Hylo raises $1m, led by Solana Ventures, for hyUSD
Hylo closed a $1 million round led by Solana Ventures. DeFiLlama records $58.8 million of Solana TVL, with about 91% of the collateral still tied to SOL.
Hylo, a Solana protocol that issues leveraged tokens and the hyUSD stablecoin, closed a $1 million strategic round on October 20, 2026, led by Solana Ventures with participation from Colosseum. The protocol's own post calls that cheque Solana Ventures' second investment in Hylo and Colosseum's third, a repeat commitment from backers already named on the project. DeFiLlama's Hylo parent-protocol feed put Solana total value locked (TVL) at $58,806,828 at 06:34 UTC on October 24, 2026. The round is small beside that book.
The token snapshot under that total was $30,379,054 of jitoSOL, $20,668,524 of SOL, $3,372,818 of Coinbase Wrapped BTC (cbBTC), $2,411,957 of hyloSOL, $1,974,476 of HYPE, and $0.38 of USDC. SOL, jitoSOL, and hyloSOL came to $53,459,535, or 90.9% of parent TVL. Hylo's V2 documentation calls the USDC pool an overflow buffer with a 0% mint fee and a 0.2% redeem fee, the route for scaling hyUSD past volatile collateral. The October 24 snapshot is a SOL book with a cbBTC sleeve and a HYPE sleeve, and that buffer holds $0.38.
Repeat capital and the angels
Hylo closed a $1M strategic funding round led by Solana Ventures with participation from Colosseum. This marks Solana Ventures' 2nd and Colosseum's 3rd investment in Hylo, reflecting their continued conviction in our vision to scale leverage and yield infrastructure on Solana.
Hylo's verified account posted that statement on October 20, 2026. The next post names the angels as Mert, co-founder and chief executive of Helius; Kash, chief operating officer of Jupiter; Nicolas Rémond, chief technology officer of SwissBorg; cavemanloverboy, a co-founder of Temporal; dreamsin_3d, a core developer at Temporal; and drpeepee, founder of DPPP Agency. Hylo's Solana jobs-board profile says the company has raised multiple venture rounds from Solana Ventures, Colosseum, and Robot Ventures.
In the same thread Hylo stated that assets it has issued have exceeded $1.7 billion in onchain volume since inception, generated nearly $3 million in cumulative revenue, and distributed more than $2 million in yield, with 30,000 monthly active users. On that revenue figure the round is about one third of what Hylo says it has already earned.
At 07:23 UTC on October 24, 2026, DeFiLlama's coin price for hyUSD mint 5YMkXAYccHSGnHn9nob9xEvv6Pvka9DZWH7nTbotTu9E, the mint on Hylo's address list, was $0.9976 with 0.99 confidence. Hylo's equations set that net asset value at $1 while collateral ratios are healthy. The same day's yields feed showed an Orca hyUSD-USDC pool at $2,833,978 with a 0.33% base yield and a Loopscale hyUSD loan book at $445,670 with a 5.07% base yield, both naming that mint. The hylo-lsts HYLOSOL pool showed $19,520,710 at 5.37%, against $2,411,957 of hyloSOL inside the parent snapshot. Hylo's LST page says hyloSOL will gradually enter reserves beside jitoSOL, which is what the gap between those readings describes.
Jupiter and Titan are the Decentralised Exchange (DEX) routers Hylo names for the cheapest hyUSD mint. Orca and Loopscale are where a published dollar balance showed up that day, a few million dollars of hyUSD against $58.8 million of collateral on DeFiLlama's Hylo page. Each pool splits collateral between a leveraged token and a virtual dollar held at $1, and hyUSD is backed one for one by those units when the collateral ratio (CR) is healthy. The docs target a CR around 150%. A worked example has SOL fall from $100 to $80 and recover to $100 while example xSOL finishes at $90, which the page calls decay on a round trip. Listed audits are OtterSec on the v1.1 exchange and stability pool, plus Accretion in December 2025 and July 2026. The addresses page publishes hyUSD, eHYUSD, and xSOL, and marks the xBTC mint TBD beside a product guide that already describes xBTC.
The following post says leveraged tokens are set to widen from 3x crypto into 3x yield-bearing assets, equities, and commodities, with hyUSD kept at the centre. DGLD has opened one-ounce PAMP gold on Solana via SwissBorg, and the angel list identifies Nicolas Rémond as SwissBorg's chief technology officer. Shinhan has signed Solana for the same won fund it gave Plume. Dunamu is exploring GIWA stablecoin payments with MoonPay, a checkout use, while hyUSD warehouses the unlevered side of a collateral pool. Fresh pools would pull the 90.9% SOL share down. The USDC buffer is the other path, and the October 24 snapshot still shows it at $0.38. The thread points business development, marketing, and growth hiring to Hylo's Solana jobs page.
This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.
Reporting by Karthik Subramanian. Filed 24 October 2026, 15:45 GMT.
Digital Assets Correspondent
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
