible for liquidation to protect the protocol's solvency.

Each borrow position called a Trove is minted as a transferable NFT. Users can hold multiple Troves or transfer them to other wallets for advanced strategies.

feUSD trades on Hyperliquid DEX (FEUSD/USDC), HyperSwap V3 (FEUSD/USDT, FEUSD/WHYPE, FEUSD/USDHL), Hybra Finance V3 (FEUSD/USDT), Curve (FEUSD/USDE), and other HyperEVM venues.

As an EVM-compatible token on Hyperliquid L1, feUSD works with MetaMask, Trust Wallet, Coinbase Wallet, Rainbow, and hardware wallets like Ledger and Trezor.

Stability providers earn real-yield from liquidation bonuses plus a share of protocol fees paid out per block, offering sustainable returns on their feUSD deposits.

Visit the Felix dApp CDP Market, connect your wallet, deposit collateral to mint feUSD, and deposit feUSD into a Stability Pool or trade it on Hyperliquid to begin participating.