# Felix Protocol

> Serving the Trader

Felix Protocol enables users to mint feUSD stablecoins by depositing crypto collateral and earn yield through lending markets on Hyperliquid L1.

Felix Protocol provides decentralized borrowing and lending infrastructure on Hyperliquid L1. Users deposit crypto assets as collateral to mint feUSD, a stablecoin pegged to the US dollar, through a collateralized debt position system. The protocol offers two core products: CDP markets for minting feUSD with fixed interest rates, and Vanilla markets for variable-rate lending and borrowing. Felix is built as a licensed fork of Liquity V2 with enhanced security features including mint caps, administrative parameter controls, and emergency pause functionality.

- Type: Project
- Sector: Finance
- Status: Active
- Founded: 2025-03-01
- Profile: https://thegrid.id/profiles/felix_protocol

## Products

- [Felix Protocol](https://thegrid.id/profiles/felix_protocol): Felix Protocol provides decentralized borrowing and lending services on Hyperliquid L1 through two integrated systems. The CDP Market enables users to mint feUSD stablecoin by depositing crypto collateral with user-selectable fixed interest rates and stability pool mechanisms for liquidations. The Vanilla Markets offer variable-rate lending pools where users can supply or borrow asset-native tokens including HYPE, USDC, and HUSD with dynamically adjusted rates. Users can leverage positions through the CDP system, earn yield by depositing feUSD into stability pools, or participate in traditional supply and borrow operations across both markets within a unified interface. (Decentralised Borrowing & Lending, Live, Main Product)

## Assets

- [Felix feUSD (feUSD)](https://thegrid.id/profiles/felix_protocol): feUSD is a USD-pegged stablecoin issued by Felix Protocol on Hyperliquid L1. It is minted by depositing crypto assets as collateral through a collateralized debt position system, and can be used in lending markets or deposited into stability pools to earn yield. The stablecoin maintains its peg through over-collateralization requirements, allowing holders to redeem feUSD for one dollar worth of the protocol's collateral assets at any time. (Stablecoin)

## Links

- [Main](https://www.usefelix.xyz)
- [Terms of Service](https://usefelix.gitbook.io/felix-docs/terms/terms-and-conditions)
- [Privacy policy](https://usefelix.gitbook.io/felix-docs/terms/privacy-policy)
- [Documentation](https://usefelix.gitbook.io/felix-docs)
- [Discord](https://discord.gg/felixprotocol)
- [Twitter / X](https://x.com/felixprotocol)
- [Paragraph](https://paragraph.com/@felix-protocol)

## Legal

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Model 2 - commercial licenses. The Grid Data Service (TGDS) is also available as a commercial license. See [Web Services Terms](https://about.thegrid.id/legal/web-services-terms) for commercial use that is not covered by the open data service.

The following applies to both licensing models.
- All data is provided AS IS with no guarantees of accuracy.
- The Grid does not provide investment, legal, or tax advice, and
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- [Data Licensing & Disclaimers](https://about.thegrid.id/legal/data-licensing-and-disclaimers): Licensing models and disclaimers
- [Open Data (ODbL)](https://about.thegrid.id/legal/open-data): Open Database License terms and scope for The Grid's open data service.
- [Attribution Guidelines](https://about.thegrid.id/legal/open-data-attribution-guidelines): How to attribute The Grid's data when using the open data service.
- [Web Services Terms](https://about.thegrid.id/legal/web-services-terms): commercial Terms for using data services.
- [All Legal Documents](https://about.thegrid.id/legal): Full index of terms, policies, and disclosures

## Optional

- [TGS Field Descriptions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-field-descriptions.md): Schema field definitions for The Grid's data model
- [TGS JSON Structure](https://github.com/The-Grid-Data/workspace-public/blob/main/references/tgs-json-structure.md): Data model structure and relationships
- [Product Type Definitions](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-definitions.md): Definitions for each product type
- [Product Type Classification](https://github.com/The-Grid-Data/workspace-public/blob/main/references/product-type-classification.md): Guide for classifying products into types
- [Grid MCP Guide](https://github.com/The-Grid-Data/workspace-public/blob/main/grid-search/skills/grid-query/references/grid-mcp-guide.md): How to query The Grid programmatically via MCP