ChainCatcher reported on November 11, 2026, at 18:45:53 UTC+08:00, that Hyperwave, a yield protocol on Hyperliquid, plans to close on December 16. Hyperwave cited rising operating costs and regulatory uncertainty. It advised users to withdraw before the closure to complete withdrawals more quickly.
All vaults, including GWAVE, have been moved to withdrawal-only status, and users can unstake at any time. Hyperwave said the vaults will continue generating yield while they convert funds into underlying assets for withdrawals. After closure, any remaining net asset value will be returned to wallets holding vault tokens.
Hyperwave also said all revenue generated before closure will be used to buy back and burn HWAVE. That describes a planned use of protocol revenue; it does not establish a value for HWAVE or specify how much revenue will be generated. The project warned users to watch for phishing links during the closure and directed questions to its official support team through Discord or the app.