Farewell to DELV

After five transformative years building fixed rate infrastructure for DeFi, we’ve made the difficult decision to wind down DELV.

It was a difficult decision. But when a vulnerability was discovered with the Hyperdrive protocol in late March 2025 and we explored how to rebuild or pivot, it became clear that we had not found product-market fit and that the cost of rebuilding (across team, technology, and momentum) was insurmountable. 

From the beginning, DELV was built around a simple belief: that fixed rates are essential to the long-term growth of DeFi and to bridging traditional fixed income into crypto markets. We believed in that mission deeply, and we still do.

We took bold swings. We launched three protocols, kickstarted the fixed rate DeFi movement, contributed to the evolving onchain fixed income stack, and had the privilege of working with an exceptional team and community. We had other victories, too - like building a protocol and framework for decentralized governance. Along the way, we learned, adapted, and gave everything we had to solving DeFi’s most complex problems.

To everyone who supported DELV - our team, our partners, our users, our investors, and of course the Element DAO and HyperVue Foundation - thank you. Your trust and support made it possible to pursue this mission with conviction and care.

While this is the end of the road for DELV, we believe the work we did will carry forward. The need for fixed rate solutions is as urgent as ever. DELV won’t be the one to make it real, but we’re still convinced someone will. And we’ll be rooting for them when they do. 

We, together with the HyperVue Foundation, will continue to support the wind-down process and ensure a smooth close-out for everyone involved over the coming weeks. Funds remain safe and accessible for both Hyperdrive and the Element Protocol, and we are committed to wrapping up with the same care and integrity we brought to building.

To those who joined us on this journey, we thank you one last time. We are proud of what we built, and even more proud of how and with whom we built it. 

And as for the team, this won’t be the last you see of us. This chapter closes, but our commitment to building doesn’t. We’re already exploring what comes next, with curiosity, clarity, and conviction.

– Charles & Jonny on behalf of Team DELV